Eurex Clearing
1. Introduction
This circular contains information with respect to Eurex Clearing AG’s service offering and corresponding amendments to the Price List of Eurex Clearing AG (“Price List”) regarding the following topics:
A. | Integration of the product Zero-Coupon Inflation Swap (ZCIS) in the OTC Interest Rate Derivatives (IRD) High Turnover Pricing Model, |
B. | Clarifications concerning the OTC IRD Maintenance Fee calculation, |
C. | Introduction of a transfer fee for bunched order transactions, |
D. | Further editorial amendments. |
The amendments regarding A. will become effective on 1 October 2020. All other amendments will become effective on 1 September 2020.
2. Required action
There is no action required for Clearing Members. Disclosed Clients interested in clearing ZCIS under the consideration of the High Turnover Pricing Model may apply as follows:
i. Complete the “EurexOTC Clear Interest Rate Derivative Static Data Form for Disclosed Client with System Access/Basic Disclosed Client with Reports – Production” form, available via the following path on the Eurex Clearing website www.eurexclearing.com, and select the product Zero Coupon Inflation Swap (ZCIS) as well as the Pricing Model High Turnover Pricing:
Find > Forms > EurexOTC Clear > Interest Rate Swaps
ii. Submit the signed form to your Key Account Manager Clearing.
3. Details
A. Integration of ZCIS in the OTC IRD High Turnover Pricing Model
Effective 1 October 2020, Eurex Clearing will complement its OTC IRD offering by adding the product ZCIS to the OTC IRD High Turnover Pricing Model. The ZCIS pricing, as part of the High Turnover Pricing Model, will be available to all Disclosed Clients and consist of the following constituents:
a) Booking Fee:
b) Maintenance Fee:
c) Monthly Basis Fee:
To reflect the amendments, the following provisions will be revised as outlined in Attachment 1 with effect as of 1 October 2020:
B. Clarifications concerning the OTC IRD Maintenance Fee calculation
The OTC IRD Maintenance Fee and associated rebates will no longer by calculated daily, but only at the end of the last day of a calendar month. Regarding the calculation and determination of volume-based rebates on the OTC IRD Maintenance Fee: Effective 1 September 2020, only the notional outstanding at the end of the last day of a calendar month is taken into consideration for the determination of applicable rebates.
To reflect the amendments, the following provisions will be revised as outlined in Attachment 2 with effect as of 1 September 2020:
C. Introduction of a transfer fee for bunched order transactions
Effective 1 September 2020, Eurex Clearing will introduce a transfer fee for OTC IRD bunched order transactions which are allocated from a Bunch Order Suspense Account to another transaction account via trade transfer / account transfer. The new transfer fee will amount to 100 percent of the applicable Booking Fee and be charged to the transferee Clearing Member. The Booking Fee for the initial novation of bunched order transactions in designated Bunch Order Suspense Accounts remains free of charge.
To reflect the amendments, the following provisions will be revised as outlined in Attachment 2 with effect as of 1 September 2020:
D. Further editorial amendments
Further clarifying and editorial amendments to the Price List will be introduced with effect from 1 September 2020.
In this context, the following provisions will be revised as outlined in Attachment 2:
As of the respective effective date, the full version of the Price List will be available for download on the Eurex Clearing website www.eurexclearing.com under the following link:
Rules & Reg's > Rules and Regulations > Price List
The changes and amendments to the legal framework of Eurex Clearing AG published by this circular are deemed accepted by each affected contractual party of Eurex Clearing AG, unless the respective contractual party objects by written notice to Eurex Clearing AG within the first fifteen (15) Business Days after publication. Any ordinary right of Eurex Clearing AG to terminate the respective contract (including a Clearing Agreement, if applicable) shall remain unaffected.
Unless the context requires otherwise, terms used and not otherwise defined in this circular shall have the meaning ascribed to them in the Clearing Conditions or FCM Clearing Conditions of Eurex Clearing AG, as applicable.
Attachments:
Further information
Recipients: | All Clearing Members, Basic Clearing Members, Disclosed Direct Clients, all FCM Clearing Members of Eurex Clearing AG, vendors and other affected contractual parties |
Target groups: | Front Office/Trading, Middle + Back Office |
Contact: | client.services@eurexclearing.com |
Related circulars: | |
Web: | www.eurexclearing.com |
Authorised by: | Matthias Graulich |
