OTC IRD: Amendments to High Turnover Pricing Model

1.   Introduction

As part of the annual review for OTC Interest Rate Derivative (IRD) Transactions, Eurex Clearing will introduce the following amendments with effect from 1 January 2026:

i)  Amendments to the Price List of Eurex Clearing regarding the OTC IRD High Turnover Pricing Model for DC-related transactions

ii)  Introduction of a temporary incentive scheme for new subscriptions to the OTC IRD High Turnover Pricing Model

2.   Required action

Clearing Members may select the OTC IRD High Turnover Pricing Model for DC-related transactions. To select the model for DC-related transaction accounts or if further information is needed, please contact your dedicated Key Account Manager.

3.   Details of the initiative

i)   Amendments to the OTC IRD High Turnover Pricing Model for DC-related transactions

Effective 1 January 2026, Eurex Clearing will introduce the following amendments to the OTC IRD High Turnover Pricing Model which is available for DC-related transactions:

• Adjustment of the monthly minimum fee from EUR 10,000 to EUR 25,000

• Simplification of the booking fee logic: Introduction of a ticket-based booking fee of EUR 25 for all IRS, OIS and FRA transactions and EUR 35 for all SCIS and ZCIS transactions

• Introduction of a minimum subscription term of 12 subsequent calendar months. The minimum subscription period automatically renews for one year unless the Clearing Member notifies Eurex Clearing AG of a pricing model change, as outlined in Number 10.1 (3) of the Attachment. 

The objective of the outlined amendments to the OTC IRD High Turnover Pricing Model is to ensure a consistent, simplified and transparent experience for DC-related transactions with a high clearing activity.

To reflect the change, the following provisions will be amended as outlined in the Attachment:

• Number 10.1 (3) of the Price List of Eurex Clearing AG with effect as of 1 January 2026
• Number 10.3.1 of the Price List of Eurex Clearing AG with effect as of 1 January 2026
• Numbers 10.3.6 and 10.3.7 of the Price List of Eurex Clearing AG with effect as of 1 January 2026

ii)   Introduction of a temporary incentive scheme for new subscribers

Effective 1 January 2026, Eurex Clearing will introduce a temporary incentive scheme which grants new subscribers to the OTC IRD High Turnover Pricing Model automatically a three-month fee waiver for the monthly minimum fee. In this case, only the regular booking and maintenance fees as well as fees for post trade events apply. This is a pre-announcement applicable only to new Disclosed Clients subscribing to the High Turnover Pricing Model from 1 January 2026 and it will be available until 31 December 2026. A separate registration for the incentive scheme is not required.

As of the effective date, the full version of the amended Price List will be available for download on the Eurex Clearing website www.eurex.com/ec-en/ under the following link:

Rules and Regulations > Eurex Clearing Rules and Regulations > 3. Price List

The 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 prior to the relevant effective date(s) as stipulated in this circular. In case of an objection by the respective contractual party pursuant to the preceding sentence, Eurex Clearing AG is entitled to terminate the respective contract (including a Clearing Agreement, if applicable). Instead of submitting an objection, the respective contractual party may submit in writing to Eurex Clearing AG comments to any amendments of the legal framework of Eurex Clearing AG within the first 10 Business Days after the publication of the amendments. Eurex Clearing AG shall assess whether these comments prevent the published amendments from becoming effective, taking into account the interests of Eurex Clearing AG and all contractual parties.

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: 

• Amended sections of the Price List of Eurex Clearing AG

Further information