Fixed Income Derivatives: One-Time Certificate as a requirement for the Physical Settlement of Euro-EU Bond Futures

1. Introduction

Effective 10 September 2025, Eurex Clearing AG will offer clearing services for Euro-EU Bond Futures introduced at Eurex Deutschland.

In this context, the following measure will apply effective 10 September 2025:

• Amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) regarding the introduction of Euro-EU Bond Futures

Please refer to Eurex Clearing Circular 026/25 and Eurex Circular 033/25 for detailed clearing and trading-related information, including fee classification and the related amendments to the Rules and Regulations of Eurex Clearing AG and Eurex Deutschland.

Production start: 10 September 2025

2. Required action

Euro-EU bonds are issued by the NBB (National Bank of Belgium) who has been appointed by the EU as the Issuer CSD. In this context, a new One-Time Certificate for EIS/EU Debt Securities integrated into the X/N system of the National Bank of Belgium (NBB) has been published by Clearstream Banking. The settlement location for the physical delivery of Euro-EU Bond Futures is Clearstream Banking AG (CBF). 

Clearing Members are obliged to confirm to Eurex Clearing that the One-Time Certification is completed for the securities account at CBF. The One-Time Certification must be performed by the account owner at CBF. The One-Time Certificate is a pre-requisite for the assignment of the new capacity group.

Please refer to Clearstream Banking AG Circular for detailed information:

Belgium: EU Issuance Service (EIS) – New One-Time Certificate for relief at source process published.
 
In case of any questions, please get in touch with your Key Account Manager directly or contact client.services@eurex.com. 

3. Details of the initiative

A.    Product overview

Please refer to the table below for the overview of the new product. 

B.    Product group

Please refer to the table below for the product group of the new product.

C.    Amendments to the legal framework of Eurex Clearing AG
 

To reflect this decision in the legal framework of Eurex Clearing AG, the following provisions will be amended as outlined in the Attachment:      

• Chapter II Part 2 Number 2.3.1(5) of 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 under the following link:

Rules & Regs > 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.

Attachment:

• Amended sections of the Clearing Conditions of Eurex Clearing AG

Further information