Amendments to the Clearing Conditions of Eurex Clearing AG related to ISA Direct Light License Holder

1.    Introduction

This circular contains information with respect to amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) and other related documents regarding the following topic: 

• Cancellation of non-novated trades involving an ISA Direct Light License Holder by Eurex Repo 

The amendments will become effective as of 30 June 2025.

2.    Required action

Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients of Eurex Clearing AG, vendors and other affected contractual parties should take the amendments to the Clearing Conditions into consideration.  

3.    Details of the initiative

Eurex Clearing will novate the GC Pooling Repo Transactions involving an ISA Direct Light License Holder only on the Contractual Settlement Date of the Front Leg. The bilateral trade that has not been successfully novated by Eurex Clearing on the Contractual Settlement Date of the Front Leg until a certain point in time as specified by Eurex Clearing AG (“Novation Cut-Off Time”) will be considered mutually dissolved without any active action required by either Trading Participant. Eurex Repo will cancel such trades and there will be no longer any further attempts to novate the trades. Please refer to Eurex Repo Circular 03/25 for more details.  

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

• Chapter IV Part Part 3 Number 3.2.2 (3) and (4) and Number 3.6 of the Clearing Conditions 

Publication of amendments to the Clearing Conditions

As of the effective date, the full versions of the amended Clearing Conditions 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 > 1. Clearing Conditions 

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 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 Chapter IV of the Clearing Conditions

Further information