Collateral Pricing: Introduction of a discount and a GC Pooling Re‑use Securities Collateral Fee Incentive Program

1.    Introduction

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

• a)    Effective 1 February 2026: Introduction of a 50 percent discount on the GC Pooling re-use securities collateral fee to cover non-Repo margin requirements until 31 March 2026
• b)    Effective 1 April 2026: Introduction of a GC Pooling re-use securities collateral fee incentive program until 31 December 2026

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 

Effective 1 February 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 until 31 March 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 is therefore 0.0875 percent.

• b)    Introduction of a GC Pooling re-use securities collateral fee incentive program

Effective 1 April 2026, Eurex Clearing will introduce a GC Pooling Re-use securities collateral fee incentive program applicable to all General Clearing Members, Direct Clearing Members, and FCM Clearing Members.

Under this incentive program, all GC Pooling re-use participants will continue to receive a 50 percent discount on the GC Pooling re-use securities collateral fee applied to cover non-Repo margin requirements for the entire calendar month, provided that the following conditions are met:

Eligibility criteria:

• For the period from 1 April 2026 to 30 September 2026: The OTC initial margin requirement must be equal to or greater than EUR 500 million on the last business day of the relevant month.
• For the period from 1 October 2026 to 31 December 2026: The OTC initial margin requirement must be equal to or greater than EUR 1,000 million on the last business day of the relevant month.

Discount application:

The discount will be calculated at month-end and will apply retrospectively from the beginning of the respective reporting month, provided that the applicable OTC initial margin threshold is met for the relevant period.

Registration:

Registration for participation in the incentive program is not required.

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