Amendments to the Clearing Conditions of Eurex Clearing AG: Introduction of enhanced Direct Delivery Service (Pledge)

1. Introduction

Eurex Clearing AG (Eurex Clearing) announces amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) and the introduction of a new tri-partite Pledge and Security Trust Agreement regarding the following topic:

• Introduction of enhanced Direct Delivery Service (Pledge)

Eurex Clearing is responding to market requirements and is introducing a Direct Delivery Service that allows Direct Clients clearing under the Individually Segregated Account Provisions (ISA Clients) to deliver securities margin directly to a dedicated Direct Margin ISA Pledged Securities Account in favor of Eurex Clearing via Clearstream’s tri-party collateral management system (CmaX). Securities remain in the ISA Client’s custody structure, eliminating transfer risk and simplifying corporate actions processing (proceeds flow directly to the ISA Client). Direct Delivery creates operational efficiencies for Clearing Members and ISA Clients.

The amendments to the Clearing Conditions and the newly introduced Pledge and Security Trust Agreement will become effective as of 16 November 2026.

2. Required action

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

3. Details of the initiative

To address evolving market requirements and buy-side client demand, Eurex Clearing is introducing an enhanced Direct Delivery Service via Clearstream’s CmaX service. This optional service enables ISA Clients to provide securities margin directly to the CCP by using their own custody infrastructure. The initial offering focuses on ISA Clients within selected jurisdictions, i.e. France and the Netherlands.

The automated solution via CmaX reduces substantially the efforts for the Clearing Member with respect to the management of the securities margin provided by the ISA Client. ISA Clients benefit from greater efficiency, flexibility, and collateral mobility. 

To facilitate this service, Eurex Clearing is introducing a dedicated Pledge and Security Trust Agreement (Agreement), which needs to be entered into by the ISA Client, the Clearing Member and Eurex Clearing. Under this Agreement, the ISA Client grants a single pledge in favor of Eurex Clearing. This single pledge serves as protection for (i) Eurex Clearing in case of Clearing Member default and (ii) for the Clearing Member in case of ISA Client default. The creation of the pledge is supplemented by a security trust arrangement under which Eurex Clearing acts as security trustee for the ISA Client and Clearing Member. To support client onboarding and encourage market adoption, Eurex Clearing will not charge any service fees for Direct Delivery until 31 December 2027.

Please note: As the Direct Delivery Service is based on a direct legal relationship between Eurex Clearing and the ISA Client, Eurex Clearing is required to conduct additional legal assessments with respect to the client jurisdictions. To maintain the highest standards of legal robustness, expanding the service offering to additional client jurisdictions may require Eurex Clearing to obtain jurisdiction-specific legal opinions prior to the initiation of the onboarding process.

To reflect the amendment, the following provisions shall be amended as outlined in the Attachments 

• Chapter I of the Clearing Conditions (Attachment 1)
• Pledge and Security Trust Agreement (Attachment 2)

As of the effective date, the full version of the amended Rules and Regulations will be available for download on the Eurex Clearing website www.eurex.com/ec-en/ under the following link: Eurex Clearing Rules & Regulations.

The amendments to the legal framework of Eurex Clearing published by this circular are deemed accepted by each affected contractual party of Eurex Clearing, unless the respective contractual party objects by written notice to Eurex Clearing prior to the relevant effective date(s) as stipulated in this circular. In case of an objection by the respective contractual party pursuant to the preceding sentence, Eurex Clearing 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 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 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 the Clearing Conditions of Eurex Clearing AG
• 2 – Pledge and Security Trust Agreement (new)

Further information