Adjustment in SMP Service Fee Basis for Complex Instruments

1.  Introduction

The Executive Board of Eurex Clearing AG has decided to refine the fee model applied to Self‑Match Prevention (SMP) events in Complex Instruments. Effective 1 May 2026, the SMP Fee for Complex Instruments will be calculated based on the deleted order quantity at Complex Instrument level rather than the leg volume of each leg instrument contributing to the corresponding Complex Instrument. The Price List of Eurex Clearing AG will be amended accordingly. 

2.  Required action

No specific actions are required from Clearing Members/Trading Participants. 

3.  Details of the initiative

A. Current SMP Fee Approach for Complex Instruments 

Under the current model, SMP Fees for Complex Instruments are applied per contract based on the contract volume of each individual leg.  

B. New SMP Fee Basis for Complex Instruments 

To enhance consistency, Eurex Clearing will introduce a revised basis for calculating the SMP Fee for Complex Instruments:

• The SMP Fee for Complex Instruments will be calculated based on the deleted order quantity recorded in the complex instrument order book 
• The fee will no longer be derived from the contract volume of the individual legs 

This update ensures a fairer and more accurate representation of the order activity affected by SMP functionality. The report CB165 – “Eurex Fee Statement” will stay unchanged. Only the first leg will contain the relevant fee for the trade type C – “Prevented Cross Trade (“PCT”)” indicating the corresponding SMP fee for a complex instrument, and all other legs do contain a fee value of zero for trade type C – PCT.  

The following provisions will be amended as outlined in the Attachment:

• Number 3.13 of the Price List of Eurex Clearing AG

As of the effective date, the full version of the amended Price List 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:

• Amended sections of the Price List of Eurex Clearing AG

Further information