Default Handling under ISA Direct Model

Overview of content

General overview
Process overview
Mandatory prerequisites

Mandatory prerequisites

The transfer of transactions and collateral of a ISA Direct Clearing Member¹ to a Replacement Clearing Agent² is operationally close to the process of a regular Clearer Change. In addition to the fulfilment of the Replacement Requirements,

the Replacement Clearing Agent must provide certain forms/documents to ensure the set-up and migration;
the upgrade from a ISA Direct Clearing Member to a Direct Clearing Member (including a change of the Member ID) requires the provision of certain forms/documents to ensure the set-up and migration.

Eurex Clearing highly recommends getting in touch with the relevant Key Account Manager to discuss the individual implications.

The following requirements must be fulfilled by the end of the Replacement Period:

If the relevant ISA Direct Clearing Member opts to continue the Clearing of its ISA Direct Clearing Member Transactions with a Replacement Clearing Agent, the ISA Direct Clearing Member and the Replacement Clearing Agent need to fulfil the Clearing Agent Replacement Requirements prior to the expiry of the Replacement Period.

From a legal perspective, the replacement of the Clearing Agent is achieved by simultaneously entering into a new ISA Direct Clearing Member Clearing Agreement with the Replacement Clearing Agent and the (automatic) termination of the ISA Direct Clearing Member Clearing Agreement established with the (defaulting) Clearing Agent.

It is the responsibility of the relevant ISA Direct Clearing Member and the Replacement Clearing Agent to fulfil the following requirements prior to the expiry of the relevant Replacement Period.

Required activities

Related document template

Provide Election Notice

ISA Direct Clearing Member:

Election Notice

Election Notice (Authorised Manager)

ISA Direct Indemnified Clearing Member:

Election Notice

Election Notice (Authorised Manager)

One of the two following options:

(i) The Replacement Clearing Agent and the ISA Direct Clearing Member have entered into a ISA Direct Clearing Member Clearing Agreement (Appendix 10 to Clearing Conditions), or

(ii) have agreed in form and substance satisfactory to Eurex Clearing to already be bound by the provisions set out in the form of the ISA Direct Clearing Member Clearing Agreement appended to the Clearing Conditions as Appendix 10 and to execute a ISA Direct Clearing Member Clearing Agreement no later than five (5) Business Days after the end of the Replacement Period.

Appendix 10 to the Clearing Conditions – Clearing Agreement with a Clearing Agent and an ISA Direct Clearing Member

For ISA Direct:

ISA Direct Clearing Member Declaration regarding Clearing Agent Replacement Requirements

ISA Direct Clearing Member Declaration regarding Clearing Agent Replacement Requirements (Authorised Manager)

For ISA Direct Indemnified:

ISA Direct Indemnified Clearing Member Declaration regarding Clearing Agent Replacement Requirements

ISA Direct Indemnified Clearing Member Declaration regarding Clearing Agent Replacement Requirements (Authorised Manager)

The Replacement Clearing Agent and the ISA Direct Clearing Member have agreed in form and substance satisfactory to Eurex Clearing that this ISA Direct Clearing Member Clearing Agreement shall cover all ISA Direct Clearing Member Transactions which are booked on the ISA Direct Clearing Member Own Account of the ISA Direct Clearing Member at the end of the Replacement Period, or at such earlier time at which Eurex Clearing determines that the Clearing Agent Replacement Requirements are satisfied

For ISA Direct:

Supplement Agreement to the ISA Direct Clearing Member Clearing Agreement

For ISA Direct Indemnified:

Supplement Agreement to the ISA Direct Indemnified Clearing Member Clearing Agreement

One of the following options:

The ISA Direct Clearing Member

(i) has provided Eurex Clearing AG with sufficient Eligible Margin Assets to cover ISA Direct Clearing Member Margin and ISA Direct Clearing Member Variation Margin in respect of all ISA Direct Clearing Member Transactions to which the Replacement relates, or

(ii) committed itself in form and substance satisfactory to Eurex Clearing to provide the relevant amount of Eligible Margin Assets without undue delay following the Replacement, for which purposes all Eligible Margin Assets actually delivered prior to such Replacement shall also be taken into account.

None

For ISA Direct:

ISA Direct Clearing Member Declaration regarding Clearing Agent Replacement Requirements

ISA Direct Clearing Member Declaration regarding Clearing Agent Replacement Requirements (Authorised Manager)

For ISA Direct Indemnified:

ISA Direct Indemnified Clearing Member Declaration regarding Clearing Agent Replacement Requirements

ISA Direct Indemnified Clearing Member Declaration regarding Clearing Agent Replacement Requirements (Authorised Manager)

