EurexOTC Clear: Introduction announcement of EurexOTC Clear Release 22.0

1. Introduction 

With this circular, Eurex Clearing announces the production launch of EurexOTC Clear Release 22.0 on Monday, 9 November 2026. In this context, functional, GUI and report changes are expected as highlights of the release. Please see a detailed list of the changes that are part of EurexOTC Clear Release 22.0 in section 3 of this circular. 

The timeline for the new release is as follows: 

Simulation start: 30 September 2026 

Production start: 9 November 2026 

Learn more about EurexOTC Clear Release 22.0 on our dedicated initiative page on the Eurex Clearing website under the following link:  EurexOTC Clear Release 22.0.

Circulars, timeline, and additional information will be available there for you. 

2. Required action 

Functions, services, and technical changes introduced with this release will have an impact on the internal processes of Clearing Members, FCM Clearing Members, and their clients who clear EurexOTC Clear products (hereafter: EurexOTC Clear Members). 

Therefore, it might be necessary for EurexOTC Clear Members to update their internal processes and technical interfaces (e.g. XSDs for EurexOTC Clear Reports, Eurex Clearing FpML Interface). 

In case of cooperation with back-office vendors, EurexOTC Clear Members should contact their third-party providers as soon as possible to ensure that the necessary adjustments are made.  

Please also check whether you have registered and/or updated your release contacts for EurexOTC Clear in  the  Member Section​​  of Deutsche Börse Group under tab “Company Contacts”. 

In parallel, please subscribe to EurexOTC Clear Circulars and Newsflashes on our subscription website under the following link in order to remain updated, as any communication regarding EurexOTC Clear Release 22.0 will only be distributed via circulars and newsflashes:  Circulars & Readiness Newsflashes Subscription.

In order to improve the quality of the OTC simulation environment of its upcoming release, Eurex Clearing will perform a structured clean-up of old trades in the simulation environment on Monday, 7 September 2026. Therefore, all trades captured before Wednesday, 1 July 2026 will no longer be available in the simulation environment. 

Participants who wish to keep these trades should send an e-mail with the subject “Clean-up of the simulation environment - excluded accounts” to the Key Account Manager or to client.services@eurex.com (including Member ID and book) until Friday, 7 August 2026. 

3. Details of the initiative 

A. Changes to be introduced with EurexOTC Clear Release 22.0  

• Reporting enhancement for Portfolio Transfer functionality
• Enhancement of MarkitWire Trade loading
• New Initial Margin component ‘Portfolio-Margin Adjustment’ enhancement
• Unsettled past date Coupon restriction on Post Trade Event
• Introduction of a new EOD report
• XSD Schema update
• Report Changes
• GUI Changes 

Eurex Clearing has provided a detailed description of the above-mentioned changes in the ‘’Functional Release Notes’’ of EurexOTC Clear Release 22.0 that may be accessed via the  Member Section​  of Deutsche Börse Group under the following path: Resources > Eurex Clearing > Documentation & Files > EurexOTC Clear > System documentation  > Overview.

All changes will be reflected via documentation updates which will be published according to the Eurex Clearing Member Communication Calendar. The updated documents will be available in the Member Section​  of Deutsche Börse Group under the above-mentioned path, under “System documentation”, as a part of EurexOTC Clear Release 22.0. 

In addition, sample files for both new and updated reports will also be made available in the Member Section under the following path: Resources > Eurex Clearing > Documentation & Files > EurexOTC Clear > System documentation > Reports.

B. Overview of functional changes

Reporting enhancement of Portfolio Transfer functionality
 
With EurexOTC Clear Release 22.0, the Portfolio Transfer functionality will be enhanced. The key change is the introduction of three new intraday reports, which are generated ad-hoc and made available in the Common Report Engine (CRE). 

• These reports can be exchanged pre-offer, enabling both parties to assess the feasibility and pricing before initiating the formal portfolio transfer process.
• Members can upload a CSV file via the EurexOTC Clear GUI containing Trade IDs and optional partial transfer amounts for verified trades. This upload follows an all-or-nothing validation, and restrictions for VIRS/SCIS trades apply. 

Further details on the new reports are provided in the "Report changes" chapter. 

Enhancement of MarkitWireTrade loading

With this release, Eurex Clearing will begin retaining the original execution venue MIC provided by MarkitWire. This information will be sent in the TradingVenueMIC field within the existing Trade Notification Message. This enhancement aligns MarkitWire with all other Trade Submitting Systems, for which the original execution venue MIC is already retained. Please note that legacy trades will not be updated with this information. 

