With the Prisma Release 14.1 Portfolio-Margining Adjustment (PMA) is technically introduced to the Prisma Initial Margin model as a general model adjustment. It will remain unused until further notice but does require minor changes to the TE files. It is designed to actively manage portfolio margining offsets, a central value proposition of the Prisma margining model, by allowing to control offsets directly within the core margin model.
Simulation start: 01 April 2025
Production start: 19 May 2025
The Prisma system documentation will be available in the Member Section under the following path: Resources > Eurex Clearing Documents > Eurex Clearing Prisma > Release Documents > Documents & Circulars > Documents Release 14.1.
Release Items/Participants Requirements
Changes | Details | Action Item |
Portfolio-Margining Adjustment (PMA) | Portfolio-Margining Adjustment is introduced to the Prisma Initial Margin model as a general model adjustment. While it remains inactive until further notice it will be rolled out technically and functionally across the whole Prisma system with Prisma Release 14.1. It may affect exchange traded derivatives (ETD) and exposures of the BPM offering going forward. The activation of PMA via change of respective configuration is however only foreseen to be conducted along the various liquidation groups and splits in step-by-step manner subject to and in line with regulatory approval. Any such future activation will be transparently communicated separately, with the roll out of the BPM offering as a likely first use case. The model adjustment is designed to actively manage portfolio margining offsets, a central value proposition of the Prisma margining model, by allowing to control offsets directly within the core margin model. The introduction fosters a higher level of transparency towards our clients as well as a streamlined processing, as excess offsets are currently handled via an operational supplementary margin process. | We kindly ask all Clearing Members and participants to adjust their systems and internal processes to support the changes in member reports and TE files. The Prisma Report Reference Manual and Prisma Methodology User Guide will be available in the Member Section. |
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