Amendments to the Default Management Auction Rules of Eurex Clearing AG - Consultation

1.    Introduction

This circular contains information with respect to the service offering of Eurex Clearing AG (Eurex Clearing) and introduces amendments to the Default Management Auction Rules of Eurex Clearing AG (DM Auction Rules) regarding the following topic: 

• Amendments to the DM Auction Rules regarding the pre-auction and participation rules  

The amendments to the DM Auction Rules are subject to a consultation process (Consultation). The Consultation will end with the expiry of 22 September 2025 (Consultation Period). The planned effective date of the amendments is 3 November 2025, depending on the outcome of the Consultation which will be communicated in a separate Eurex Clearing circular.  

2.    Required action

Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients, FCM Clearing Members, vendors and other affected contractual parties should take the amendment to the DM Auction Rules into consideration. 

The amendment to the DM Auction Rules is subject to a Consultation, which will end with the expiry of 22 September 2025. 

Eurex Clearing herewith invites all Affected Customers to submit comments on the proposed changes and amendments within the Consultation Period. 

3.    Details

Amendments to the DM Auction Rules regarding the pre-auction and participation rules  

Eurex Clearing has defined in its DM Auction Rules a set of rules according to which the default management auctions shall take place. Eurex Clearing is currently proposing minor amendments to the DM Auction Rules regarding the pre-auction and participation rules aiming to simplify its rulebook and address Clearing Members´ feedback.  

The main changes relate to the following:  

• Incorporation of the existing procedure of disclosure of the number of participants and overall size of the portfolio in Hedging Auctions from the Eurex Clearings AG website into the DM Auction Rules.
  • A new provision is introduced requiring the disclosure of the overall size of the portfolio in liquidation auctions, to align with the current practice in Hedging Auctions. 
• Enhancement of the provisions relating to outsourcing of bidding obligations such as:
  • the bidding participant must have operational clearing capabilities equivalent to the outsourcer, and
  • there is a clear priority in bidding order in case participants bid in their capacity as Selected Auction Participants and also for themselves.
• Specification that the DMP Coordinator and Deputy shall have an account in the Auction Tool (ECAT), as is already the practice. 
• Refinement of some provisions regarding ECAT, the appointment of contact persons in the bidding outsourcing forms.  
• Extension of the list of product types that a Hedging Auction Participant can select to commit to bid for.  

To reflect the changes, the following rulebooks of Eurex Clearing shall be amended:

• the DM Auction Rules (as outlined in the Attachment) 

Consultation with respect to the proposed amendment to the DM Auction Rules 

Pursuant to Chapter I Part 1 Number 17 of the Clearing Conditions, the proposed changes and amendments to the DM Auction Rules are subject to a Consultation which will end with the expiry of 22 September 2025. 

Eurex Clearing herewith invites all Affected Customers to submit comments on the proposed change and amendment within the Consultation Period. 

During the Consultation Period, comments on proposed changes or amendments shall only be submitted via e-mail to the following e-mail address: specialprovisions@eurex.com. 

To facilitate the internal processing of comments, please add “Comments to Rulebook Amendments” in the subject line of the e-mail.

To the extent that Eurex Clearing decides to implement any comments received during the Consultation, the so-amended version of the relevant rulebooks will be published after the Consultation.  

The currently envisaged effective date of the changes to the DM Auction Rules is 3 November 2025. However, after the Consultation Period, Eurex Clearing AG will issue a separate circular to announce the concrete date on which the proposed change (as the case may be, implementing comments received during the Consultation) will come into effect.  

Publication of amendment  

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

Rules & Regs > Eurex Clearing AG Rules and Regulations

The amendments to the legal framework of Eurex Clearing published by this circular are deemed accepted by each affected contractual party of Eurex Clearing, unless the respective contractual party objects by written notice to Eurex Clearing 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 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 comments to any amendments of the legal framework of Eurex Clearing within the first 10 Business Days after the publication of the amendments. Eurex Clearing shall assess whether these comments prevent the published amendments from becoming effective taking into account the interests of Eurex Clearing 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 DM Auction Rules, as applicable. 

Attachment:

• Amended sections of the DM Auction Rules, effective 3 November 2025

Further information