EurexOTC Clear Releases

Extension of maximum maturities of EUR Swaps 

The extension of maximum maturity of EUR Swaps to 61 years (or 22,335 days) will be implemented within OTC Release 14.0. The extension is applied to EUR Interest rate swap (IRS) (Fix/Float), overnight index swap (OIS), and Basis Swap (Float/Float). 

Clearing Members who would like to clear these products with maximum maturities need to assess the impact on their side. If further assistance is required, please contact your Clearing Key Account Manager or client.services@eurex.com.

New value of the UTI (Unique Transaction Identifier) Issuer value for newly created EurexOTC trades 

The current UTI issuer '1050000007' generated for OTC trades cleared by the EurexOTC Clear system will be replaced by a new value '529900LN3S50JPU47S06'. The length of 10 characters will increase to 20 characters and the new value of the UTI Issuer '529900LN3S50JPU47S06' will be displayed on all trade notification messages, gross trade notification messages, netted trades notification messages and member reports generated by EurexOTC Clear system.

This change will apply to new trades cleared in the EurexOTC system out of a bilateral trade novation or out of a PTE (Post Trade Event) action like Trade Transfer, Account Transfer, Termination, Clearer Change, Netting or Compression triggered on an existing trade in VERIFIED status. The value of the UTI Issuer will remain unchanged for the legacy trades as no conversion or migration is planned. 
 

The effective date of the UTI Issuer change is Monday, 5 December 2022 in EurexOTC Clear Production environment. 

If this field value is consumed by members, this new value '529900LN3S50JPU47S06' will be populated as of Monday, 5 December 2022. If this field value is consumed, we kindly ask all Eurex Clearing Members to make sure that relevant changes are reflected in their internal processes. 

GUI changes 

The ISDA 2021 FRO labels will be added to the dropdown lists of the existing FRO labels in the Clearing Eligibility Checker window. 

As part of the initiative Nordic currencies and PLN product extension for Interest Rate Derivatives, the accommodation of the new Float Tenors (3M), Single CCY Basis Swaps, Stub Interpolation and Maturity Extension (PLN to be 16Y) will be supported within the MC GUI and the Sensitivities Template.

In the Margin Calculator Sensitivities Template and the Sensitivities Window in MC GUI, a new row for max maturity bucket will be added.

When the active link counter in the Application header, Netting Parameters “Authorization required” field is clicked, only those accounts requiring confirmation will be listed in the table. From those it will be possible to select single accounts for authorization in the change window. 

For the GUI changes, there is no action required. 

Report changes 

Introduction of the Variation Margin Report (CC203) in csv format for Direct Clients (DCs) and Clearing Members (CMs). 

Maximum maturity extension of EUR Swaps and OTC IRS Product extensions in Nordic currencies & Polish złoty (PLN). All product extension specific information (trade information, currency calendar data, rate Indices, new fixings, new curve data, new risk factors, cashflow data, etc.) will be included in existing member reports. No structural changes are necessary. 

The new value '529900LN3S50JPU47S06' of the UTI Issuer will be visible in the member’s reports (CI200/CB200, CI201/CB201, CB202/CB207, CI203/CC203/CC222, CI205/CC205, CI206, CI207/CC207, CD200/CD210, CD211, CI280 and CI218). 

We kindly ask all Eurex Clearing Members to make sure that relevant report changes are reflected in their internal processes. 

Termination of OTC currency Clearing Services 

As announced via Eurex Clearing Circular 043/22, clearing services for OTC FX Spot, OTC FX Swaps, OTC FX Forwards and OTC Cross-Currency Swap Transactions was terminated. Due to the termination, some of the fields will be removed from member reports, and further changes on MC-API, OTC & MC GUI are expected.  
 

The NDF Clearing and ETD FX service is not impacted by this decision. 

If members built various interfaces/systems for clearing services for OTC FX Spot, OTC FX Swaps, OTC FX Forwards and OTC Cross-Currency Swap Transactions, the necessary actions for termination should be implemented. 

Members are advised to check the Functional Release Notes of OTC Clear Release 14.0 for further details.