Equity and Basket Total Return Futures: Introduction of CHF-denominated Equity Total Return Futures

1.    Introduction
 
Effective 31 March 2025, Eurex Clearing AG will offer clearing services for 30 CHF-denominated Equity Total Return Futures introduced at Eurex Deutschland.
 
In this context, the following measures will apply effective 31 March 2025:

• Amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) and Price List of Eurex Clearing AG (Price List) regarding the introduction of 30 CHF-denominated Equity Total Return Futures. 

Please refer to Eurex Circular 017/25 for detailed trading-related information, including fee classification and the related amendments to the Rules and Regulations of Eurex Deutschland.
 
Production start: 31 March 2025

2.    Required action
 
Participants interested to trade ETRF/BTRF will need to fill in and submit the “Application Form for Participation in Trading/Clearing of Basket Trades Functionality” for the assignment of the ETRF product capacity and entitlement to the Basket Trades functionality. The form will be sent to the Participants via their Key Account Managers. 
 
No further registration is required for the Participants already active in trading ETRFs/ BTRFs. However, it is recommended that the Participants analyze the potential impact front-to-back of the above changes. 

3.    Details of the initiative

A.    Product overview
 
Please refer to Attachment 1 for the overview of the new products.

B.    Contract specifications
 
For the detailed contract specifications, please refer to Eurex Circular 017/25.

C.    Product group
 
Please refer to Attachment 1 for the product group of the new products.

D.    Transaction fees
 
The transaction and maintenance fees for the new products can be retrieved from the updated sections of the Price List, as outlined in Attachment 3.

E.    Risk parameters
 
Margins for the new products are calculated in Prisma. For the risk parameters of the new product, please refer to the Eurex Clearing website www.eurex.com/ec-en/ under the link:

Services > Risk parameters​
 
F.    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 Attachment 2 and 3:  

• Chapter II Part 2 Number 2.25.2, 2.25.3 of the Clearing Conditions (Attachment 2)
• Numbers 3.1, 3.4, 3.14 of the Price List (Attachment 3)

As of the effective date, the full version of the amended Clearing Conditions and Price List 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 5a 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:

• 1 – Product Overview and Product Group
• 2 – Amended Sections of the Clearing Conditions of Eurex Clearing AG
• 3 – Amended Sections of the Price List of Eurex Clearing AG

Further information