A member of
Eurex Clearing
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 Regulations of Eurex Clearing AG (FCM Regulations) on the following topics:
A. EurexOTC Clear Release 21.0
B. Further minor amendments
The amendments to the Clearing Conditions and the FCM Regulations will come into effect on 18 May 2026.
Learn more about EurexOTC Clear Release 21.0 on our dedicated initiative page on the Eurex Clearing website www.eurex.com/ec-en/ under the following link:
EurexOTC Clear Release 21.0
Circulars, timeline, and much more information are available there for you.
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 and FCM Regulations into consideration.
3. Details
A. EurexOTC Clear Release 21.0
Partial Notional Transfers supported for Portfolio Transfers
Eurex Clearing is enhancing its Portfolio Transfer Functionality by enabling Clearing Members to transfer partial notional amounts of an IRD transaction as part of a portfolio transfer. This can be requested by specifying the notional amount to be transferred (“partial transfer amount”) together with the corresponding trade ID when submitting a Portfolio Transfer request. If the initiating Clearing Member or DC with System Access does not provide a partial transfer amount, the full notional amount of the respective trade ID will be assumed for transfer.
Partial notional transfers will not be supported for swaps with notional, fixed rate and floating rate spread schedules (VIRS) or for SCIS transactions with different notional on each leg.
Validations on incoming trades
Eurex Clearing AG will no longer accept OTC IRD transactions with the combination of Fixing Days Offset = ‘0’ and Business Day Convention = ‘NONE’. This enhanced validation ensures that the Fixing Day will always be a business day.
Furthermore, Eurex Clearing validates that the business center provided for additional payments (fees) corresponds to the fee currency to ensure that the value date of the fee payment aligns with a currency business day.
The validations mentioned are already performed by some of the Approved Trade Sources (ATS) connected to Eurex Clearing and ensure smooth processing of the respective transactions.
B. Further minor amendments
Eurex Clearing applies further minor amendments to the Clearing Conditions and the FCM Regulations by adding additional clarifications regarding partial post-trade events.
To reflect the enhancements and changes, the following provisions will be amended as outlined in Attachment 1 and Attachment 2:
As of the effective date, the full version of the amended Rules and Regulations will be available for download on the Eurex Clearing website www.eurex.com/ec-en/ under the following link:
Eurex Clearing Rules and Regulations
The amendments to the legal framework of Eurex Clearing published by this circular are deemed accepted by each affected contractual party of Eurex Clearing, unless the respective contractual party objects by written notice to Eurex Clearing prior to the relevant effective date(s) as stipulated in this circular. In case of an objection by the respective contractual party pursuant to the preceding sentence, Eurex Clearing 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 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 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, as applicable.
Attachments:
1 – Amended sections of Chapter VIII of the Clearing Conditions
2 – Amended sections of Chapter II of the FCM Regulations
Further information
Recipients: | All Clearing Members, FCM Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients of Eurex Clearing AG and vendors | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination | |
| Contact: | client.services@eurex.com | |
| Web: | EurexOTC Clear Release 21.0 Eurex Clearing Rules and Regulations | |
| Authorized by: | Jens Janka |