Eurex Clearing
1. Introduction
This circular contains information with respect to the service offering of Eurex Clearing AG (Eurex Clearing) and introduces amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) and FCM Default Rules of Eurex Clearing AG (FCM Default Rules) regarding the following topics:
The amendments will become effective as of 1 July 2025.
2. Required action
There is no required action.
3. Details of the initiative
A. Clarification regarding Multiple Clearing Relationships for Direct Client Market Participants and Indirect Client Market Participants
Eurex Clearing will include some clarifications regarding the setup of Direct Client Market Participants and Indirect Client Market Participants under Multiple Clearing Relationships in Chapter I of the Clearing Conditions allowing Direct Client Market Participants and Indirect Client Market Participants to clear Eurex Transactions and/or FWB Transactions under more than one Clearing Member.
The general rules for Multiple Clearing Relationships are already covered:
The reason for the proposed amendments is harmonizing different Chapters under the Clearing Conditions.
To reflect the changes, the following provisions of the Clearing Conditions will be amended as outlined in Attachment 1:
B. Alignment of FCM Default Rules reg. US Dollar as Clearing Currency
Eurex Clearing clarifies in the FCM Default Rules that US Dollar is also a Clearing Currency.
To reflect this, the following provisions of the FCM Default Rules will be amended as outlined in Attachment 2:
As of the effective date, the full version of the amended Clearing Conditions and FCM Default Rules will be available for download on the Eurex Clearing website www.eurex.com/ec-en/ under the following link:
Rules and Regulations > Eurex Clearing Rules and Regulations
The amendments to the legal framework of Eurex Clearing AG published by this circular are deemed accepted by each affected contractual party of Eurex Clearing AG, unless the respective contractual party objects by written notice to Eurex Clearing AG prior to the relevant effective date(s) as stipulated in this circular. In case of an objection by the respective contractual party pursuant the preceding sentence, Eurex Clearing AG 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 AG 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 AG 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:
Further information
Recipients: | All Clearing Members, FCM Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients of Eurex Clearing AG and vendors | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination | |
| Contact: | client.services@eurex.com | |
| Web: | www.eurex.com/ec-en/ | |
Authorized by: | Jens Janka |
