A member of
Eurex Clearing
1. Introduction
This circular provides information on the service offering of Eurex Clearing AG (Eurex Clearing) regarding the following topic:
2. Required action
No further action is required.
3. Details of the initiative
With this circular, Eurex Clearing announces an enhancement to the methodology used for the calculation of the securities collateral concentration add-on fee as set out in Number 9.2 (4) of the Price List of Eurex Clearing AG.
Under the current methodology, cash balances maintained on internal Omnibus Margin Accounts relating to Undisclosed Direct Client(s) accounts without a margin requirement are not considered in the calculation of the Cash Ratio of 30 percent, even where cash collateral continues to be maintained on such accounts.
Effective 1 October 2026, Eurex Clearing will permit the inclusion of cash balances maintained on eligible inactive Undisclosed Direct Client(s) accounts in the Cash Ratio calculation for purposes of determining the applicability of the securities collateral concentration add-on fee. The enhancement aims to provide a more comprehensive reflection of the actual cash holdings maintained by Clearing Members.
The change applies exclusively to internal Omnibus Margin Accounts relating to Undisclosed Direct Client(s) accounts. Other account types that are explicitly excluded from the Cash Ratio calculation pursuant to the Price List of Eurex Clearing AG remain unaffected.
Eurex Clearing retains sole discretion to determine whether a specific internal Omnibus Margin Accounts relating to Undisclosed Direct Client(s) account may be included in the Cash Ratio calculation. Eurex Clearing may approve or reject inclusion requests and may exclude accounts where no cash collateral is maintained.
This change constitutes a permanent enhancement to the methodology and is not subject to a temporary application period.
The following provision will be amended as outlined in the Attachment:
As of the effective date, the full version of the amended Price List will be available for download on the Eurex Clearing website under the following link: 3. Price List.
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:
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 |
Related circular: | Eurex Clearing Circular 096/25 |
Contact: | |
Web: | www.eurex.com/ec-en/ |
| Authorized by: | Matthias Graulich |