Amendments to the Clearing Conditions of Eurex Clearing AG: Introduction of Appendix 15 - Consultation

1.    Introduction

This circular contains information with respect to the service offering of Eurex Clearing AG (Eurex Clearing) and introduces amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) and the FCM Default Rules of Eurex Clearing AG (FCM Regulations) regarding the following topic:

• Introduction of Appendix 15 Pledge Agreement relating to ISA Direct Margin (CA Pledgor Edition)

The amendments to the Clearing Conditions are subject to a consultation process (Consultation). The Consultation will end with the expiry of 16 March 2026 (Consultation Period). The planned effective date of these amendments is 15 April 2026, depending on the outcome of the Consultation which will be communicated in a separate Eurex Clearing Circular. 

2.    Required action

Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients, FCM Clearing Members, vendors and other affected contractual parties should take the amendments to the Clearing Conditions into consideration.

The amendments to the Clearing Conditions regarding the above topic are subject to a Consultation, which will end with the expiry of 16 March 2026. 

Eurex Clearing herewith invites all Affected Customers to submit comments on the proposed changes and amendments within the Consultation Period.

3.    Details

Introduction of Appendix 15 Pledge Agreement relating to ISA Direct Margin (CA Pledgor Edition)

In response to the needs of market participants, a more efficient framework has been created that reduces legal and operational complexity for Clearing Agents (CAs) and ISA Direct Clearing Members (IDCMs) wishing to utilize securities for ECAG margin requirements. The cornerstones of the offering are the following: 

i)    a single pledge account per CA serving all their IDCMs and 
ii)   CA is the pledgor on behalf of its IDCMs 

This means that similarly to the Eurex Clearing’s collateral management offering in traditional client clearing models, the enhanced model will allow CA to manage the securities collateral accounts and related legal paperwork for its IDCMs on its own and using a single CSD account.

The simplified onboarding is achieved with the new Appendix 15 Pledge Agreement relating to ISA Direct Margin (CA Pledgor Edition) that will be signed by CA only, i.e. without any involvement of IDCM.

Clearstream`s Luxembourg (CBL) bilateral, i.e. standard custody accounts, can be used for this structure, omnibus accounts with Asset Tagging as well as dedicated accounts per IDCM are supported.
 

To reflect the amendment, the following provisions shall be amended as outlined in Attachment 2 (Clearing Conditions):

• Introduction of a new Appendix 15 to the Clearing Conditions comprising the form of the 
  “Pledge Agreement relating to ISA Direct Margin (CA Pledgor Edition)”
• Amendment of the General ISA Direct Provisions comprised in Chapter I Part 6 Subpart A of the Clearing Conditions

Consultation with respect to the proposed amendments to the Clearing Conditions

Pursuant to Chapter I Part 1 Number 17 of the Clearing Conditions, the proposed changes and amendments to the Clearing Conditions regarding topic A are subject to a Consultation which will end with the expiry of 16 March 2026. 

Eurex Clearing herewith invites all Affected Customers to submit comments on the proposed changes and amendments within the Consultation Period.

During the Consultation Period, comments on proposed changes or amendments shall be submitted only via e-mail to the following address: specialprovisions@eurex.com.

To facilitate the internal processing of comments, please add “Comments to Rulebook Amendments” to the subject line of the e-mail. 

To the extent that Eurex Clearing AG decides to implement any comments received during the Consultation, the so-amended version of the Clearing Conditions will be published after the Consultation.

The currently envisaged effective date of the changes is 15 April 2026. However, after the Consultation Period, Eurex Clearing AG will issue a separate circular to announce the concrete date on which the proposed changes (as the case may be, implementing comments received during the Consultation) will come into effect. 

This announcement will be made with at least 15 Business Days’ notice (Regular Notification Period). However, if Eurex Clearing AG should receive a request for a Prolonged Notification Period from more than two Affected Customers during the Consultation Period, a Prolonged Notification Period as set out in the Clearing Conditions will be applied and Eurex Clearing AG will notify all affected parties accordingly.

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.
 

Attachments:

• 1. - Appendix 15 to the Clearing Conditions comprising the form of the “Pledge Agreement relating to ISA Direct Margin (CA Pledgor Edition)”
• 2. - Amended sections of the Clearing Conditions of Eurex Clearing AG

Further information