EurexOTC Clear: Introduction announcement of EurexOTC Clear Release 21.0

1. Introduction

With this circular, Eurex Clearing announces the production launch of EurexOTC Clear Release 21.0 on Monday, 18 May 2026. In this context, functional, GUI and report changes are expected as highlights of the release. Please see a detailed list of the changes that are part of EurexOTC Clear Release 21.0 in section 3 of this circular.

The timeline for the new release is as follows:

Simulation start: 1 April 2026
Production start: 18 May 2026 

Learn more about EurexOTC Clear Release 21.0 on our dedicated initiative page on the Eurex Clearing website www.eurex.com/ec-en/​ under the following link: EurexOTC Clear Release 21.0.

Circulars, timeline, and additional information will be available there for you.

 2. Required action

Functions, services, and technical changes introduced with this release will have an impact on the internal processes of Clearing Members, FCM Clearing Members, and their clients who clear EurexOTC Clear products (hereafter: EurexOTC Clear Members).

Therefore, it might be necessary for EurexOTC Clear Members to update their internal processes and technical interfaces (e.g. XSDs for EurexOTC Clear Reports, Eurex Clearing FpML Interface).

In case of cooperation with back-office vendors, EurexOTC Clear Members should contact their third-party providers as soon as possible to ensure that the necessary adjustments are made. 

Please also check whether you have registered and/or updated your release contacts for EurexOTC Clear in the Member Section of Deutsche Börse Group under tab “Company Contacts”.

In parallel, please subscribe to EurexOTC Clear Circulars and Newsflashes on our subscription website under the following link in order to remain updated, as any communication regarding EurexOTC Clear Release 21.0 will only be distributed via circulars and newsflashes: Find > Circulars & Readiness Newsflashes Subscription​.

In order to improve the quality of the OTC simulation environment of its upcoming release, Eurex Clearing will perform a structured clean-up of old trades in the simulation environment on Monday, 9 March 2026. Therefore, all trades captured before Monday, 10 November 2025 will no longer be available in the simulation environment.

Participants who wish to keep these trades should send an e-mail with the subject “Clean-up of the simulation environment - excluded accounts” to the Key Account Manager or to client.services@eurex.com (including Member ID and book) until Friday, 6 February 2026. 
 

3. Details of the initiative
 

A. Changes to be introduced with EurexOTC Clear Release 21.0

• Split Trade Functionality/Partial Portfolio Transfer
• Enhancement of Netting process
• GUI Changes
• MC GUI
• Report Changes
• API Changes

Eurex Clearing has provided a detailed description of the above-mentioned changes in the “Functional Release Notes” of EurexOTC Clear Release 21.0 that may be accessed via the Member Section of Deutsche Börse Group under the following path:

Resources > Eurex Clearing > Documentation & Files > EurexOTC Clear > System documentation > Overview

All changes will be reflected via documentation updates which will be published according to the Eurex Clearing Member Communication Calendar. The updated documents will be available in the Member Section of Deutsche Börse Group under the above-mentioned path, under “System documentation”, as part of EurexOTC Clear Release 21.0.
 

B. Overview of functional changes

Split Trade Functionality/Partial Portfolio Transfer

With EurexOTC Clear Release 21.0, Clearing Members will be able to transfer partial notional amounts of an IRD transaction within a portfolio transfer. This enhancement allows greater flexibility in managing positions.

• Partial Portfolio Transfer is supported in all three portfolio transfer cycles with optional Mark-to-Market adjustment.
•  A single transfer request can include full and partial transfers
• After risk check, the original trade is terminated and replaced by two new trades: 
  • One in the target account with the transferred notional.
  • One in the source account with the remaining notional.
• Applies to eligible trades. Partial portfolio transfers are not supported for swaps with notional schedules (VIRS) or SCIS with varying notionals.

Enhancement to the Netting Process for Netted Trades with Multiple Fees Labeled as “Upfront Fee” 

When a netted trade is created: 

• Only the UpfrontFee with the earliest settlement date remains labeled as “Upfront Fee”.
• All other fees previously labeled as “Upfront Fees” are reclassified as “UnclassifiedFee”.

This enhancement resolves previous MarkitWire Netting synchronization issues for trades with multiple upfront fees.

Additional fixes

EurexOTC Clear Release 21.0 also incorporates a number of fixes.
 

For a concise summary of these additional corrections, please refer to the "Known Limitations" list, which is accessible within the Member Section of Deutsche Börse Group in the path as follows:

Resources > Eurex Clearing > Documentation & Files > EurexOTC Clear > General question log and Known limitations

GUI changes

The following enhancements will be implemented in the OTC GUI:

• Partial Portfolio Transfers: 

OTC GUI now supports partial portfolio account and trade transfers for entries via “Portfolio Upload”. 

• New Column: “Partial Transfer Amount” added to:
   
  • Portfolio download file in the Cleared Trades Window added to the “Principal Amount” field. It defines the notional to transfer. If left blank, a full notional transfer applies.
  • Portfolio Transfer Upload Template added after the “Trade Fee” column. This field is optional and allows the entry of one positive amount per trade.
  • Portfolio Transfer Overview Window: It shows the partial transfer amount for the transferer. If its blank, full notional transfer applies. For the transferee, the transferred amount is displayed in the “Principal Amount” field, while the “Partial Transfer Amount” field remains blank.
• Scope: Applies to eligible trades; VIRS and SCIS trades with different notionals are excluded.

MC GUI

The following enhancements are implemented in the MC GUI:

In the Clearing Eligibility Checker, on the tab Holidays, two additional entry fields are added for products IRS and OIS. This enhancement provides the possibility to enter different Payment Lags and Holiday Centers per leg.

Report changes

The following changes are made in the reports of EurexOTC Clear:

• Netting Report (CC244):
  • CSV version of CC244 is now available for Clearing Members (CM), Disclosed Clients (DC) and Basic DC A-Accounts.
  • Detailed structures and field names of the CSV formats are provided in the EurexOTC Clear Report Manual.
• Trade Daily Summary Report (CB201):
  • Offered in CSV format and is now additionally available for Basic DC A-Accounts.
  • Two new fields are added in the CSV version:
    • Leg1_compoundingMethod
    • Leg2_compoundingMethod
• Full Inventory Report (CB202):
  • Same two new fields as CB201 are added in the CSV version:
    • Leg1_compoundingMethod
    • Leg2_compoundingMethod

(Detailed structure and field names will be provided in the EurexOTC Clear Report Manual for Release 21.0.)

API Changes
 

Fee Currency and Business Center Validation:

Additional validation checks will ensure that the fee currency matches the trade currency for IRS trades submitted via MC-API and Trade Entry API (TEAPI).

• The system verifies that the business center aligns with the fee currency (e.g., EUR → EUTA; CHF → CHZU).
• Trades will be rejected or marked as invalid if these validations fail.

Unless the context requires otherwise, terms used and not otherwise defined in this circular shall have the meaning ascribed to them in the Clearing Conditions or FCM Clearing Conditions of Eurex Clearing AG, as applicable.

Further information