Clearing, settlement and cash clearing on 24 December, 30 December and 31 December 2024

1.   Introduction

With this circular, Eurex Clearing would like to remind Clearing Member that since 2009, 24 December, 30 December and 31 December are regular settlement days (elimination of Giovannini Barrier 7). Thus, 24 December, 30 December and 31 December 2024 were included in the regular clearing and settlement calendar of Eurex Clearing AG (Eurex Clearing).

All cash amounts due from previous settlement days will be settled on 24 December, 30 December and 31 December 2024.  

No cash clearing will take place for SEK and DKK on 24 December and 31 December 2024. In addition, no cash clearing will take place for Japanese Yen on 31 December 2024. 

Contractual penalties (“Vertragsstrafen”) will apply in accordance with Chapter I Part 1 Number 14.2.2 of the Clearing Conditions of Eurex Clearing AG. 

Month- and year-end reports for December 2024 will be distributed on 31 December 2024. 

2.   Required action

All Clearing Members, ISA Direct Clearing Members, FCM Clearing Members, Disclosed Direct Clients of Eurex Clearing and vendors must ensure that they are prepared to handle clearing-related business, including the assessment of reports and notifications, in accordance with the Clearing Conditions on 24 December, 30 December and 31 December 2024. 

3.   Details 

A. Derivatives trading and clearing of Transactions concluded at Eurex Deutschland 

The trading times for 30 December 2024 are as follows (all times are CET): 

All other products will have normal trading hours. 

The trading hour changes will not affect Eurex Trade Entry Services (TES) hours, end of post-trading hours or the starting time of the batch. The C7 Clearing System will be open and close for clearing of Transactions at the regular times. Exercises will be possible.  

On 24 December and 31 December 2024, the C7 Clearing System will open for clearing of Transactions at the regular times and will close at 20:00 CET. The end-of-day processing will start at 20:00 CET.

Please note that on 24 December and 31 December 2024, neither trading nor order management will be possible across the entire product scope of Eurex Deutschland (i.e. no change of previous day’s settlement prices). In addition, exercises will not be possible. 

All cash amounts due from previous settlement days will be settled on 24 December, 30 December and  31 December 2024.  

No cash clearing will take place for SEK and DKK on 24 December and 31 December 2024. 

In addition, no cash clearing will take place for Japanese Yen on 31 December 2024. 

Contractual penalties (“Vertragsstrafen”) will apply in accordance with Chapter I Part 1 Number 14.2.2 of the Clearing Conditions of Eurex Clearing AG. 

B. Clearing of Transactions concluded at Eurex Repo or Frankfurter Wertpapierbörse (FWB^®, the Frankfurt Stock Exchange)

The C7 Securities Clearing Service System for securities clearing will be available on 30 December 2024 with the entire functionality. Buy-in auctions will be held as usual.  

The C7 Securities Clearing Service System for securities clearing will be available on 24 December and 31 December 2024 with the entire functionality. Buy-in auctions will not be held on these days. Instead, they will be held on the respectively next business day. 

For the Late Delivery Process, 24 December, 30 December and 31 December 2024 will count for determination of the buy-in auction days and for calculation of the ESMA Late Delivery Fine and CSDR penalties, i.e. they will be considered as regular business days. 

C. Clearing of OTC Transactions 

EurexOTC clearing services for the clearing of Interest Rate Swaps are available on 24, December, 30 December and 31 December 2024 with full functionality between 08:00 CET and 22:00 CET. 

D. Risk management 

C7 Securities Clearing Service (SCS), C7 Collateral Management Services (CMS) as well as EurexOTC Clear Services are available with the full functionality. Therefore, Intraday Margin Calls may take place during the entire day on 24 December, 30 December and 31 December 2024 and must be met by Clearing Members.  

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, as applicable. 

Further information