Required activities	Related document template
The Replacement Clearing Agent is a Clearing Member that meets the admission criteria for Clearing Agents pursuant to Chapter I Part 6 Number 2.2 of the Clearing Conditions.	None
One of the two following options: The Replacement Clearing Agent and the ISA Direct Clearing Member (i) have entered into a ISA Direct Clearing Member Clearing Agreement (Appendix 10 to Clearing Conditions), or (ii) have agreed in form and substance satisfactory to Eurex Clearing to already be bound by the provisions set out in the form of the ISA Direct Clearing Member Clearing Agreement appended to the Clearing Conditions as Appendix 10 and to execute a ISA Direct Clearing Member Clearing Agreement no later than five (5) Business Days after the end of the Replacement Period.	Appendix 10 to the Clearing Conditions – Clearing Agreement with a Clearing Agent and an ISA Direct Clearing Member For ISA Direct: Replacement Clearing Agent Declaration regarding Clearing Agent Replacement Requirements Replacement Clearing Agent Declaration regarding Clearing Agent Replacement Requirements (Authorised Manager) For ISA Direct Indemnified: Replacement Clearing Agent Declaration regarding Clearing Agent Replacement Requirements Replacement Clearing Agent Declaration regarding Clearing Agent Replacement Requirements (Authorised Manager)
The Replacement Clearing Agent and the ISA Direct Clearing Member have agreed in form and substance satisfactory to Eurex Clearing that this ISA Direct Clearing Member Clearing Agreement shall cover all ISA Direct Clearing Member Transactions which are booked on the ISA Direct Clearing Member Own Account of the ISA Direct Clearing Member at the end of the Replacement Period, or at such earlier time at which Eurex Clearing determines that the Clearing Agent Replacement Requirements are satisfied	For ISA Direct: Supplement Agreement to the ISA Direct Clearing Member Clearing Agreement For ISA Direct Indemnified: Supplement Agreement to the ISA Direct Indemnified Clearing Member Clearing Agreement
The Replacement Clearing Agent has made the Contribution to the Default Fund with respect to its capacity as the Clearing Agent of the ISA Direct Clearing Member.	None

In addition to the previously mentioned documents, please consider that one or more of the following forms/ documents might also be required:

Clearing Agent Limitation Notice
Segregation Set-Up Sheet
Static Data
Pledge Agreement

If the Clearing Agent Replacement Requirements are not fulfilled by the end of the Replacement Period, the relevant ISA Direct Clearing Member Standard Agreement (including all ISA Direct Clearing Member Transactions thereunder) shall terminate automatically (Chapter I Part 6 Subpart A Numbers 11.2.5 and 11.3.2 of the Clearing Conditions).

In case the relevant ISA Direct Clearing Member decides to continue the clearing of its ISA Direct Clearing Member Transactions as Direct Clearing Member, it needs to submit an ISA Direct Clearing Member Election Notice making the DCM Election to Eurex Clearing AG and to fulfil the DCM Requirements.

If the DCM Requirements are fulfilled prior to the expiry of the Replacement Period, the ISA Direct Clearing Member Transactions under the relevant ISA Direct Clearing Member Standard Agreement between the ISA Direct Clearing Member and Eurex Clearing will be terminated and new corresponding Own Transactions will be established between Eurex Clearing and the Direct Clearing Member (the former ISA Direct Clearing Member) under the Elementary Proprietary Standard Agreement. Such position transfer is legally achieved via novation.

It is the responsibility of the ISA Direct Clearing Member to fulfil the following:

Required activities	Related document template
Provide Election Notice	ISA Direct Clearing Member: Election Notice Election Notice (Authorised Manager) ISA Direct Indemnified Clearing Member: Election Notice Election Notice (Authorised Manager)
The ISA Direct Clearing Member meets the admission criteria for Direct Clearing Members pursuant to Chapter I Part 1 Number 2 of the Clearing Conditions and has provided evidence thereof to the satisfaction of Eurex Clearing.	None
The ISA Direct Clearing Member has agreed with Eurex Clearing in writing to act as Direct Clearing Member in form and substance satisfactory to Eurex Clearing.	For ISA Direct: ISA Direct Clearing Member Declaration regarding DCM Requirements ISA Direct Clearing Member Declaration regarding DCM Requirements (Authorised Manager) For ISA Direct Indemnified: ISA Direct Clearing Member Declaration regarding DCM Requirements ISA Direct Clearing Member Declaration regarding DCM Requirements (Authorised Manager)
One of the following options: The ISA Direct Clearing Member (i) has entered into a Clearing Agreement pursuant to Appendix 1 with Eurex Clearing; or (ii) has agreed in form and substance satisfactory to Eurex Clearing to already be bound by the provisions set out in the Clearing Agreement in the form appended to the Clearing Conditions as Appendix 1 and to execute such Clearing Agreement no later than five (5) Business Days after the end of the Replacement Period.	Appendix 1 to the Clearing Conditions – Clearing Agreement between Eurex Clearing AG and a Clearing Member For ISA Direct: ISA Direct Clearing Member Declaration regarding DCM Requirements ISA Direct Clearing Member Declaration regarding DCM Requirements (Authorised Manager) For ISA Direct Indemnified: ISA Direct Clearing Member Declaration regarding DCM Requirements ISA Direct Clearing Member Declaration regarding DCM Requirements (Authorised Manager)
One of the following options: The ISA Direct Clearing Member (i) (acting as Direct Clearing Member) has provided Eurex Clearing with sufficient Eligible Margin Assets to cover Margin and Variation Margin in respect of all Transactions to which the Replacement relates; or (ii) committed itself to provide the relevant amount of Eligible Margin Assets without undue delay following the Replacement, for which purposes all Eligible Margin Assets actually delivered prior to such Replacement shall be taken into account.	None For ISA Direct: ISA Direct Clearing Member Declaration regarding DCM Requirements ISA Direct Clearing Member Declaration regarding DCM Requirements (Authorised Manager) For ISA Direct Indemnified: ISA Direct Clearing Member Declaration regarding DCM Requirements ISA Direct Clearing Member Declaration regarding DCM Requirements (Authorised Manager)
The ISA Direct Clearing Member has made the Contribution to the Default Fund with respect to its capacity as the new Direct Clearing Member.	None

