Introduction of connection fees for the new session type Enhanced Drop Copy (EDC) and corresponding amendments to the GTC to the Connection Agreement and to the Price List to the Connection Agreement

1. Introduction 

This circular contains information with respect to the service offering of Eurex Clearing AG and introduces amendments to the General Terms and Conditions to the Agreement on Technical Connection to the Clearing EDP of Eurex Clearing AG (hereafter: “GTC to the Connection Agreement”) and to the Price List to the Agreement on Technical Connection to the Clearing EDP of Eurex Clearing AG (Connection Agreement) (hereafter: “Price List to the Connection Agreement”).

The Executive Board of Eurex Clearing AG has resolved the following amendments to the GTC to the Connection Agreement and to the Price List to the Connection Agreement:

• The amendments to the GTC to the Connection Agreement with effect as of 21 April 2025
• The introduction of connection fees for Enhanced Drop Copy sessions and usage in accordance with the CA Price List under section 2 " Monthly fees for the usage of the Clearing System" effective 1 April 2026
• Editorial changes to the GTC to the Connection Agreement effective 21 April 2025 

2.    Required action 

No immediate action is required. Trading Participants or Clearing Members interested in receiving the Enhanced Drop Copy broadcast must order one or more Enhanced Drop Copy sessions for the simulation and production environments.

Until the amendments to the CA Price List for the Connection Agreement come into effect on 1 April 2026, ordering Enhanced Drop Copy sessions and using the Enhanced Drop Copy interface will be free of charge.

3.    Details of the initiative 
 
Enhanced Drop Copy Interface is designed for participants seeking to enhance their pre-trade risk monitoring capabilities, or who specifically want to gain a comprehensive overview of their order inventory including lean orders, e.g. for the purpose of reconciliation. The Enhanced Drop Copy broadcast can be consumed by Trading Participants for the activities of their own business unit, as well as by Clearing Members who are providing clearing services to selected Trading Participants and are interested in receiving their order information. Clearing Members require authorization from the respective Trading Participant to access their order data. 
 
Effective 1 April 2026, the Eurex Enhanced Drop Copy Session will be offered at a rate of 200 EUR per session. Additionally, a usage fee will be applied for Clearing Members based on the number of DC Market Participants:

• 500 EUR for Clearing Members with up to 5 DC Market Participants (incl. own Member IDs with Trading Admission)
• 1000 EUR for Clearing Members with more than 5 DC Market Participants (incl. own Member IDs with Trading Admission)

The session type Enhanced Drop Copy is already available for order through the Member Section of Deutsche Börse Group. The EDC interface will go-live on 24 March 2025.
 
More details about the authorization process can be found in the T7 Release Notes 13.0, Chapter 2, published on the Eurex website www.eurex.com under the link: 
 
Support > Initiatives & Releases > T7 Release 13.0 > System Documentation > Overview and Functionality

Additionally, several editorial changes (such as renamings) have been made to the GTC to the Connection Agreement.

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 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:
 
Amended sections of the following Rules and Regs:
 

• 1 - General Terms and Conditions to the Agreement on Technical Connection to the Clearing EDP of Eurex Clearing AG (GTC to the Connection Agreement) 
• 2 - Price List to the Agreement on Technical Connection to the Clearing EDP of Eurex Clearing AG (Connection Agreement) (Price List to the Connection Agreement)

Further information