Amendments to the Default Management Committee 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 Committee Rules of Eurex Clearing AG (DMC Rules) regarding the following topic: 

• Amendments to the DMC Rules regarding the establishment and remote convention of a DMC 

The amendments to the DMC Rules are subject to a consultation process (Consultation). The Consultation will end with the expiry of 20 October 2025 (Consultation Period). The planned effective date of the amendments is 1 December 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 DMC Rules is subject to a Consultation, which will end with the expiry of 20 October 2025. 

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

3.    Details of the initiative

Amendments to the DMC Rules regarding the establishment and remote convention of a DMC 

Default Management Committees (DMCs) are composed of traders from large Clearing Members and are established to advise, assist and provide recommendations to Eurex Clearing on all DMP-related matters, like hedging strategies and auction structuring, if deemed necessary. DMCs are established on a permanent basis but are only temporarily convened in case of a Clearing Member´s default, or for regular default simulation exercises. 

Eurex Clearing has defined in its DMC Rules a set of rules according to which the DMCs shall be established and convened, while it is described how meetings shall be conducted. With the contemplated amendments, Eurex Clearing is proposing a few clarifications and amendments to the DMC Rules aiming to enhance its currently applicable framework, especially with respect to the establishment of DMCs and remote access.  

The main changes relate to the following:  

• Introduction of the possibility to establish a DMC even with only one Participating DMC Member Institution
• Removal of requirement that a DMC can only be established with respect to a particular Liquidation Group, if there are at least 5 active Clearing Members in such Liquidation Group
• Introduction of a minimum term of 12 months for participation in a DMC
• Enhancement of the applicable framework for remote access to DMCs, to enhance data security by stipulating specific requirements for remote access, which will be provided to the relevant DMC Members as Annex to the Invitation to DMC meetings
• Clarification that, if no DMC Member can join the relevant DMC Meeting, Eurex Clearing is entitled to take the relevant decision without considering any advice by the DMC 

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

• The DMC Rules (as outlined in Attachment) 

Consultation with respect to the proposed amendment to the DMC Rules  

Pursuant to Chapter I Part 1 Number 17 of the Clearing Conditions, the proposed changes and amendments to the DMC Rules are subject to a Consultation which will end with the expiry of 20 October 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 DMC Rules is 1 December 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 DMC Rules will be available for download on the Eurex Clearing website www.eurex.com/ec-en/ under the following link:  

Rules & Regs > 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 DMC Rules, as applicable. 

Attachment:

• Amended sections of the Default Management Committee Rules of Eurex Clearing AG (DMC Rules), effective 1 December 2025  

Further information