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Eurex OTC Clear: Introduction of Capitalab as an additional Compression Provider - Amendments to the Clearing Conditions and the FCM Regulations of Eurex Clearing AG

Release date: 28 Aug 2019 | Eurex Clearing

No. 084/2019 Eurex OTC Clear: Introduction of Capitalab as an additional Compression Provider - Amendments to the Clearing Conditions and the FCM Regulations of Eurex Clearing AG

Eurex Clearing Circular 084/2019

1. Introduction

This circular contains information about changes and amendments to the Clearing Conditions and FCM Regulations of Eurex Clearing AG with respect to the introduction of Capitalab as an additional multilateral portfolio compression provider.

The amendments to the Clearing Conditions and FCM Regulations will become effective on 19 September 2019.

2. Participation requirements

There is no action required for the participants.

3. Details

To allow additional service availability for its Clearing Member base and to cater to market requirements due to increased liquidity and volumes at Eurex OTC Clear, Eurex Clearing will support multilateral portfolio compression for Eurex OTC Clear Interest Rate Derivatives through Capitalab, a Division of BGC Brokers LP.

Compression cycles will run with a specified frequency for Clearing Member proprietary transactions in a predefined currency, as announced by the Compression Provider after having it agreed with Eurex Clearing AG. Clearing Members may participate in a compression cycle at their own discretion, however, prior to participation, they must sign up for the service.

To reflect the changes and amendments, the following provisions of the Clearing Conditions and the FCM Regulations shall be amended as outlined in attachments 1 and 2:

  • Chapter VIII Part 2 Number 2.5 of the Clearing Conditions
  • Chapter II Part 2 Number 2.5 of the FCM Regulations

The amendments will become effective on 19 September 2019.

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

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.

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, as applicable.

Attachments: 

  • Amended sections in Chapter VIII of the Clearing Conditions
  • Amended sections in Chapter II of the FCM Regulations

Recipients:All Clearing Members, FCM Clearing Members, Basic Clearing Members, Disclosed Direct Clients of Eurex Clearing AG, vendors and other affected contractual parties
Target groups:Front Office/Trading, Middle + Back Office
Contact:client.services@eurexclearing.com
Authorized by:Dmitrij Senko