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Amendments to Discounted OTC IRD GOLD Pack 2020: Extension of subscription deadline and inclusion of Disclosed Clients as eligible group participants

Release date: 31 Jan 2020 | Eurex Clearing

No. 012/2020 Amendments to Discounted OTC IRD GOLD Pack 2020: Extension of subscription deadline and inclusion of Disclosed Clients as eligible group participants

Eurex Clearing Circular 012/20

1.   Introduction

Effective 31 January 2020, Eurex Clearing will:

  • extend the subscription deadline for the Discounted OTC IRD GOLD Pack 2020 with an annual fixed fee of EUR 2.1 million payable in monthly instalments of EUR 175,000 with retrospective effect from 1 January 2020 until 14 February 2020,
  • include Disclosed Clients which fulfil the personal prerequisites for a clearing license set out in Chapter I Part 1 Number 2.1.2 (2) of the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) as eligible group participants into the OTC IRD GOLD Pack rebate scheme with effect from 1 January 2020 to 31 December 2020 (also for OTC IRD GOLD Packs that have already been booked upon request by the Clearing Member), and
  • offer upgrades from the OTC IRD BASIC Pack to the Discounted OTC IRD GOLD Pack with retrospective effect from 1 January 2020 for bookings until 14 February 2020.

Features of the Discounted OTC IRD GOLD Pack:

  • Available to all Clearing Members and to a group of affiliated Clearing Members and eligible affiliated Disclosed Clients which fulfil the personal prerequisites for a clearing license
  • Unlimited clearing of all OTC IRD products including IRS, OIS, Basis, FRA and ZCIS across all currencies – no limits on cleared or outstanding volumes apply
  • Subscription deadline: 14 February 2020
  • Term: 1 January 2020 to 31 December 2020
  • Monthly instalments: EUR 175,000 (up to ~33% discount on combined GOLD Packs)
    - (For the avoidance of doubt, an instalment is also payable for January 2020, even if the booking takes place after January 2020. The advantages of the OTC IRD GOLD Pack will then also apply with retrospective effect from January 2020.)

2.   Required action

Registration for the Discounted OTC IRD GOLD Pack:
Clearing Members may apply for the Discounted OTC IRD GOLD Pack by way of the attached registration form. To subscribe to the Discounted OTC IRD GOLD Pack, please proceed with the following steps:

i.    Registration for the Discounted OTC IRD GOLD Pack: Fill in the attached EurexOTC-Interest-Rate-Derivative-Registration-Form-for-CM-Discounted-GOLD-Pack and select the Discounted GOLD Pack; optionally select “Registration of affiliated Clearing Members and Disclosed Clients for GOLD Pack Rebate Scheme” to apply the Discounted OTC IRD GOLD Pack to an affiliated group.

ii.    Submit the signed form to your Key Account Manager Clearing latest by 14 February 2020 to benefit from the Discounted OTC IRD GOLD Pack from 1 January 2020 onwards.
 

3.   Details

Overview of Discounted OTC IRD GOLD Pack

a)    The Discounted OTC IRD GOLD Pack allows subscribers and a group of subscribers unlimited clearing of own transactions from the respective house (P) account for all OTC IRD products including Interest Rate Swaps (IRS), Overnight Index Swaps (OIS), Basis Swaps, Forward Rate Agreements (FRA) and Zero-Coupon Inflation Swaps (ZCIS) across all currencies from 1 January until 31 December 2020. For bookings until 14 February 2020, subscribers receive all benefits of the Discounted OTC IRD GOLD Pack for a monthly fixed fee of only EUR 175,000 which equals a discount of ~33 percent compared to the regular GOLD Pack fees. The fixed fee of EUR 175,000 will be applied from January 2020 retrospectively. For the avoidance of doubt, an instalment is also payable for January 2020, even if the booking takes place after January 2020. The advantages of the OTC IRD GOLD Pack will then also apply with retrospective effect from January 2020.

Eligible Participants of the Discounted OTC IRD GOLD Pack rebate scheme

b)    Eurex Clearing makes the Discounted OTC IRD GOLD Pack available to all Clearing Members, groups of affiliated Clearing Members and affiliated Disclosed Clients which fulfil the personal prerequisites for a clearing license according to Chapter I Part 1 Number 2.1.2 (2) of the Clearing Conditions with effect from 1 January 2020. As of this date, all benefits of the OTC IRD GOLD Packs may be shared by all Clearing Members and eligible Disclosed Clients that form part of the same group for the same fixed fee. The fixed fee will be allocated monthly to the group affiliates according to their individual performance measured as the sum of the monthly undiscounted gross revenues.

The inclusion of eligible affiliated Disclosed Clients shall also apply with retrospective effect to any OTC IRD GOLD Pack for 2020 that is already booked upon request by the Clearing Member leading the group.

Upgrade from the OTC IRD Basic Pack rebate scheme to the Discounted OTC IRD GOLD Pack rebate scheme

c)    All OTC IRD Basic Pack subscribers and groups of subscribers may upgrade from the OTC IRD BASIC Pack rebate scheme to the Discounted OTC IRD GOLD Pack rebate scheme with retrospective effect from 1 January 2020 for bookings until 14 February 2020. Therefore, Clearing Members and affiliated groups may apply for the Discounted OTC IRD GOLD Pack rebate scheme by filling in the attached registration form and submitting it to the respective Key Account Manager Clearing.
Subscribers that request to upgrade to the OTC IRD GOLD Pack after 14 February 2020 need to obtain the package for the regular fixed fee in accordance with the Price List of Eurex Clearing AG.
 

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.

Attachment:

  • Registration form for the Discounted OTC IRD GOLD Pack

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:Your Key Account Manager Clearing or client.services@eurexclearing.com
Web:Eurex Clearing Partnership Program OTC IRD
Related Circular:Eurex Clearing Circular 108/19
Authorised by:Matthias Graulich