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Eurex Clearing Annex to the German Clearing Master Agreement

Release date: 15 Apr 2014 | Eurex Clearing

Eurex Clearing Annex to the German Clearing Master Agreement

With our EurexOTC Clear service for interest rate swaps continuing to receive strong support from the buy and sell side alike we would like to inform our Clearing Members and their customers about the options they have with Eurex Clearing when choosing their client clearing documentation.

In July 2013, we announced the extension of our Individual Clearing Model with regards to the compatibility with the Clearing Agreement between our Clearing Members and their customers. This amendment supports the efforts of the market to adjust the existing client clearing documentation to the requirements of clearing through a central counterparty, particularly individual segregation. Provided the requirements are fulfilled, our Clearing Members may use agreements offered by various associations (e.g. ISDA, FOA, BdB).

The Federal Association of German Banks (Bundesverband deutscher Banken, BdB), in close cooperation with us, recently published the Eurex Clearing specific Annex to the German Clearing Master Agreement with effect from 27 March 2014 (downloadable under Further Information). This can now be utilized in combination with the standard client clearing documentation (CCD) - Annex 4 of the Clearing Conditions - to onboard clients under the Individual Clearing Model across all Eurex Clearing products and asset classes.

Especially our clients who are in the EurexOTC Clear onboarding program now have - besides the use of Eurex Clearing documentation (Annex 3 of the Clearing Conditions) - a further documentation option available in order to complete the onboarding until 30 May 2014. A timely finalization will allow clients to benefit from the fee waiver until January 2016.

Below we have provided an overview on what you need to get started on the client clearing documentation: