EMIR Fire Drill 2026 – Default Simulation planned to start during the week of 30 November 2026

1. Introduction

As an EMIR-compliant CCP, Eurex Clearing AG (Eurex Clearing) conducts an annual Default Management Process (DMP) simulation, known as the Fire Drill, to ensure the effectiveness of default procedures for both Eurex Clearing and its Clearing Members. 

This year Eurex Clearing’s EMIR Fire Drill tests internal processes and Clearing Member readiness to ensure regulatory compliance. Participation is mandatory for selected Clearing Members. As part of the planning, the EMIR Fire Drill 2026 is expected to include a client porting simulation, allowing Clearing Members and Disclosed Direct Clients to voluntarily assess client transfer procedures.

The Fire Drill is planned to start during the week of 30 November 2026. This circular outlines required actions (Section 2) and provides initial details of the EMIR Fire Drill 2026 default simulation (Section 3).

Learn now more about Eurex Clearing's DMP on our dedicated webpage Default Management Process.

2. Required action

All Clearing Members - Please maintain your DMP contact data:

• Please review and update your “DMP Coordinator” and “DMP Deputy” contact data in the Member Section to ensure accurate communication with the correct counterparts within your organization. A guide and more details are available on the Eurex Clearing website www.eurex.com/ec-en/ under the link: Default Management Process, at the bottom under „Further information“.
  
  Central Coordinators: Please manage assignments of DMP Coordinators and Deputies who serve as primary contacts for all DMP matters and oversee account setup in the Eurex Clearing Auction Tool. For guidance, please see details on the DMP website, at the bottom. 
  
  Entities with multiple clearing memberships must keep all contact information complete and current across activities and trading desks for every Clearing Member ID.

• Mandatory participation: Eurex Clearing will notify selected Clearing Members for mandatory participation in Q3/2026.

• Hedging Auction Participants: The Fire Drill will likely include Hedging Auctions for the Listed Equity (Index) Derivatives Liquidation Group (PEQ01) and the Listed Fixed Income Liquidation Group (PFI01). Participants will be contacted directly in Q3/2026.

• Voluntary participation: In addition to mandatory involvement, Clearing Members/clients may register to join voluntarily. Participants will learn about Eurex Clearing’s Default Management Process, use the auction tool, assess transaction processing, and provide feedback. Please register by e-mailing DMP_Inbox@deutsche-boerse.com.

• Client Participation in Liquidation Process: Contact the Eurex Default Management Team via DMP_Inbox@deutsche-boerse.com and your Clearing Member for participation documentation and user setup.

• Client Porting Simulation: Eurex Clearing's EMIR Fire Drill 2026 will feature a simulation testing the transfer of clients from a defaulted Clearing Member to a Replacement Clearing Member (RCM). Participation is optional but recommended for both RCMs and Disclosed Direct Clients. Register at client.services@eurex.com.

• “DMP Coordinator” and “DMP Deputy” setup - Clearing Member’s responsibility: Eurex Clearing requires each Clearing Member, under the Clearing Conditions of Eurex Clearing AG, Chapter I, Part 1, 7.5 (4), to appoint a DMP Coordinator and a DMP Deputy as central contacts for all general matters related to its DMP, including Fire Drills.

3. Details on the default simulation

The simulation lets Clearing Members demonstrate compliance with Eurex Clearing's DMP and access the Eurex Clearing Auction Tool (ECAT) for portfolio information and price submissions. The Client Porting Simulation allows Disclosed Direct Clients to test transferring open positions and collateral if their Clearing Member defaults, while Clearing Members can practice becoming a RCM.

Product details will be defined later and announced accordingly, based on internal guidelines. In a real Termination Event (default), failing mandatory auction bidding may lead to juniorization of Default Fund contributions and monetary penalties; non-compliance is reported to Eurex Clearing's National Competent Authority.

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.

Further information