New Initial Margin component 'Portfolio-Margin Adjustment' enhancement

A new initial margin component, Portfolio-Margin Adjustment (PMA), will be introduced for OTC IRS and FXNDF. Overall Initial Margin functionality will be extended to support the technical preparation of this new margin component. The technical preparation will lead to changes in Margin Reports where a new element will be added to display the PMA value. 

Please note that the PMA will be activated in Production only after Regulatory approval. Until that time, PMA will be calculated with ZERO value and shown with ZERO value. 

Unsettled past date Coupon restriction on Post Trade Event

To ensure the proper handling of outstanding cash flows, the restrictions on Post Trade Events (PTE) will be enhanced with this release. 

• The existing restriction is reinforced: If a trade has an unsettled coupon payment from a past date, a PTE will not be permitted until the coupon is settled. This rule applies to all trade types.
• A new restriction will be introduced: A Full Termination PTE will no longer be allowed if a trade has an unsettled coupon payment on the current date. This limitation applies specifically to GBP SONIA and EUR €STR trades.

Introduction of a new EOD report

With this Release, a new end-of-day report, CC214 Future Fixing Report, will be introduced. 

• This report shows future cash flows of all VERIFIED trades for which the final fixing has not yet taken place.
• It is provided in CSV format and contains an entry for each future coupon payment.
• The report will be generated for Clearing Members (CM) and Disclosed Direct Clients (DC) and will be available in the Common Report Engine (CRE). 

XSD Schema update

With this Release, the XSD schema for the CI281 Intraday Fixing report will be updated to prevent validation failures. The report structure itself remains unchanged. 

The change addresses an issue with GBP SONIA trades that generate multiple Tenor entries. The Tenor element in the IRSIntradayFixingReport.xsd schema will be modified to allow multiple occurrences (maxOccurs="unbounded"). This ensures that XML report files containing such trades will validate successfully against the schema. 

Report Changes 

The following changes will be made in the reports of EurexOTC Clear: 

• Additional Fields in the Full Inventory Report (CB202/CB207):
  The Full Inventory Report is enhanced with two new data fields:  
  • MtM0 and MtM0_EX_CF will be included in the CSV version of the report 
  • MtM0 and MtM0_exCF will be included in the XML version of the report. 

Two values will be added: MtM0 represents the Mark-to-Market of the trade as of the current business day, and MtM0_exCF represents the Mark-to-Market of the trade as of the current business day reduced by already instructed cash flows (e.g., coupons and fees).

• Introduction of Future Fixing Report (CC214) 
  A new end-of-day report is introduced to display future cashflows for all VERIFIED trades where the final fixing has not yet taken place. 
  This report will be generated for Clearing Member (CM) and Disclosed Direct Client (DC). The Report will be provided in CSV format only.
• Introduction of Portfolio Upload Trade Details Report (CI291) 
  A new intraday report providing detailed trade information for uploaded VERIFIED OTC IRS transactions, generated per request with an upload ID in the filename. The Report will be provided in XML format only and has the same structure as the CB202 Report. 
• Introduction of Portfolio Upload Cash Forecast Report (CI292) 
  A new intraday report showing all known future cashflows for uploaded VERIFIED OTC IRS transactions, reflecting any provided notional amounts. The Report will be provided in XML format and has the same structure as CD200 Report. 
• Introduction of Portfolio Upload Future Fixings Report (CI293) 
  A new intraday report displaying future cashflows not yet fixed for uploaded VERIFIED OTC IRS transactions, including notional-dependent values. The Report will be provided in CSV format and has the same structure as CC214 Report.
• Enhancement in Overall Margin Report (CC204) 
  A new tag will be introduced to display the PMA (Portfolio-Margin Adjustment) value in both XML & CSV version.
• Enhancement in Initial Margin Report (CC209) 
  INITIAL_MARGIN field which shows the Initial Margin value will now include the PMA value.
• Enhancement in Parameter Report (CC221)
  Two new fields ‘PMA Metric’, and ‘PMA Metric Value’ will be introduced to display the parameters used in PMA calculation. 

GUI Changes 

The following enhancements will be implemented in the OTC GUI: 

Enhancements with the introduction of Portfolio Report Upload functionality: 

A new “Portfolio Reports” tab is introduced within the OTC GUI under the Portfolio Transfer menu, enabling users to request intraday reports on an ad-hoc basis and download them via the Common Report Engine (CRE):

• CI291 Portfolio Upload Trade Details Report
• CI292 Portfolio Upload Cash Forecast Report
• CI293 Portfolio Upload Future Fixings Report

Users can upload a csv file which can be generated by a predefined template in the EurexOTC Clear GUI. The uploaded file includes selected Trade IDs and optionally partial notional amounts. Each successful upload generates an Upload ID, which is used to track the request and is included as a suffix in the report filename.

The functionality supports FRA and Swap products. 

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