Amendments to the Clearing Conditions and the FCM Regulations of Eurex Clearing AG

1. Introduction

This circular contains information with respect to amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions), the FCM Regulations of Eurex Clearing AG (FCM Regulations) and the General Terms and Conditions to the Agreement on Technical Connection to the Clearing EDP of Eurex Clearing AG (GTC to the Connection Agreement) regarding the implementation of “FCM Clients with System Access” as new setup option for FCM Clients.  

The amendments will come into effect on  6 July 2026.

2. Required action

Clearing Members, FCM Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients, vendors and other affected contractual parties should take the amendments to the Clearing Conditions and FCM Regulations into consideration.  

3. Details of the initiative

Under the current version of the FCM Regulations regulating the LSOC-compliant clearing models offered by Eurex Clearing, FCM Clients can only be set up as Basic DCs, which do not have access to the EurexOTC Clear GUI and only a limited number of clearing reports are generated upon request. Upon member request,  Eurex Clearing now offers the "DC with System Access" as an additional admission type for FCM Clients granting such clients access to the EurexOTC Clear GUI and to the full reporting. The core framework of the FCM Regulations remains unchanged, and existing FCM Client setups are unaffected. FCM Clearing Members may request this option for individual clients.

To reflect the changes, the following rulebooks of Eurex Clearing AG will be amended as outlined in the attachments:  

• Chapter I of the Clearing Conditions – Attachment 1, ​  

• Chapter I of the FCM Regulations – Attachment 2,​  

• Chapter II of the FCM Regulations​ – Attachment 3, and  

• GTC to the Connection Agreement – Attachment 4.   

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:  

Rules & Regs > Eurex Clearing Rules & 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 considering 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 I of the Clearing Conditions   
• 2 – Amended sections of Chapter I of the FCM Regulations 
• 3 – Amended sections of Chapter II of the FCM Regulations  
• 4 – Amended sections of the GTC to the Connection Agreement  

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