A restrictive treasury policy applies for cash deposits, namely

• Secured placement to the extent possible (reverse repo is the preferred instrument)
  
• Minimum counterparty rating of A-
  
• Minimum security rating of AA-
  
• Issuer must be a government, agency or supranational
  
• Placement tenor restricted; majority to be invested with a tenor of one business day
  

Eurex Clearing passes on interest earned from cash investments to our Clearing Members on a monthly basis after a deduction according to the currency, namely

• For CHF and EUR clearing currencies, 20 basis points are deducted.
  
• For GBP and USD margin currencies, 50 basis points are deducted.