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Mandatory prerequisites

Mandatory prerequisites

Mandatory porting requirements, infrastructure setting and required forms

The porting of transactions and collateral to a Replacement Clearing Member is operationally close to the process of a regular Clearer Change. In addition to the fulfilment of the Porting Requirements, the Replacement Clearing Member must provide certain forms/documents to ensure the set-up and migration of the clients into its Eurex Clearing environment. 

The Replacement Clearing Member as well as the Disclosed Direct Clients should check the compatibility of each other's infrastructure and set-up in the Eurex Clearing system.

The following list provides an overview of further requirements to migrate transactions and collateral that need to be taken into consideration by the members:

  • Clearing License(s) incl. cleared products and/or currencies
  • Cash infrastructure
  • Pledged securities account
  • Settlement netting parameters (cash markets)
  • Provision of technical infrastructure to Disclosed Direct Clients
 

Omnibus Segregated (OSA) and Individually Segregated (ISA)

To be provided by the Disclosed Direct Clients prior to the expiry of the Porting Period:

 Required activitiesRelated document template:
(1)

Provide Election Notice

In addition, provide a list of authorised signatories that are entitled to represent the Disclosed Direct Client


ECM Porting Election Notice

ECM Porting Election Notice (Authorised Manager)

ISA Porting Election Notice

ISA Porting Election Notice (Authorised Manager)

To be provided by the Replacement Clearing Member prior to the expiry of the Porting Period:

 Required activitiesRelated document template
(1)Confirmation to Eurex Clearing that the relevant Disclosed Direct Client to which the transactions under the relevant Standard Agreement relate, has designated, and has taken all necessary steps to allow, the Replacement Clearing Member to act as its future Clearing Member in respect of the Clearing of all its transactions that correspond to transactions under the relevant Standard Agreement either as ISA Transactions or as Omnibus Transactions of the Replacement Clearing Member.

ECM (GOSA) Porting Requirements Declaration

ECM (NOSA) Porting Requirements Declaration

ISA Porting Requirements Declaration


(2)For OSA: Confirmation that all Undisclosed Direct Clients combined in the relevant porting unit unanimously elect the Replacement Clearing Member as their new Clearing Member.
(3)Entering into a transfer agreement with Eurex Clearing.

Porting Transfer Agreement

Porting Data File

(4)For OSA: Submission of an excel-list with all transactions of the Undisclosed Direct Clients
of the respective porting unit of the Defaulted Clearing Member.

Derivatives Positions Porting Template

Flex Positions Porting Template

OTC IRS Trades Porting Template

Pending Trades Porting Template

(5)Pay or commit to pay the outstanding Margin and/or Variation Margin for the transactions of the transferred porting units.none
 Additional requirements 
(6)Account set-up informationCSD Selection Sheet
(7)Provision of set-up information on target account of the migration
Segregation Set-Up Sheet

Individual Segregation – for Individual Clearing Model (ICM)

For Porting to a Replacement Clearing Member (Immediate Re-Establishment)


To be provided by the ICM Client prior to the expiry of the Porting Period:

 Required activitiesRelated document template
(1)Provide Election Notice

ICM Porting Election Notice

ICM Porting Election Notice (Authorised Manager)

(2)

Subject to the Clearing Model under which the re-established transactions shall be cleared with the Replacement Clearing Member, the following options apply:

- if the Covered Transactions shall be cleared pursuant to the Individual Clearing Model:
Eurex Clearing, the Replacement Clearing Member and the ICM Client have entered into a ICM Clearing Agreement;

- if the Covered Transactions shall be cleared pursuant to the Elementary Clearing Model or the ISA Provisions




Entering into ICM Clearing Agreement


none for the ICM Client



(3)Eurex Clearing, the Replacement Clearing Member and the ICM Client have entered into a Transfer Agreement.ICM Transfer Agreement Immediate Re-Establishment
(4)ICM Client has confirmed to Eurex Clearing that it is not (impending) illiquid [(drohend) zahlungsunfähig] and that no petition for the commencement of insolvency proceedings with regard to its assets or any similar petition has been filed.

