A member of
Eurex Clearing
1. Introduction
As part of the annual review of OTC Interest Rate Derivatives Transactions, Eurex Clearing will introduce the following amendment with effect from 31 July 2026:
A. One-off increase of the OTC IRD Basic Pack clearing volume threshold
from EUR 300bn to EUR 600bn for Swap (IRS and OIS) transactions, while maintaining the current monthly fixed fee of EUR 125,000. The increased threshold will apply retroactively from each subscriber’s effective subscription date and remain valid until the expiration of the current subscription.
B. Renewal of the OTC IRD Basic Pack Special Offer for 2026/2027
which includes a fixed-fee based clearing of own OTC Interest Rate Derivative Transactions (IRS, OIS and FRA and Basis swaps) as well as Standard-Coupon Inflation Swaps (SCIS) and Zero-Coupon Inflation Swaps (ZCIS) for EUR 125,000 per month. Compared to the Basis Pack, the included volume thresholds are 60 percent higher, and the OTC IRD Basic Pack Special Offer 2026/2027 also includes unlimited clearing of SCIS and ZCIS transactions.
2. Required action
Registration for the OTC IRD Basic Pack Special Offer 2026/2027:
Clearing Members (including FCM Clearing Members) may register for the OTC IRD Basic Pack 2026/2027 by submitting the corresponding registration form attached to this circular. Please proceed with the following steps:
i. Complete the attached EurexOTC-Interest-Rate-Derivative-Registration-Form-for-CM-Basic-Pack and select the OTC IRD Basic Pack Special Offer; if desired, select “Registration of affiliated Clearing Members and Disclosed Clients for OTC IRD Basic Pack Special Offer” to apply the OTC IRD Basic Pack Special Offer to a group of affiliates.
ii. Submit the signed form to your Key Account Manager Clearing latest by the end of a month to apply for the chosen OTC IRD Pricing Pack 2026/2027 from the first calendar day of the month subsequent to the month of booking.
The OTC IRD Basic Pack Special Offer 2026/2027 can be booked until 30 September 2026.
3. Details of the initiative
A. One-off increase of the OTC IRD Basic Pack clearing volume threshold
Effective 31 July 2026, Eurex Clearing will lift the threshold for cumulated cleared notional swap transactions, including IRS, OIS and Basis-swap transactions from currently EUR 300bn to EUR 600bn. This change will apply with retroactive effect from the respective subscription start date and remain valid until the expiration of the current subscription.
Members currently subscribed to the OTC IRD Basic Pack or the OTC IRD Basic Pack Special Offer 2026 will be upgraded automatically. A separate registration or notification is not required.
For the avoidance of doubt, this change only applies to any current Basic Pack subscription. Any future subscription to any of the Basic Packs is not in scope of this change and will not include the amended volume threshold of EUR 600bn.
B. Overview of the OTC IRD Basic Pack Special Offer 2026/2027
The OTC IRD Basic Pack Special Offer 2026/2027 allows subscribers the clearing of own transactions that are booked to the respective house account (i.e. P account) for all OTC IRD products including IRS, OIS, Basis swaps, FRA, SCIS and ZCIS across all currencies without extra booking fees and maintenance fees up to the following volume thresholds:
All transactions above these volume thresholds are billed according to the Standard Pricing Model A (as set out in the Price List) and will be charged in addition to the monthly fee for the OTC IRD BASIC Pack Special Offer 2026/2027.
The OTC IRD Basic Pack Special Offer 2026/2027 is valid for 12 calendar months, starting from the first calendar day of the month subsequent to the month of booking, or in case of an ongoing rebate scheme subscription, on the first calendar day of the month subsequent to the expiry of a previous rebate scheme by Eurex Clearing. The price for the OTC IRD Basic Pack Special Offer 2026/2027 is EUR 125,000 per month (compared to the regular BASIC Pack and the SCIS/ZCIS GOLD Pack this offer is equal to an implied discount of 60 percent).
To the extent not provided otherwise in the attached registration form, the provision in Number 10.4 on the BASIC Pack applies mutatis mutandis to the OTC IRD BASIC Pack Special Offer 2026/2027.
The OTC IRD Basic Pack Special Offer 2026/2027 can be booked until 30 September 2026.
Eligible Participants of either of the OTC IRD Pricing Pack Special Offers 2026/2027 rebate schemes for Clearing Members
The OTC IRD Basic Pack Special Offer 2026/2027 is available to all Clearing Members (including FCM Clearing Members), groups of affiliated Clearing Members (including FCM Clearing Members) and affiliated Disclosed Direct Clients which fulfil the personal prerequisites for a clearing license according to Chapter I Part 1 Number 2.1.2 (2) of the Clearing Conditions of Eurex Clearing AG.
All benefits of the respective pricing pack may be shared by all Clearing Members (including FCM Clearing Members) and eligible Disclosed Direct Clients that form part of the same group for the same fixed fee. The respective subscription fee will be allocated monthly to the group affiliates according to their individual performance measured as the sum of the monthly undiscounted gross revenues.
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:
Further information
Recipients: | All Clearing Members, FCM Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients, FCM Clients of Eurex Clearing AG and vendors |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination |
| Contact: | client.services@eurex.com |
| Web: | www.eurex.com/ec-en/ |
| Authorized by: | Matthias Graulich |