Amendments to the Clearing Conditions of Eurex Clearing AG related to ISA Direct Light License Holder and amendments to the GC Pooling Pledge Back Agreement

1.  Introduction

This circular contains information with respect to amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) and other related documents regarding the following topic:  

• Introduction of a Third-Party Account Holder for ISA Direct Light License Holder 

The amendments will become effective as of 14 July 2025.  

2.  Required action

Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients of Eurex Clearing AG, vendors and other affected contractual parties should take the amendments to the Clearing Conditions into consideration. 

3.  Details of the initiative

Eurex Clearing will support the provision of a Third-Party Account Holder for ISA Direct Light License Holder. With this change, the ISA Direct Light License Holder can comply with the obligation to provide settlement and cash accounts by using a Settlement Institute that provides such accounts. This aims to simplify the on-boarding process for ISA Direct Light License Holder and offer more flexibility. 

To reflect the amendments in the Clearing Conditions and other related documents, the following provisions and related documents will be amended as outlined in Attachment 1 and 2: 

• Chapter IV Part 3 Number 3.1 (f), (g), (h) and 3.4.1 and 3.4.2 
• GC Pooling Pledge Back Agreement template 

Please note that the amendment of the GC Pooling Pledge Back Agreement template does not have any impact on existing GC Pooling Pledge Back Agreements.

Publication of amendments to the Clearing Conditions  

As of the effective date, the full versions of the amended Clearing Conditions 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 > 1. Clearing Conditions 

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: 

• 1 – Amended sections of Chapter IV of the Clearing Conditions
• 2 – Amended sections of GC Pooling Pledge Back Agreement template 

Further information