In addition to the previously mentioned documents please consider that one or more of the following forms/documents might also be required:

Segregation Set-Up Sheet
Static Data
Pledge Agreement

If the DCM Requirements are not fulfilled by the end of the Replacement Period, the relevant ISA Direct Clearing Member Standard Agreement (including all ISA Direct Clearing Member Transactions thereunder) shall terminate automatically (Chapter I Part 6 Subpart A Numbers 11.2.5 and 11.3.2 of the Clearing Conditions).

^{1 The term ISA Direct Clearing Member also comprises ISA Direct Indemnified Clearing Member.}

^{2 The term Clearing Agent also comprises Indemnifying Clearing Agent.}

Name

Provider / Domain

Gültig bis

Beschreibung

CM_SESSIONID

eurex.com

Session

This cookie is neccessary for the CAE connection.

JSESSIONID

Oracle Corporation

www.eurex.com

Session

General purpose platform session cookie, used by sites written in JSP. Usually used to maintain an anonymous user session by the server.

[abcdef0123456789]{32}

analytics.deutsche-boerse.com

Session

Necessary for the operation of the site.

mdg2sessionid

eurex-api.factsetdigitalsolutions.com

Session

This cookie is necessary for visualization of charts.

ApplicationGatewayAffinityCORS

analytics.deutsche-boerse.com

Session

This cookie is necessary for the backend connection with the server.

ApplicationGatewayAffinity

eurex.com

Session

This cookie is necessary for the backend connection with the server.

ApplicationGatewayAffinityCORS

eurex.com

Session

This cookie is necessary for the backend connection with the server.

CookieScriptConsent

CookieScript

.eurex.com

1 year

This cookie is used by Cookie-Script.com service to remember visitor cookie consent preferences. It is necessary for Cookie-Script.com cookie banner to work properly.

Name

Provider / Domain

Gültig bis

Beschreibung

_pk_id.7.931a

www.eurex.com

1 year

This cookie name is associated with the Piwik open source web analytics platform. It is used to help website owners track visitor behaviour and measure site performance. It is a pattern type cookie, where the prefix _pk_id is followed by a short series of numbers and letters, which is believed to be a reference code for the domain setting the cookie.

_pk_ses.7.931a

www.eurex.com

30 minutes

This cookie name is associated with the Piwik open source web analytics platform. It is used to help website owners track visitor behaviour and measure site performance. It is a pattern type cookie, where the prefix _pk_ses is followed by a short series of numbers and letters, which is believed to be a reference code for the domain setting the cookie.

_pk_id.7.d059

www.eurex.com

1 year

_pk_ses.7.d059

www.eurex.com

30 minutes

This cookie name is associated with the Piwik open source web analytics platform. It is used to help website owners track visitor behaviour and measure site performance. It is a pattern type cookie, where the prefix _pk_ses is followed by a short series of numbers and letters, which is believed to be a reference code for the domain setting the cookie.

Name

Provider / Domain

Gültig bis

Beschreibung

CONSENT

Google LLC

.youtube.com

1 year

This cookie carries out information about how the end user uses the website and any advertising that the end user may have seen before visiting the said website.

VISITOR_INFO1_LIVE

Google LLC

.youtube.com

6 months

This is a cookie that YouTube sets that measures your bandwidth to determine whether you get the new player interface or the old.

YSC

Google LLC

.youtube.com

Session

This cookie is set by the YouTube video service on pages with embedded YouTube video.

Name	Provider / Domain	Gültig bis	Beschreibung
CONSENT	Google LLC .youtube.com	1 year	This cookie carries out information about how the end user uses the website and any advertising that the end user may have seen before visiting the said website.
VISITOR_INFO1_LIVE	Google LLC .youtube.com	6 months	This is a cookie that YouTube sets that measures your bandwidth to determine whether you get the new player interface or the old.
YSC	Google LLC .youtube.com	Session	This cookie is set by the YouTube video service on pages with embedded YouTube video.

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Focus Day (replay)

Share

Default Handling under ISA Direct Model

Overview of content

Mandatory prerequisites

Continue Clearing with a Replacement Clearing Agent

To be fulfilled by the ISA Direct Clearing Member

To be fulfilled by the Replacement Clearing Agent

Continue Clearing as Direct Clearing Member

Overview of content

Derivatives Forum Frankfurt 2025

About us

Contacts

Follow us

News Services

A member of