Amendments to the Clearing Conditions of Eurex Clearing AG - Consultation

1. Introduction

With this circular, Eurex Clearing announces amendments to the Clearing Conditions in line with the introduction of the portfolio-based Risk Management methodology (Prisma) for in-scope Bonds and Repos (Prisma Bonds) announced with Eurex Clearing Circular 015/26.

Amendments for Prisma Bonds and Repos

The amendments to the Clearing Conditions and the FCM Regulations will come into effect on 15 July 2026.

The amendments to the Clearing Conditions are subject to a consultation process (Consultation). The Consultation will end with the expiry of 18 June 2026 (Consultation Period). The planned effective date of these amendments is 15 July 2026, depending on the outcome of the Consultation which will be communicated in a separate Eurex Clearing Circular. 

Amendments for Prisma Bonds and Repos 

The amendments to the Clearing Conditions and the FCM Regulations will come into effect on 15 July 2026. 

The amendments to the Clearing Conditions are subject to a consultation process (Consultation). The Consultation will end with the expiry of 18 June 2026 (Consultation Period). The planned effective date of these amendments is 15 July 2026, depending on the outcome of the Consultation which will be communicated in a separate Eurex Clearing Circular. 

2.    Required action

Clearing Members, Clearing Agents and 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 18 June 2026.

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

3.    Details 

Amendments for Prisma Bonds and Repos

Eurex Clearing applies amendments to the Clearing Conditions to reflect the introduction of Prisma Risk Management for Bonds and Repos in scope. 

The announced amendments do not have any impact on the production start of enhanced RBM on 18 May 2026 nor the start of member activation for Prisma Bonds and Repos. Activation will start as planned on 1 June 2026. 

To reflect the amendments, the following rulebooks of Eurex Clearing shall be amended:  

• Chapter I Part 1 No 3.1, 7.5.3 (5) and Part 6 Subpart B No 5.4 of the Clearing Conditions 

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:  1. Clearing Conditions.

Consultation with respect to the proposed amendments to the Clearing Conditions 

Pursuant to Chapter I Part 1 No 3.1, 7.5.3 (5) and Part 6 Subpart B No 5.4  of the Clearing Conditions, the proposed changes and amendments to the Clearing Conditions are subject to a Consultation which will end with the expiry of 18 June 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 July 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 to 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 considering 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 Clearing Conditions of Eurex Clearing AG 

Further information