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Amendments to the Clearing Conditions and the Price List of Eurex Clearing AG

Release date: 29 May 2019 | Eurex Clearing

No. 054/2019 Amendments to the Clearing Conditions and the Price List of Eurex Clearing AG

Eurex Clearing Circular 054/2019

This circular contains information with respect to Eurex Clearing’s service offering and corresponding amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) and to the Price List of Eurex Clearing AG (Price List) regarding the following topics:

  1. Asset-Based Selection for Clearing Members
  2. Fee waiver for formatted reports for Basic Clearing Members
  3. USD permanent cash holdings:Shortening of the notification period for delivery and withdrawal and temporary reduction of the respective cash service fee

The amendments above will become effective as of 17 June 2019.

1. Asset-Based Selection for Clearing Members

With Eurex Clearing circular 102/18, Eurex Clearing introduced a complexity reduction of its legal framework in order to serve Clearing Members and their clients with an increased flexibility in functional set-ups accompanied with a facilitated onboarding process. The complexity reduction also includes the discontinuation of the Value Based Allocation Method within the Elementary Clearing Model as of 31 December 2019. In order to enforce the migration, Eurex Clearing is going to offer the Asset Based Allocation Method as only available option for new Clearing Members as of 17 June 2019.

This will be reflected in Appendix 1 to the Clearing Conditions.

To implement the amendments, the following provisions will be amended as outlined in attachment 1:

  • Number 2 of the Annex to Appendix 1 of the Clearing Conditions.

2. Fee waiver for formatted reports for Basic Clearing Members

Currently, the service fee per formatted report and month for Clearing Members adds up to EUR 300, while unformatted reports are free of charge. In order to harmonise the pricing for Basic Clearing Members (BCMs), Eurex Clearing decided not to charge BCMs service fees for formatted reports any more until further notice.

To implement the amendments, the following provisions will be amended as outlined in attachment 2:

  • Section 8 Number 8.3.4 of the Price List

3. USD permanent cash holdings: Shortening of the notification period for delivery and withdrawal and temporary reduction of the respective cash service fee

With Eurex Clearing circular 029/19, Eurex Clearing introduced a permanent cash holding for USD and a cash service fee of 40 bps for these holdings.

Due to system enhancements and operational improvements, Eurex Clearing is now able to reduce the notice period from two days for deposits and five days for withdrawals to one day for deposits and withdrawals.

In addition, Eurex Clearing applies for USD permanent cash holdings a temporary reduction of the cash service fee to 20 bps until further notice to further facilitate the deployment.

To implement the amendments, the following provisions will be amended as outlined in attachment 3:

  • Section 9 Number 9.1.2 of the Price List

The amendments above will become effective on 17 June 2019.

As of the effective date, the full version of the amended documents will be available for download on the Eurex Clearing website www.eurexclearing.com under the following link:

The changes and 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 within the first ten (10) Business Days after publication. Any ordinary right of Eurex Clearing AG to terminate the respective contract (including a Clearing Agreement, if applicable) shall remain unaffected.

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, as applicable.

Attachments:

  1. Amended sections of Number 2 of the Annex to Appendix 1 of the Clearing Conditions of Eurex Clearing AG
  2. Amended part of Section 8 Number 8.3.4 of the Price List of Eurex Clearing AG
  3. Amended part of Section 9 Number 9.1.2 of the Price List of Eurex Clearing AG
Recipients:

All Clearing Members, Basic Clearing Members, Disclosed Direct Clients of Eurex Clearing AG, vendors, all FCM Clearing Members and other affected contractual parties

Target groups:

Front Office/Trading, Middle + Back Office

Related Circular:

Eurex Clearing Circular: 049/19

Contact:

client.services@eurexclearing.com

Authorized by:Heike Eckert

Further information