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Margin settlement

Margin settlement

Margin calls are always called against the Clearing Member, however margin calls arising from shortfalls on client accounts are calculated separately, with auto allocation of the cash collateral to the client collateral pool by Eurex Clearing.

For cash collateral under all clearing models, the Clearing Member’s existing payment infrastructure may be used. All Clearing Members should have access to a USD account for late margin calls.

Intraday margin settlement

If there is a margin shortfall on a client account under a Clearing Member, Eurex Clearing will issue and process individual margin calls for the collateral pool in which the margin shortfall has occurred.

Eurex Clearing may issue an intraday margin call between 7:00 CET and 22:30 CET. Once an intraday margin call has been issued the Clearing Member has 30 minutes to:

  • Enter risk reducing trades
  • Instruct Eurex Clearing to process a direct debit in any eligible currency considering cut-off times against the segregated pool
  • Deliver security collateral to the collateral pool in shortfall or
  • In case of a margin shortfall on a segregated pool, transfer cash from its standard pool to segregated pools on a book entry basis

If no action is taken within the 30 minutes then Eurex Clearing will automatically instruct a debit against the Clearing Member’s cash account. If the margin shortfall is a result of a shortfall from a client account, then the cash will be automatically allocated to the segregated pool in which the shortfall occurred by Eurex Clearing.

End of day margin settlement

Eurex Clearing closes at 22:30 and any overnight margin shortfalls are auto debited the following morning. Auto-debits are instructed by 07:00 CET and must be funded at the latest by 08:00 CET for EUR and USD and by 09:00 CET for CHF and GBP. If the margin shortfall is a result of a shortfall from a client account, then the cash will be automatically allocated to the segregated collateral pool in which the shortfall occurred by Eurex Clearing.

Credits are instructed afterwards, 08:00 and 09:00 CET respectively.