ICM Client confirmation | Immediate Re-Establishment Conditions

ICM Client confirmation | Immediate Re-Establishment Conditions (Authorised Manager)



(5)


Only for clearing under ICM:

- In the case of the ICM-CCD Provisions, the ICM Client has confirmed to Eurex Clearing that the Client Clearing Agreement with the Affected Clearing Member meets the requirements of an Eligible Client Clearing Agreement.

- In the case of an ICM Clearing Agreement for ICM-CCD with the Replacement Clearing Member and the ICM Client, the Client Clearing Agreement between the ICM Client and the Replacement Clearing Member meets the requirements of an Eligible Client Clearing Agreement.


To be provided by the Replacement Clearing Member prior to the expiry of the Porting Period:

 Required activitiesRelated document template
(1)

Subject to the Clearing Model under which the re-established Transactions shall be cleared with the Replacement Clearing Member, the following options apply:

- if the Covered Transactions shall be cleared pursuant to the Individual Clearing Model:
Eurex Clearing, the Replacement Clearing Member and the ICM Client have entered into a ICM Clearing Agreement;

- if the Covered Transactions shall be cleared pursuant to the Elementary Clearing Model or ISA Provisions:
the Replacement Clearing Member has undertaken to Eurex Clearing that it will, no later than five business days after the end of the ICM Porting Period, enter into a Clearing Agreement in the form appended to the Clearing Conditions as Appendix 1 (unless such Clearing Agreement has already been entered into).




 

Entering into Clearing Agreement



Replacement Clearing Member confirmation | Immediate Re-Establishment Conditions


 

(2)Eurex Clearing, the Replacement Clearing Member and the ICM Client have entered into a Transfer Agreement.

ICM Transfer Agreement Immediate Re-Establishment

(3)Confirmation to Eurex Clearing that no Termination Event or Insolvency Termination has occurred or is about to occur with respect to it.

Replacement Clearing Member confirmation | Immediate Re-Establishment Conditions

 Additional requirements 
(4)Account set-up information CSD Selection Sheet
(5)Provision of set-up information on target account of the migrationSegregation Set-Up Sheet

For Interim Participation

To be provided by the ICM Client prior to the expiry of the Porting Period:

 Required activitiesRelated document template
(1)Provide Election Notice

ICM Porting Election Notice

ICM Porting Election Notice (Authorised Manager)

(2)

Pay to Eurex Clearing

  1. all Interim Margin,
  2. all Interim Variation Margin,
  3. all Opening Margin,
  4. all Reimbursement Costs and
  5. the ICM Client's contribution to the Default Fund determined by Eurex Clearing AG in accordance with Number 11.3.5 Paragraph (6) and Number 6 of the General Clearing Provisions, i.e. highest single amount of the following: EUR 1 million or 7% of the last overnight Initial Margin requirement.
none
(3)Confirm to Eurex Clearing that it is not (impending) illiquid [(drohend) zahlungsunfähig] and that no petition for the commencement of insolvency proceedings with regard to its assets or any similar petition has been filed. 

ICM Client confirmation | Interim Participation Conditions

ICM Client confirmation | Interim Participation Conditions (Authorised Manager)

(4)In the case of the ICM-CCD Provisions, to confirm to Eurex Clearing AG that the Client Clearing Agreement with the Affected Clearing Member meets the requirements of an Eligible Client Clearing Agreement.
(5)To provide evidence to Eurex Clearing that it has access to the systems of Eurex Clearing AG and all functions in the context of the Direct Covered Transactions can be performed.

At the end of the Interim Period, i.e. T+5, to be provided by the ICM Client and the Replacement Clearing Member:

 Required activitiesRelated document template
(1)Eurex Clearing, the Replacement Clearing Member and the Interim Participant have entered into a Transfer Agreement.ICM Transfer Agreement Interim Participant
(2)

Subject to the clearing model selected by the ICM Client under the Clearing Conditions:

a) In case of ICM: Eurex Clearing, the Replacement Clearing Member and the Interim Participant have entered into a new ICM Clearing Agreement no later than five (5) business days after termination date

b) In case of Elementary Clearing Model or ISA Provisions: the ICM Client and the Replacement Clearing Member have agreed on a bilateral basis on the terms of any corresponding transactions or arrangements between them.



a) Clearing Agreement



b) none