Intraday Margin Calls Support

• Eurex offers specific Intraday Margin reports with different levels of granularity to monitor risk actively based on current market conditions during the Clearing day.
• Every Intraday report needs to be activated via Email request to risk@eurex.com. 
• Risk reports are delivered with an approximate time interval of ten minutes. Format is XML.

• Members can satisfy Margin Requirements by depositing Security or Cash Collateral.
• Eurex accepts approximately 10.000 Securities that are also admissible as Collateral for the European Central Bank or the Swiss National Bank. On top, approx. 850 government Bonds from Non-EU countries (AU, CA, JP, US) and selected Equities (constituents of the DAX®, SMI® and EURO STOXX 50® Index) complete the admissible Collateral spectrum. 
• The complete list of accepted Collateral can be found on our website under “Collateral Acceptance and Haircuts” and “Admissible Securities”.

Interest rates on Cash Collateral:

• Interest rates on Cash Collateral are in principle calculated based on a predefined benchmark rate per currency.
• Find more Information on our
  • Website: Interest rates on cash collateral
  • Member Section: Resources > Collateral Data > Deposit Rates’

• The ‘Excess Collateral Pool’ offers clients to cover Intraday Margin Calls with already provided unallocated Cash Collateral via an automated solution.
• It an be linked to multiple Margin Pools.
• In case additional Collateral is required for one of the linked Pools, available Cash Collaterals will be automatically booked from the ‘Excess Collateral Pool’ to the respective Pool. This process is performed on a 10-minute basis.
• Once Collateral shortfalls are resolved, Cash Collateral booked from the ‘Excess Collateral Pool’ which is not required anymore, will be booked back to be available covering other Intraday shortfalls.
• In case the ‘Excess Collateral Pool’ is utilized entirely, the regular Intraday Margin Call process is triggered.
• End of day (EOD), any Cash Collateral utilized from an ‘Excess Collateral Pool’ will be blocked until the EOD Margin Call is fulfilled. Then the Cash Collateral will be available for covering Collateral shortfalls again.
  
  For more information see here: New Excess Collateral Pool at Eurex benefits Clearing Members.

Eurex accepts four currencies as Cash Collateral to cover Intraday Margin Calls: 

• EUR 
• CHF 
• GBP 
• USD 

You can find respective currency cut-off times here: Cut-off times.

• Once an Intraday Margin Call has been issued by phone and email, the Clearing Member has 30 minutes to: 
  • Perform risk-reducing position changes.
  • Instruct Eurex to process a direct debit in any eligible currency against the pool in shortfall.
  • Deliver Security or Cash Collateral to the Collateral Pool in shortfall.
• If the shortfall remains after 30 minutes, the final amount is communicated via phone and email. Afterwards an automatic debit against the Clearing Member’s designated cash account is instructed. 
• In case the shortfall diminishes under a certain threshold after a warning, Eurex will cancel the Intraday Margin Call without debiting the account and notify the respective Member via phone and email.

• Pursuant and subject to the Clearing Conditions, certain sanctions may be imposed following the alleged breach of such Clearing Member of any of its obligations under the Clearing Agreement. Such sanctions may include contractual penalties.
• In case of a Termination Event (‘Technical Default’) or in the event of a failure to deliver Securities or Cash Collateral a Contractual Penalty in the amount of 0.025 per cent of the relevant unpaid due amount can occur.
• The Minimum amount is EUR 2,500 − however, no more than EUR 25,000 or the corresponding equivalent in any other Clearing Currency as determined by Eurex. The right of Eurex to claim further damages and/or default interest shall remain unaffected, provided that any amount received as a contractual penalty under this provision shall be deducted from any potential claim for damages and/or default interest based on the same facts.
• If you would like to know more about penalties, please find the information here: 
  Eurex Clearing Conditions: Chapter I General Provision, 14.2.2 Disciplinary Procedures; Contractual Penalties (‘Vertragsstrafen’)

• To ensure operational facilitation while limiting uncovered exposures, Eurex Clearing applies the following Intraday Margin Call thresholds:
• Maximum of one of the following components:
  • 10% Initial Margin*
  • 10% Total Margin Requirement*
  • 10 Million Clearing Currency
    (*Previous day's End-of-Day figures are used)
• Once a Collateral Shortfall breaches these intraday limits, Intraday Margin Calls are issued. 
• Eurex Clearing reserves the right to deviate from the Intraday Margin Call thresholds.