EurexOTC Clear: Introduction announcement of EurexOTC Clear Release 20.0

1. Introduction 

With this circular, Eurex Clearing announces the production launch of EurexOTC Clear Release 20.0 on Monday, 10 November 2025. In this context, functional, GUI, and report changes are expected as highlights of the release. Please see a detailed list of the changes that are part of EurexOTC Clear Release 20.0 in section 3 of this circular.

The timeline for the new release is as follows:

Simulation start: 1 October 2025

Production start: 10 November 2025

Learn more about EurexOTC Clear Release 20.0 on our dedicated initiative page on the Eurex Clearing website www.eurex.com/ec-en/ under the following link:

Support > Initiatives & Releases > EurexOTC Clear Releases > EurexOTC Clear Release 20.0.

Circulars, timeline, and additional information will be available there for you.

2.    Required action

Functions, services, and technical changes introduced with this release will have an impact on the internal processes of Clearing Members, FCM Clearing Members, and their clients who clear EurexOTC Clear products (hereafter: EurexOTC Clear Members).

Therefore, it might be necessary for EurexOTC Clear Members to update their internal processes and technical interfaces (e.g. XSDs for EurexOTC Clear Reports, Eurex Clearing FpML Interface).

In case of cooperation with back-office vendors, EurexOTC Clear Members should contact their third-party providers as soon as possible to ensure that the necessary adjustments are made. 

Please also check whether you have registered and/or updated your release contacts for EurexOTC Clear in the Member Section of Deutsche Börse Group under tab “Company Contacts”.

In parallel, please subscribe to EurexOTC Clear Circulars and Newsflashes on our subscription website under the following link in order to remain updated, as any communication regarding EurexOTC Clear Release 20.0 will only be distributed via circulars and newsflashes: Find > Circulars & Readiness Newsflashes Subscription​.

In order to improve the quality of the OTC simulation environment of its upcoming release, Eurex Clearing will perform a structured clean-up of old trades in the simulation environment on Monday, 1 September 2025. Therefore, all trades captured before Monday, 2 June 2025 will no longer be available in the simulation environment.

Participants who wish to keep these trades should send an e-mail with the subject “Clean-up of the simulation environment - excluded accounts” to the Key Account Manager or to client.services@eurex.com (including Member ID and book) until Friday, 8 August 2025.

3.    Details of the initiative

A.    Changes to be introduced with EurexOTC Clear Release 20.0

• Full Portfolio Transfer with simultaneous Collateral Transfer
• OTC IRS Stub Enhancements
• Additional validation for Bunched Order Workflow of VNS transactions
• Postponed settlement of USD OIS coupons
• Report Changes
• GUI Changes

Eurex Clearing has provided a detailed description of the above-mentioned changes in the Functional Release Notes of EurexOTC Clear Release 20.0 that may be accessed via the Member Section of Deutsche Börse Group under the following path:

Resources > Eurex Clearing > Documentation & Files > EurexOTC Clear > System documentation > Overview

All changes will be reflected via documentation updates which will be published according to the Eurex Clearing Member Communication Calendar. The updated documents will be available in the Member Section under the above mentioned path, under “System documentation”, as part of EurexOTC Clear Release 20.0.
 

B.    Overview of functional changes
 

Full Portfolio Transfer with simultaneous Collateral Transfer

With EurexOTC Clear Release 20.0, it will be possible for the Clearing Members to enter a full Portfolio Transfer with optional full collateral transfer in the OTC Clear GUI. During the full Portfolio Transfer, all the trades currently booked in the corresponding account will be transferred.

OTC IRS Stub Enhancements

For IRS Fixed/Float and OIS trades , Eurex Clearing will support a new stub period combination: front and back stub period on one leg and no stub period on the other leg.
 

Additional validation for Bunched Order Workflow of VNS transactions

For the notional schedules of Variable Notional Swaps (VNS), additional checks will be performed checking whether the notional amount of the trade and the notional schedule of the block trade are fully offset against the allocations.

Postponed settlement of USD OIS coupons

The coupon payment linked to an OIS floating leg in USD will be postponed to the next business date (postponed payment) in case the first TARGET business day after period end date equals the initial payment date.

Report changes

The following changes will be made in the reports of EurexOTC Clear:

• The change of the “CCP Status” field within the Trade Daily Summary Report (CI201) to VERIFIED and TERMINATED at trade level
• The enhancement of OTC Incremental Risk Report (CI205) to show information regarding the failed portfolio transfers

GUI Changes

The following enhancements will be implemented in the OTC GUI:

• The addition of a new menu item “Portfolio Transfer” which provides access to the relocated “Portfolio Transfer Overview” and the “Portfolio Transfer Entry”
• The enhancement of the “Portfolio Transfer Entry” window with two entry types “Portfolio Upload” and “Full Portfolio Transfer”
• Addition of two new columns, “Full Transfer” and “Collateral Transfer”, in the “Portfolio Transfer Results” table of the “Portfolio Transfer Overview” window
• The enhancement of the OTC GUI with a new “Act as” dropdown field in the application header, being visible only to master users, who can select any user ID from the dropdown list displayed and perform actions on behalf of the selected user ID
• The enhancement of the OTC GUI and MC download file to support the display and processing of front and back stubs on the same leg
• The default activation of the MtM Adjustment flag for transfers. The default setting can be modified by the user if needed

The following enhancements will be implemented in the MC GUI:

• The enhancement of MC GUI Trade Template and Trade Insert Tool to allow entering two stubs per leg. Hence, all stub combinations which are supported for clearing as per the current valid product list can be entered using MC-GUI Trade Template as well
• The enhancement of Clearing Eligibility Checker to allow entering two stubs per leg for the trade eligibility checks

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