Eurex Clearing
1. Introduction
This circular contains information with respect to the service offering of Eurex Clearing AG (Eurex Clearing) and introduces amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) regarding the following topics:
The amendments to topics A and B are subject to a consultation process (Consultation). The Consultation will end with the expiry of 20 March 2025 (Consultation Period). The planned effective date of these amendments is 28 April 2025, depending on the outcome of the Consultation which will be communicated in a separate Eurex Clearing Circular.
2. Required action
Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients, FCM Clearing Members, vendors and other affected contractual parties should take the amendments to the Clearing Conditions into consideration.
The amendments of the Clearing Conditions with respect to topics A and B are subject to a Consultation which will end with the expiry of 20 March 2025.
Eurex Clearing herewith invites all Affected Customers to submit comments on the proposed changes and amendments within the Consultation Period.
3. Details of the initiative
Regarding Topic A.:
Implementation of the Third Party Account Holder set-up related to pledged accounts held with Euroclear SA/NV
To harmonize the available set-up options across securities collateral locations and to allow Euroclear`s participants to use their custodians, the Third Party Account Holder structure shall be extended to the Euroclear accounts set-up. The implementation will be reflected in the Clearing Conditions of Eurex Clearing and in the relevant Euroclear documentation.
Regarding Topic B.:
Harmonization of the provisions related to the Third Party Account Holder in the Clearing Conditions
The terminology used throughout the Clearing Conditions including in the Pledge Agreements Appendix 7 as well as Appendix 11 for the ISA Direct Clearing Member will be aligned to avoid any potential ambiguity. There will be some minor changes and clarifications implemented in the relevant provisions.
Consultation with respect to the proposed amendments to the Pledge Agreements
Pursuant to Chapter I Part 1 Number 17 of the Clearing Conditions, the proposed changes and amendments to the Clearing Conditions regarding topics A and B are subject to a Consultation which will end with the expiry of 20 March 2025.
Eurex Clearing herewith invites all Affected Customers to submit comments on the proposed changes and amendments within the Consultation Period.
During the Consultation Period, comments on proposed changes or amendments shall be only submitted through a web-based commenting service for which a registration form is available on the Eurex Clearing website under the following link:
Find > Forms: Consultation Form
The form has to be duly signed and returned to Eurex Clearing via e-mail to SpecialProvisions@eurex.com, in order to obtain a User ID and Password together with a link for accessing the web-based commenting service.
To the extent that Eurex Clearing decides to implement any comments received during the Consultation, the so-amended version of the Clearing Conditions will be published after the Consultation.
The currently envisaged effective date of the changes is 28 April 2025. However, after the Consultation Period, Eurex Clearing will issue a separate circular to announce the concrete date on which the proposed changes (as the case may be, implementing comments received during the Consultation) will come into effect.
This announcement will be made with at least 15 Business Days’ notice (Regular Notification Period). However, if Eurex Clearing AG should receive a request for a Prolonged Notification Period from more than two Affected Customers during the Consultation Period, a Prolonged Notification Period as set out in the Clearing Conditions will be applied and Eurex Clearing will notify all affected parties accordingly.
Publication of amendments
As of the effective date, the full version 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 & Regs > Eurex Clearing Rules & 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 to 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:
Further information
Recipients: | All Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients of Eurex Clearing AG and vendors | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination | |
| Contact: | client.services@eurex.com | |
| Web: | www.eurex.com/ec-en/ | |
| Authorized by: | Jens Janka |
