CCP Global International Default Simulation (CIDS) - Exercise planned for 3 to 7 November 2025 (“CIDS Fire Drill”)

1.    Introduction

CIDS Fire Drill

As an EMIR-compliant CCP, Eurex Clearing AG (ECAG) runs an annual Default Management Process (DMP) simulation, or Fire Drill, to ensure its and its Clearing Members’ default procedures are effective. 

ECAG will participate in the multi-CCP Fire Drill, including porting, coordinated by CCP Global with a common narrative and timing (please also refer to “CIDS Guidance Letter 2025” from CCP Global: Default Simulation | CCPG).
 
CIDS Fire Drill Date 3 November 2025 up to latest 7 November 2025 (given DMP is complete)

Learn now more about the CCP Global International Default Simulation (CIDS) on our dedicated initiative page under the following link: Support > Initiatives & Releases > Readiness for Projects > CCP Global International Default Simulation (CIDS).
 

2.    Required action

• All Clearing Members - Maintenance of contacts: Please review and if necessary update your “DMP Coordinator” and “DMP Deputy” contact data in the Member Section of Deutsche Börse Group to facilitate subsequent communication with the correct counterparts within your organisation (Central Coordinators assign and unassign DMP Coordinators and Deputies). Kindly note that DMP Coordinators/Deputies are the main contacts for all DMP related issues, and they handle your member setup of accounts in the Eurex Clearing Auction Tool. They are essential for the facilitation of your participation. A guide and more details are provided at the bottom of the DMP website. For entities with multiple clearing memberships please ensure complete and up-to-date contact details are reflected in accordance with your activities/trading desks for all Clearing Member IDs. This will enable a smooth process and help avoid any issues resulting from poor data quality.
• Mandatory participation requirements: Eurex Clearing will inform the Clearing Members selected for mandatory participation at a later stage.
• Clearing Members having signed up as Hedging Auction Participants: The Fire Drill will likely cover Hedging Auctions for the Listed Equity (Index) Derivatives Liquidation Group (PEQ01) and the Listed Fixed Income Liquidation Group (PFI01), in which case you will be also contacted bilaterally at a later stage.
• Clearing Members willing to voluntarily participate: Alongside mandatory participation, Clearing Members are invited to join voluntarily. All participants will learn about ECAG’s Default Management Process, use the auction tool, evaluate portfolios, and provide feedback - participation registration via DMP_Inbox@deutsche-boerse.com. 
• Client Participation in Liquidation Process: Please contact the Eurex Default Management Team and your Clearing Member to have the appropriate participation documentation and the necessary users set up in place (see “Further information”). 
• Porting: Eurex Clearing will include a porting module as stated “CIDS 2025 Exercise Guidance Letter” from CCP Global to simulate the transfer of client(s) from the defaulted Clearing Member to another Clearing Member. Participation in the Client Porting Simulation is voluntary but encouraged for both Clearing Members and Disclosed Direct Clients - participation registration via client.services@eurex.com.

“DMP Coordinator” and “DMP Deputy” setup on Clearing Members’ side

With respect to the DMP, Eurex Clearing foresees according to the Clearing Conditions Chapter I, Part 1, 7.5 (4) of Eurex Clearing, that each Clearing Member shall appoint at least one employee as coordinator (“DMP Coordinator”) and another of its employees as a deputy (“DMP Deputy”). Both, the DMP Coordinator and the DMP Deputy act as central contacts for all general matters related to the Eurex Clearing’s DMP, including Fire Drills.
 

3.    Details of the initiative

The simulation is an opportunity for Clearing Members to ensure that they can comply with and understand the ECAG DMP and that they have access to the Eurex Clearing Auction Tool (ECAT) where information about portfolios is shared and price quotes are submitted.

Similarly, the Client Porting Simulation is an opportunity for Disclosed Direct Clients to test the necessary steps for a transfer of open positions as well as assigned collateral to another Clearing Member in case their Clearing Member defaults. For Clearing Members, it is an opportunity to test the process for becoming a Replacement Clearing Member. 

The detailed product scope of the exercise will be defined at a later stage and will be communicated in due course. Eurex will generally follow the guidelines provided in the CIDS 2025 Exercise Guidance Letter.

Please note that in case of a real Termination Event (default), non-compliance with mandatory bidding obligations in an auction can result in a juniorization of Default Fund contributions and monetary penalties. In general non-compliance in a simulation/real event is reported to ECAG’s National Competent Authority.

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 ECAG, as applicable.
 

Further information