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Amendments to the Clearing Conditions of Eurex Clearing AG

Release date: 07 Sep 2020 | Eurex Clearing

No. 074/2020 Amendments to the Clearing Conditions of Eurex Clearing AG

Eurex Clearing Circular 074/20

1. Introduction

This circular contains information with respect to amendments of the Clearing Conditions of Eurex Clearing AG (Clearing Conditions).

In preparation to upcoming CSD Regulation, the amendments enable Eurex Clearing AG to conduct a replacement purchase or appoint a third party like a buy-in agent, in order to process a buy-in for failing securities deliveries towards the CCP, in accordance with the Clearing Conditions of Eurex Clearing AG.

All amendments will become effective as of 1 October 2020.

2. Required action

There is no required action for Clearing Members, Basic Clearing Members and Disclosed Direct Clients of Eurex Clearing.

3. Details of the initiative

Eurex Clearing AG amends the Clearing Conditions Chapter I, II, V and IX as outlined in the Attachments of the circular in preparation of upcoming CSD Regulation. The amendments enable Eurex Clearing AG to conduct a replacement purchase or appoint a third party like a buy-in agent. This happens in order to process a buy-in for failing securities deliveries towards the CCP, in accordance with the Clearing Conditions of Eurex Clearing AG.

As of the effective date, the full versions of the Clearing Conditions will be available for download on the Eurex Clearing AG website www.eurexclearing.com under the following link:

To reflect the amendments, the following provisions will be amended as outlined in the Attachments with effect as of 1 October 2020:

· Chapter I Part 1 Number 1.4.4 of the Clearing Conditions

· Chapter II Part 2 Number 2.3.5, 2.17.4 of the Clearing Conditions

· Chapter II Part 3 Numbers 3.6.7, 3.11.5 of the Clearing Conditions

· Chapter V Part 2 Number 2.2.1 of the Clearing Conditions

· Chapter IX Part 2 Number 2.6.4, 2.6.6 of the Clearing Conditions

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.

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 ten (10) 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.

Attachments:

  1.  Amended sections of Chapter I of the Clearing Conditions of Eurex Clearing AG
  2.  Amended sections of Chapter II of the Clearing Conditions of Eurex Clearing AG
  3.  Amended sections of Chapter V of the Clearing Conditions of Eurex Clearing AG
  4.  Amended sections of Chapter IX of the Clearing Conditions of Eurex Clearing AG

Further information

Recipients:

All Clearing Members, Basic Clearing Members and Disclosed Direct Clients of Eurex Clearing AG

Target groups:

Front Office/Trading, Middle + Back Office, IT/System Administration, Auditing/Security Coordination

Contact:

client.services@eurexclearing.com

Web:

www.eurexclearing.com

Authorised by:

Jens Janka