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Amendments to the Clearing Conditions and the Price List of Eurex Clearing AG

Release date: 05 Sep 2019 | Eurex Clearing

No. 086/2019 Amendments to the Clearing Conditions and the Price List of Eurex Clearing AG

Eurex Clearing Circular 086/2019

1. Introduction

This circular contains information with respect to the service offering of Eurex Clearing AG (Eurex Clearing) and introduces amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) and the Price List of Eurex Clearing AG (Pricelist) regarding the following topics:

A. Refinement of the Supplementary Margin booking

B. Update of the applied Margin Methodology

C. Decommissioning of the volume provider exception

The amendments above will become effective as of 1 October 2019.


2. Participation requirements

There is no action required for the participants.


3. Details

A. Refinement of the Supplementary Margin booking

In addition to the standard margin, Supplementary Margin may be requested by Eurex Clearing. Previously such margins were booked in existing accounts. Going forward, an additional internal margin account will be established by Eurex Clearing for booking of Supplementary Margin.

To reflect the changes, the following provisions under the Clearing Conditions will be amended as outlined in Attachment 1:

  • Chapter I 1 Part 1 Number 3.5 of the Clearing Conditions

B. Update of the defined Margin Methodology

Eurex Clearing operates two margin methodologies, namely the Risk Based Margining (RBM) methodology and the Eurex Clearing Prisma. For a limited period in the past, during migration phase from RBM to Prisma, both methodologies were operated in parallel i.e. for the same set of products there was a possibility to select which methodology to use. Meanwhile, RBM and Prisma are applied for diverse products as defined by Eurex Clearing according to the Liquidation Group allocation and there is no possibility to choose otherwise.

To reflect the amendments, the following provisions under the Clearing Conditions will be amended as outlined in Attachment 2:

  • Chapter I Part 1 Number 3.1.1 and 3.1.2 of the Clearing Conditions

C. Decommissioning of the volume provider exception

With circular 174/11 Eurex Exchange introduced the possibility for members to register for exceptional application of P-position account pricing to the M-position account. As the features of all position accounts have been harmonised in the meantime the technical reasons for this exception are obsolete and will be decommissioned..

 As a result, members receive the pricing of the M-position account whenever the M-position account is used and Eurex Exchange volume providers can book on a P-position account without disadvantage.

To reflect the changes, the following provisions under the Price List will be amended as outlined in Attachment 1:

  • Section 3 of the Price List

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: 

  1. Attachment 1: Amended sections of Chapter 1 Part 1 Number 3.5 of the Clearing Conditions
  2. Attachment 2: Amended sections of Chapter I Part 1 Number 3.1.1 and 3.1.2 of the Clearing Conditions
  3. Attachment 3: Amended sections of Section 3 of the Price List of ECAG

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 + Backoffice, IT/System Administration, Auditing/Security Coordination
Contact:client.services@eurexclearing.com
Authorized by:Heike Eckert