Amendments to the Clearing Conditions and Price List of Eurex Clearing AG

1. Introduction 

This circular contains information with respect to several amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) and/or an amendment to the Price List of Eurex Clearing AG (Price List) regarding the following topics:  

• A. Introduction of a monthly Minimum Activity Charge on the Repo Clearing Layer
• B. Enhancement of GC Pooling settlement processing 
• C. Introduction of Scandinavian currencies as eligible settlement currencies for GC Pooling 
• D. Adjustment of GC Pooling Target Settlement Timings for non-same-day transactions in GBP and CHF 
• E. Introduction of early novation and netting for ISA Direct Light trades​ 
• F. Decommissioning of the Linking before Aggregation service 
• G. Clarification on the Maximum Purchase Price in context of fractions due to a corporate action event 

The amendments will become effective as of 16 November 2026, except for Topic A. "Introduction of a monthly Minimum Activity Charge on the Repo Clearing Layer", which will enter into force on 1 November 2026 and Topic E. “Introduction of early novation and netting for ISA Direct Light trades”, which will enter into force on 23 November 2026. 

2. Required action

Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients of Eurex Clearing AG, Vendors and other affected contractual parties should take the amendments to the Clearing Conditions and Price List into consideration.

3. Details

A. Introduction of a monthly Minimum Activity Charge on the Repo Clearing Layer 

Effective 1 November 2026, Eurex Clearing will introduce a monthly Minimum Activity Charge of EUR 1,000 per Clearing Member, Disclosed Client Market Participant and Indirect Client Market Participant. The monthly Minimum Activity Charge applies if the total clearing fees for a given month are below EUR 1,000. In such case, the Minimum Activity Charge will be charged instead. 

This change will be introduced for both GC/Special Repo and GC Pooling. 

To reflect the amendment in the Price List, the following provision will be amended as outlined in Attachment 4: 

• Price List of Eurex Clearing AG, Number 5 

B. Enhancement of GC Pooling settlement processing 

With C7 SCS Release 6.0 (launch: 16 November 2026, see Eurex Clearing Readiness Newsflash from 25 August 2026), Eurex Clearing, in cooperation with Clearstream, will introduce further enhancements to the GC Pooling settlement processing. 

With C7 SCS Release 3.7, parallel processing for GC Pooling exposure adjustments in the same direction has been introduced within C7 SCS and CmaX.  

This functionality will be further extended with C7 SCS Release 6.0 by introducing parallel processing also for exposure adjustments in opposite directions.  

This enhancement does not apply to members using a T2S Dedicated Cash Account (DCA) sponsored by Clearstream for GC Pooling settlement in Central Bank Money. Affected clients will be required to fully pre-fund all securities purchases upfront in accordance with the current process. 

To reflect the amendment in the Clearing Conditions, the following provision will be amended as outlined in Attachment 1: 

• Chapter IV Part 2 Number 2.6.4​ of the Clearing Conditions of Eurex Clearing AG

C. Introduction of Scandinavian currencies for GC Pooling 

Currently, GC Pooling transactions can be executed in EUR, USD, GBP and CHF across all GC Pooling baskets. With the introduction of C7 SCS Release 6.0, Eurex Clearing AG will expand the scope of eligible currencies by adding the Scandinavian currencies Danish Krone (DKK), Swedish Krona (SEK) and Norwegian Krone (NOK) as additional settlement currencies for the GC Pooling market. These currencies will be available for all GC Pooling baskets and accessible to all GC Pooling members, including ISA Direct Light License Holders. 

