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End of Consultation on proposed amendments of the Clearing Conditions regarding the Default Management Process and the Clearing Fund

Release date: 10 Mar 2017 | Eurex Clearing

No. 024/2017 End of Consultation on proposed amendments of the Clearing Conditions regarding the Default Management Process and the Clearing Fund

As announced in Eurex Clearing circular 010/17, Eurex Clearing AG (Eurex Clearing) intends to implement the following amendments to its Clearing Conditions:

1.  Clarify the utilisation of (potential) Excess Contributions to the Clearing Fund;

2.  Rename the Clearing Fund to “Default Fund”;

3. Amend the frequency in which Clearing Fund Contributions are calculated;

4.   Further clarify the definition of “Confidential Information” in regards to Default Management Committees (DMCs);

5.   Amend the timing provisions relating to assignments of new DMC Members;

6.   Introduce a possibility for DMC Member Institutions’ compliance departments to be informed by Eurex Clearing in case of a DMC Convention.

The amendments relate to Special Provisions of the Clearing Conditions with the consequence that a consultation process (Consultation) was initiated, which started on 30 January 2017 and ended on 28 February 2017. During the Consultation, Eurex Clearing did not receive comments from its customers regarding the contemplated amendments. Further, Eurex Clearing did not receive requests for application of the Prolonged Notification Period.

The proposed changes will come into effect on 3 April 2017.

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