Eurex Clearing
1. Introduction
This circular contains information with respect to the service offering of Eurex Clearing AG and introduces amendments to the Price List of Eurex Clearing AG (Price List) regarding the following topic:
A. Amendments to the Securities Collateral Concentration Add-on Fee
The amendments to the Price List will become effective as of 1 July 2025.
2. Required action
There is no required action.
3. Details of the initiative
A. Amendments to the Securities Collateral Concentration Add-on Fee
Eurex Clearing will introduce amendments to the Securities Collateral Concentration Add-on Fee (“Concentration Fee”) framework to further simplify the methodology and better align with client needs, as outlined in detail below.
Effective 1 July 2025, the Concentration Fee methodology will be amended to exempt Clearing Members from the Concentration Fee, provided they meet the Required Cash Amount by the end of the same business day. This amount is specified in the new intraday Report CI238 Intraday Concentration Add-On Fee Info under the field “ADD-ON MIN REQ CASH.”
The Required Cash Amount is calculated based on the 40 percent cash ratio threshold, applied to the applicable margin requirements for all included pools of the previous day within the fee type group “CON ADD ON GENERAL PL 9.2.” The calculation uses the latest available margin requirement figures before the report is created as of around 16.00 CET.
Clearing Members which ensure that their overall end-of day (EOD) cash collateral balance for fee type group “CON ADD ON GENERAL PL 9.2” meets or exceeds the Required Cash Amount will be exempted from the Concentration Fee for that day. This exemption applies regardless of whether the overall cash ratio threshold of fee type group “CON ADD ON GENERAL PL 9.2” is achieved at EOD.
Conversely, if the overall EOD cash balance is smaller than the Required Cash Amount, the current methodology will apply; the overall call ratio will be calculated, and Concentration Fees will be charged if the 40 percent cash threshold is not met.
Please be informed that while Clearing Members are encouraged to utilize the newly available daily report, there is no adverse impact on those which choose not to do so. For Clearing Members which do not engage with the report or for which the Required Cash Amount equals zero in the report, the existing process remains unchanged, and the Concentration Fee will continue to be calculated based on the EOD overall cash ratio of fee type group “CON ADD ON GENERAL PL 9.2”.
This report is designed as a supportive tool, offering a consistent, transparent, and pragmatic solution for managing the Concentration Fee framework. It will improve predictability and reduce the operational effort for Clearing Members to monitor and steer their individual cash ratio and to avoid any add-on fees in conjunction with the Concentration Fee scheme.
Report CI238 will be available only to Clearing Members in unformatted XML and formatted text formats. While the free XML version will be distributed to all Clearing Members starting as of 1 July 2025, the formatted text version will be available upon request from end of July 2025 and will be subject to the standard service fee for formatted reports set out in Number 8.3.4 of the Price List of Eurex Clearing AG (Price List).
Additionally, the CB237 Daily Concentration Add-on Fees Report will be enhanced to also include the field “ADD-ON MIN REQ CASH” as of 1 July 2025.
Detailed information on the structure of the Reports CI238 and CB237 can be found in the latest C7 Eurex Clearing XML Report Reference Manual (Version 12). Report samples are available upon request by contacting Client Services via e-mail at: client.services@eurex.com.
The following provision of the Price List will be amended as outlined in the Attachment:
As of the effective date, the full versions 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 & Regs > Eurex Clearing Rules & 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 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:
Further information
Recipients: | All Clearing Members, FCM Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients, FCM Clients of Eurex Clearing AG and vendors | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination | |
| Contact: | FixedIncome.Sales@eurex.com, client.services@eurex.com | |
| Web: | www.eurex.com/ec-en/ | |
| Authorized by: | Matthias Graulich |
