Amendments to the Clearing Conditions of Eurex Clearing AG

1. Introduction 

This circular announces amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) to enhance clarity for the following topics:

A.  Terminology update - “Post Trading” to “Clearing Phase”
B.  Determination of Daily Settlement Price for Index Dividend Futures and Index Total Return Futures
C.  Cash accounts used for delivery/receive versus payment settlements at settlement locations

In this context, the following amendments will become effective on 17 June 2026.

2. Required action 

There is no action required for participation. 

3. Details of the initiative 

A. Terminology update - “Post Trading” to “Clearing Phase”

The term “Clearing Phase” is introduced to replace the former terminology “Post Trading". This amendment constitutes a terminology update only and does not result in any process related or functional changes.

To reflect this decision in the Clearing Conditions, the following provisions will be amended as outlined in the Attachment:

• Chapter II Part 1 General Provisions
• Chapter II Part 1 Number 1.3.2
• Chapter II Part 2 Numbers 2.1.2, 2.3.4
• Chapter II Part 3 Numbers 3.2.5, 3.3.5, 3.12.5, 3.13.5, 3.14.4 and 3.15.4

B. Determination of Daily Settlement Price for Index Dividend Futures and Index Total Return Futures

For Index Dividend Futures and Index Total Return Futures, Bloomberg index dividend forecasts and Inter Dealer Broker data is incorporated as additional market data input for the purpose of daily settlement price determination.

To reflect this decision in the Clearing Conditions, the following provisions will be amended as outlined in the Attachment:

• Chapter II Part 2 Numbers 2.1.2, 2.22.2

C. Cash accounts used for delivery/receive versus payment settlements at settlement locations

In context of Delivery and Payment Procedures for physically settled Eurex products, the obligation for Clearing Members to have sufficient credit balances on a respective cash account used at a settlement location is streamlined for Fixed Income Futures and Futures on Exchange Traded Funds.

To reflect this decision in the Clearing Conditions, the following provisions will be amended as outlined in the Attachment:

• Chapter II Part 2 Numbers 2.3.1, 2.5.1

As of the effective date, the full version of the amended Clearing Conditions will be available for download on the Eurex Clearing website www.eurex.com/ec-en/ under the following link: 1. Clearing Conditions.

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 Clearing Conditions of Eurex Clearing AG

Further information