MSCI Index Derivatives: Introduction of additional Factor Futures and amendments to the Clearing Conditions of Eurex Clearing AG

1. Introduction

The Executive Board of Eurex Clearing AG (Eurex Clearing) took the following decision:

Effective 7 September 2026, Eurex Clearing will offer clearing services for additional Futures on MSCI Indices.

In this context, the following measures will apply:

• To offer clearing for additional MSCI Factor Futures
• To amend the Clearing Conditions of Eurex Clearing AG to enhance clarity for following topics:

A. Renaming "Alternative Contract Specifications" to "Flexible Contracts" for greater clarity and alignment with market terminology.
B. Exception to settlement provisions for Flexible Options on MSCI and STOXX Global Select Dividend 100 Index Options at year end. 

In this context, the following amendments will become effective on 7 September 2026.

Please refer to Eurex Circular 052/26 for the related changes of the Contract Specifications of Eurex Deutschland (Contract Specifications).

2. Required action

There is no action required for participation.

Information regarding Section 871(m) IRC

a.) Information on Section 871(m) IRC – Products Potentially in Scope (Capacity Groups: Cash Section 871m USD and Cash Section 871m USD – CFTC)

Clearing Member/s need to be documented with a valid W8-IMY U.S. form confirming the status as “Qualified Intermediary (QI)” and assuming primary withholding responsibilities and/or “Qualified Derivatives Dealer (QDD)” assuming primary withholding responsibilities in front of Eurex Clearing AG. Clearing Member/s, not providing such documentation are unable to clear such potentially in-scope products for Section 871(m) IRC derivatives transactions.

Further, the Clearing Member/s clearing derivatives transactions in products potentially in-scope for Section 871(m) IRC need to provide Eurex Clearing AG with the reportable data in-scope for Section 871(m) IRC derivatives transactions covering the respective tax reporting period. (Please refer to the published Eurex Clearing Circular 046/24 published 11 July 2024, and the information in the Clearing Conditions of Eurex Clearing AG (Clearing Conditions). 

b.) Information on Section 871(m) IRC – Current Assessment (No Current Section 871(m) Relevance) (Capacity Group: Cash USD – CFTC)

Certain derivatives (e.g. Single Stock Options, Single Stock Futures, or products referencing U.S. equity indices) may, in principle, fall within the scope of Section 871(m) IRC. However, based on the current product characteristics and the information available at the time of assessment, such instruments do not currently give rise to dividend-equivalent payments or otherwise qualify as transactions subject to Section 871(m) IRC. Consequently, they are currently not subject to withholding tax or reporting obligations under Section 871(m) IRC.

Accordingly, no additional documentation or eligibility requirements apply at this stage. 

Clearing Members should note that this assessment is based on the facts and circumstances existing at the time of review and may change in the future. A reassessment may become necessary, for example, due to changes in dividend distributions, product features, index composition, constituent weightings, the availability of a Qualified Index Exemption, applicable IRS guidance, or other relevant regulatory or factual developments. As a result, an instrument that is currently considered outside the scope of Section 871(m) IRC may become subject to the relevant withholding tax, documentation, and reporting requirements at a later stage.

Clearing Members are advised that, in the event of a product reassignment or reclassification to a different clearing capacity, existing product assignment settings are not automatically transferred. Product assignments and de-assignments must therefore be reviewed and, where required, newly configured by the relevant Clearing Member for the respective clearing capacity and trading client(s).

Clearing Members remain responsible for ensuring compliance with any applicable U.S. tax, withholding, documentation, and reporting requirements, including those arising under Section 871(m) IRC where applicable.

This information is provided for guidance purposes only and reflects Eurex Clearing AG’s current assessment. It does not constitute tax or legal advice and is subject to change, in particular in the event of changes to the underlying facts, product characteristics, applicable law, or regulatory guidance. Clearing Members remain responsible for their own assessment and compliance with any applicable tax obligations.

Clearing Members, Clearing Agents and vendors and other affected contractual parties should take the amendments to the Clearing Conditions into consideration.

3. Details of the initiative

A. Product overview

Please refer to the table below for the overview of the new products.

B.    Contract specifications

For the detailed contract specifications, please refer to Eurex Circular 052/26.

C.    Product group

Please refer to the table below for the product group of the new products.
 

D. Transaction fees

The same transaction fees apply as for the corresponding existing products.  

E. Risk parameters

Margins for the new products are calculated in Prisma. For the risk parameters of the new products, please refer to the Eurex Clearing website www.eurex.com/ec-en/ under the following link: Risk parameters.

F. Amendments to the legal framework of Eurex Clearing AG

Renaming of “Alternative Contract Specifications” to “Flexible Contracts”

Renaming "Alternative Contract Specifications" as "Flexible Contracts," aligning terminology across the Contract Specifications and Clearing Conditions with standard market practice. This amendment constitutes a terminology update only and does not result in any process related or functional changes.

To reflect this decision in the legal framework of Eurex Clearing AG, the following provisions of the Clearing Conditions will be amended as outlined in the Attachment:  

• Chapter II Part 1 Number 1.10
• Chapter II Part 4 Number 4.1, 4.2

Exception to settlement provisions for Flexible Index Contracts on MSCI and STOXX Global Select Dividend 100 Index Options at year end

Flexible Index Contracts on MSCI and STOXX Global Select Dividend 100 Index Options expiring on the first business day of a year shall settle at the last published close of the respective indices from the previous year, even if that respective date is not a trading day at Eurex Deutschland.

To reflect this decision in the legal framework of Eurex Clearing AG, the following provisions of the Clearing Conditions will be amended as outlined in the Attachment:  

• Chapter II Part 4 Number 4.2.3

As of the effective date, the full version of the amended Clearing Conditions will be available for download on the Eurex Clearing website under the following link: Eurex Clearing Rules & Regulations.

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