Eurex Clearing
1. Introduction
This circular contains information with respect to the service offering of Eurex Clearing AG on the following topics with effect from 1 October 2025:
2. Required action
No further action is required.
3. Details of the initiative
A. Amendment to Securities Collateral Fee for Disclosed Clients using Cross-Margining
Effective 1 October 2025, Eurex Clearing will amend the service fee for securities collateral delivered to cover margin requirement resulting from Disclosed Client (DC) transactions under use of the cross-margining functionality from 5 basis points (bps.) to 10 bps. This adjustment aims to harmonize the securities collateral fee for DCs using cross-margining with the standard fee rate of 10 bps.
The following provision of the Price List will be amended as outlined in the Attachment:
B. Discontinuation of temporary Securities Collateral Fee discount for ETD ISA accounts of U.S. persons (LSOC) for Cross-Margining
Effective 1 October 2025, Eurex will discontinue the temporary discount of 50 percent on the securities collateral fee for ETD ISA accounts of U.S. persons for the intended usage of cross-margining under the LSOC framework. The discount was initially announced via Eurex Clearing Circular 080/21 and extended via Eurex Clearing Circular 090/23,. With this change, the regular service fee for securities collateral delivered to cover margin requirement resulting from DC transactions under use of the cross-margining functionality applies.
The temporary discount was initially introduced in October 2021 so that U.S. clients which would like to use Eurex’ cross-margining functionality could benefit from the same securities collateral fee as regular disclosed clients for the usage of cross-margining.
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 | |
Related circulars: | Eurex Clearing Circular 090/23, 080/21 | |
| Contact: | FixedIncome.Sales@eurex.com or client.services@eurex.com | |
| Web: | www.eurex.com/ec-en/ | |
| Authorized by: | Matthias Graulich |
