Amendments to the Clearing Conditions and Price List of Eurex Clearing AG

1.  Introduction

This circular contains information with respect to amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) and Price List of Eurex Clearing AG (Price List) regarding the following topics:

A.  Amendments to the Clearing Conditions to enable Trading Participants acting on account of an ISA Direct Clearing Member / ISA Direct Light License Holder

B.  Amendments to the Clearing Conditions and Price List with regards to changes to the GC Pooling CTD Baskets

• The name of the GC Pooling CTD Baskets will be changed to GC Pooling Single Issuer Baskets.
• Introduction of additional non-EUR currencies USD, CHF and GBP as settlement currencies for the GC Pooling Single Issuer Baskets.
• Adjustment of Target Settlement Timing for GC Pooling Single Issuer Baskets traded in EUR.

The amendments will become effective as of 11 May 2026.

2.  Required action

Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients of Eurex Clearing AG, Vendors and other affected contractual parties should take the amendments to the Clearing Conditions and Price List into consideration.

3.  Details

A.  Amendments to the Clearing Conditions to enable Trading Participants acting on account of an ISA Direct Clearing Member or ISA Direct Light License Holder

With a new functionality implemented at Eurex Repo GmbH, Trading Participants will be enabled to enter a Repo trade on behalf of an ISA Direct Clearing Member or ISA Direct Light License Holder.

Whenever a Repo trade is entered into the trading system of Eurex Repo GmbH by a Trading Participant admitted at the System of Eurex Repo GmbH for trading on account of the ISA Direct Clearing Member or ISA Direct Light License Holder, in each case a Eurex Repo Transaction shall be concluded between Eurex Clearing AG and the relevant ISA Direct Clearing Member or ISA Direct Light License Holder.

To implement the changes in the Clearing Conditions, the following provisions will be amended as outlined in Attachments 1 and 2:

• Chapter I Part 6 Subpart A: Number 1.2 (1), (2) (i) (Attachment 1)
• Chapter IV Part 3 Numbers 3.1 (5) c), 3.2.1 (1), 3.2.2 (5) b), (6) (Attachment 2)

B.  Amendments to the Clearing Conditions and Price List with regards to changes to the GC Pooling CTD Baskets

Eurex Clearing  will reflect the following changes to the GC Pooling CTD Baskets in its amendments to the Clearing Conditions:

• Renaming of the Basket:
  The wording "GC Pooling CTD Basket" will be changed to "GC Pooling Single Issuer Basket": Due to the extension of collateral composition of the CTD Baskets in October 2025 the decision has been taken to remove the “CTD” reference in the name of the baskets.

• Introduction of non-EUR currencies USD, CHF and GBP as settlement currencies:
  With the introduction of the additional currencies, the gap of cash currencies in combination with the “Single Issuer” Baskets will be closed. This change is also reflected in the Price List.

• Adjustment of Target Settlement Timing for GC Pooling Single Issuer Baskets traded in EUR:
  The Target Settlement Time for the GC Pooling Single Issuer Baskets will be moved from 7:30 hours (Frankfurt am Main time) to 8:45 hours (Frankfurt am Main time).

To implement the changes, the following provisions in the Clearing Conditions and Price List will be amended as outlined in Attachments 2 and 3:

• Clearing Conditions: Chapter IV Part 2 Number 2.10 (Attachment 2)
• Price List: Number 5 – Repo Transaction Fees (Attachment 3)

Publication of amendments to the Clearing Conditions and Price List of Eurex Clearing AG

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

Eurex Clearing Rules & Regulations

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 – Amended sections of Chapter I the Clearing Conditions of Eurex Clearing AG

• 2 – Amended sections of Chapter IV of the Clearing Conditions of Eurex Clearing AG

• 3 – Amended sections of the Price List of Eurex Clearing AG

Further information