The Target Settlement Time for GC Pooling Transactions executed in Scandinavian currencies will be set as following:  

• 08:45 CET for non-same-day Single Issuer Basket transactions  
• 10:15 CET for all other non-same-day GC Pooling Basket transactions.  
• 30 minutes after the conclusion of the Transaction for all same-day GC Pooling transactions 

To reflect the amendments in the Clearing Conditions and the Price List, the following provisions will be amended as outlined in Attachments 1 and 5: 

• Chapter IV Part 2 Number 2.2 (2) (d) (vi) (aa) and Number 2.10 (2) of the Clearing Conditions of Eurex Clearing AG 
• Price List of Eurex Clearing AG, Number 5

D. Adjustment of GC Pooling Target Settlement Timings for non-same-day transactions in GBP and CHF  

With C7 SCS Release 6.0, Eurex Clearing AG will amend the settlement processing timings for GC Pooling exposure adjustments in the settlement currencies GBP and CHF. The Target Settlement Times for GC Pooling Transactions executed in GBP and CHF will be defined as follows: 

• 08:45 CET for non-same-day transactions executed in Single Issuer GC Pooling baskets. 
• 10:15 CET for non-same-day transactions executed in all other GC Pooling baskets. 

To reflect the amendment in the Clearing Conditions, the following provision will be amended as outlined in Attachment 1: 

• Chapter IV Part 2 Number 2.2 (2) (d) (vi) (aa) and Number 2.10 (2) of the Clearing Conditions of Eurex Clearing AG 

E. Introduction of early novation and netting for ISA Direct Light trades 

Eurex Clearing will introduce early novation and netting for GC Pooling ISA Direct Light Transaction, effective as of 23 November 2026. 

Currently, ISA Direct Light transactions are novated by C7 SCS only on the front leg settlement date and require full cash prefunding for settlement.  

To improve the settlement efficiency and reduce liquidity requirements for ISA Direct Light License Holders, C7 SCS will introduce early novation and netting for ISA Direct Light transactions by novating new GC Pooling ISA Direct Light Transactions one day before front leg settlement date on S-1, provided the cash funding for these transactions can be fully covered by maturing GC Pooling ISA Direct Light Transactions. 

The new functionality will be applied to all eligible GC Pooling ISA Direct Light transactions. 

To reflect the amendment in the Clearing Conditions, the following provision will be amended as outlined in Attachment 2: 

• Chapter IV Part 3 Numbers 3.2.2 (2)-(5) of the Clearing Conditions of Eurex Clearing AG

F. Decommissioning of the Linking before Aggregation service

Eurex Clearing will decommission the Linking Before Aggregation service in C7 SCS as part of C7 SCS Release 6.0 in context of preparation for shortening of settlement cycle to T+1.

To reflect the amendments in the Clearing Conditions and the Price List, the following provisions will be deleted as outlined in Attachments 3 and 5: 

• Chapter V Part 2 Number 2.5.2 (3) (b) of the Clearing Conditions of Eurex Clearing AG 
• Price List of Eurex Clearing AG, Number 8.2.4  

G. Clarification on the Maximum Purchase Price in context of fractions due to a corporate action event 

After a corporate action event, i.e. a transformation or a market claim in securities such as e.g. (reverse) stock split, Eurex Clearing might observe an imbalance between the total securities to be delivered to Clearing Members due to fractions. In such cases, Eurex Clearing purchases missing securities considering a maximum purchase price. The rule for determining the maximum purchase price is adjusted so that the last available settlement price on the Business Date prior to such purchase is considered. 

To reflect the amendments in the Clearing Conditions, the following provisions will be amended as outlined in Attachment 3:  

• Chapter V Part 2 Number 2.3 (2) (b) of the Clearing Conditions of Eurex Clearing AG 

Publication of amendments to the Clearing Conditions and Price List

As of the effective date, the full versions of the amended Clearing Conditions and Price List will be available for download on the Eurex Clearing’s 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. 

Attachments: 

• 1 – Amended sections of Chapter IV of the Clearing Conditions of Eurex Clearing AG, effective as of 16 November 2026 
• 2 – Amended sections of Chapter IV of the Clearing Conditions of Eurex Clearing AG, effective as of 23 November 2026 
• 3 – Amended sections of Chapter V of the Clearing Conditions of Eurex Clearing AG, effective as of 16 November 2026  
• 4 – Amended section of the Price List of Eurex Clearing AG, effective as of 1 November 2026 
• 5 – Amended sections of the Price List of Eurex Clearing AG, effective as of 16 November 2026

Further information