Eurex Clearing provides a significant contribution to the Default Waterfall.
- After the contributions to the Default Fund provided by the defaulted Clearing Member have been exhausted, the so-called Dedicated Amount provided by Eurex Clearing as its own contribution to the Default Fund, is utilized. The Dedicated Amount is utilized in full before any non-defaulted Clearing Member’s contributions to the Default Fund are used. The total Dedicated Amount amounts to EUR 200 million.
- Whenever the non-defaulted Clearing Members are required to provide further contributions to the Default Fund (the so-called Assessments), Eurex Clearing also increases its own contribution, by providing the so-called Further Dedicated Amount. The amount to be provided by Eurex Clearing as Further Dedicated Amount depends on the amount of Assessments actually provided by the Clearing Members. The maximum Further Dedicated Amount is EUR 300 million. The Further Dedicated Amount is utilised simultaneously to the assessments on a pro rata basis.
- Eurex Clearing's remaining equity capital forms the last layer of available financial recourses and currently amounts to EUR 550 million.
- In addition, Deutsche Börse AG has issued a Letter of Comfort in favour of Eurex Clearing according to which Deutsche Börse AG will provide Eurex Clearing with financial funding to enable Eurex Clearing to comply with its obligations (including the obligation to provide the Further Dedicated Amount). The maximum amount to be provided under the Letter of Comfort amounts to EUR 600 million. For the avoidance of doubt, no third party has any rights under the Letter of Comfort.