Eurex Clearing
1. Introduction
On 1 July 2024, Eurex Clearing AG (Eurex Clearing) announced a change to the calculation of the Contribution Requirements by introducing a Default Fund Operational Buffer component to the calculation formula with an initial size of 15 percent (Eurex Clearing Circular 045/24). On 29 July 2024, Eurex Clearing announced the reduction of the Default Fund Operational Buffer to 5 percent (Eurex Clearing Circular 052/24).
With this circular, Eurex Clearing announces that the Default Fund Operational Buffer will be introduced with an initial size of 15 percent and will become effective on 2 September 2024 with the end-of-day values from 30 August 2024 via the monthly Default Fund recalibration process.
2. Required action
Clearing Members are requested to be prepared to meet the new Contribution Requirements beginning of September 2024.
3. Details of the update
As originally announced in Eurex Clearing Circular 045/24, Eurex Clearing will introduce the Default Fund Operational Buffer on 2 September 2024. Initially, Eurex Clearing intended to implement the Default Fund Operational Buffer with a size of 15 percent. Following initial outreach and incorporating feedback from Clearing Members, Eurex Clearing was comfortable with initially setting the Default Fund Operational Buffer to 5 percent (as announced in Eurex Clearing Circular 052/24).
However, due to regulatory approval, Eurex Clearing is required to implement the Default Fund Operational Buffer with a size of 15 percent, as originally announced.
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, ISA Direct Clearing Members and FCM Clearing Members of Eurex Clearing AG and vendors | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration | |
| Related circulars: | Eurex Clearing Circulars 045/24, 052/24 | |
| Contact: | Your Clearing Key Account Manager or risk@eurex.com | |
| Web: | www.eurex.com/ec-en/ | |
| Authorized by: | Dmitrij Senko |
