Collateral Pricing: Amendments to GC Pooling re-use fee for ISA Direct Margin Accounts and extension of temporary service fee reduction for Default Fund Contributions

1. Introduction

This circular contains information with respect to the service offering of Eurex Clearing AG on the following topics:  

• a) Effective 1 January 2026: Introduction of a 50 percent discount on the GC Pooling re-use securities collateral fee to cover non-Repo margin requirements booked on ISA Direct Margin Accounts until 31 January 2026
• b) Effective 1 February 2026: Amendments to the Price List of Eurex Clearing AG regarding the service fees for securities which are delivered through the GC Pooling re-use functionality to cover Eurex Clearing exposure for transactions other than Repo and which are booked on internal ISA Direct Margin Accounts
• c) Effective 1 January 2026: Extension of the temporary service fee reduction for Default Fund Contributions until further notice 

2. Required action 

No further action is required. 

3. Details of the initiative 

• a) Introduction of a 50 percent discount on the GC Pooling re-use securities collateral fee to cover non-Repo margin requirements booked on ISA Direct Margin Accounts 
  
  Effective 1 January 2026, Eurex Clearing will introduce a discount of 50 percent on the GC Pooling re-use securities collateral fee to cover non-Repo margin requirements booked on ISA Direct Margin Accounts until 31 January 2026. With this discount, the effective fee for the use of the GC Pooling re-use functionality to cover Eurex Clearing exposure for transactions other than Repo and which are booked on ISA Direct Margin Accounts is therefore 0.0875 percent.

• b) Amendments to Price List of Eurex Clearing AG 
  
  Effective 1 February 2026, Eurex Clearing will amend the service fees for eligible margin assets in form of securities to align the service fee for securities delivered via the GC Pooling re-use functionality to cover non-Repo margin requirements for ISA Direct Clearing Members with the regular securities collateral fee applicable to ISA Direct Clearing Members, set at 0.0875 percent.

Applicable Fees as of 1 February 2026

• i) The regular fee rate for securities delivered via the GC Pooling re-use functionality to cover Eurex Clearing exposure for transactions other than Repo will remain at 0.175 percent
• ii) The fee rate for securities delivered via the GC Pooling re-use functionality and booked on an Internal ISA Direct Margin Accounts to cover Eurex Clearing exposure for transactions other than Repo will be set at 0.0875 percent

The following provision of the Price List of Eurex Clearing AG will be amended as outlined in the Attachment:

• Number 9.2

• c) Extension of the temporary service fee reduction for Default Fund Contributions
  
  The reduced service fees for the Default Fund Contribution will be extended with effect from 1 January 2026 until further notice. As of 1 January 2026, the following fees apply:

¹Temporary reduction of the cash service fee to 20 bps until further notice (see Eurex Clearing Circular 054/19) 

As of the effective date, the full versions of the amended Price List of Eurex Clearing AG will be available for download on the Eurex Clearing website www.eurex.com/ec-en/ under the following link:  3. Price List. 

The amendments to the legal framework of Eurex Clearing AG published by this circular are deemed accepted by each affected contractual party of Eurex Clearing AG, unless the respective contractual party objects by written notice to Eurex Clearing AG prior to the relevant effective date(s) as stipulated in this circular. In case of an objection by the respective contractual party pursuant the preceding sentence, Eurex Clearing AG is entitled to terminate the respective contract (including a Clearing Agreement, if applicable). Instead of submitting an objection, the respective contractual party may submit in writing to Eurex Clearing AG comments to any amendments of the legal framework of Eurex Clearing AG within the first 10 Business Days after the publication of the amendments. Eurex Clearing AG shall assess whether these comments prevent the published amendments from becoming effective taking into account the interests of Eurex Clearing AG and all contractual parties. 

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. 

Attachment:

• Updated sections of the Price List of Eurex Clearing AG

Further information