Eurex Clearing
1. Introduction
This circular contains information with respect to the service offering of Eurex Clearing AG (Eurex Clearing) on the following topic:
Clear two, pay only for one! – New clients at Eurex which become active between 3 June 2025 and 31 December 2025 may clear two transactions for the price of one!
The Terms and Conditions of the OTC IRD AAR Incentive Scheme as outlined in point 3 of the circular apply.
2. Required action
No further action is required.
3. Details of the initiative
Introduction of OTC IRD Active Account Requirement Incentive Scheme
Effective 3 June 2025, Eurex Clearing will introduce a temporary incentive scheme for new clients clearing OTC Interest Rate Derivatives (IRD) transactions. This initiative is designed to support market participants in becoming active at Eurex and in complying with EMIR 3.0 and the Active Account Requirement (AAR). The Terms & Conditions of the OTC IRD AAR Incentive Scheme apply.
Terms and Conditions of the OTC IRD AAR Incentive Scheme
This OTC IRD AAR Incentive Scheme is available for Clearing Members and FCM Clearing Members (collectively referred to as “Clearing Member”). The following provisions of this OTC IRD AAR Incentive Scheme apply to DC-Related Transactions that relate to OTC FRA, IRS, OIS, SCIS and ZCIS own transactions of a Clearing Member’s Disclosed Direct Client and to FCM Client Transactions (all such transactions in the following collectively referred to as “DC-Related Transactions”).
DC-Related Transaction accounts, which have cleared not more than five (5) OTC IRD transactions between 1 May 2024 and 29 May 2025, will automatically participate in this program. A separate registration for the incentive is not required.
Eurex Clearing will grant Clearing Members with respect to DC-Related Transactions a rebate on its OTC IRD transaction fees in the total amount of all OTC IRD Booking, Maintenance and Monthly Basis Fees (set out in No. 10.2.1, 10.2.2, 10.3 (as applicable) of the Price List) generated between 3 June 2025 and 30 September 2025. This rebate will be applied to reduce all regular OTC IRD Booking, Maintenance and Monthly Basis Fees for the same DC-related transactions between 1 October 2025 and 31 December 2025.
For the avoidance of doubt, the OTC IRD transaction fees for DC-Related Transactions will be rebated to a maximum of zero (0) in trade currency per month. The rebated OTC IRD transaction fees for DC-Related Transactions must not become negative and will not lead to a payout of the rebate in any form. In addition, the Clearing Member acknowledges that unused rebates in the context of the OTC IRD AAR Incentive Scheme expire without prior notification by Eurex Clearing and without compensation or reimbursement of any kind on 31 December 2025.
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.
Further information
Recipients: | All Clearing Members, FCM Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients, FCM Clients of Eurex Clearing AG and vendors | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination | |
| Contact: | ||
| Web: | www.eurex.com/ec-en/ | |
| Authorized by: | Matthias Graulich |
