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Amendments to the Clearing Conditions, to the Clearing Agreement and to the FCM Regulations of Eurex Clearing AG

Release date: 07 Feb 2020 | Eurex Clearing

No. 015/2020 Amendments to the Clearing Conditions, to the Clearing Agreement and to the FCM Regulations of Eurex Clearing AG

Eurex Clearing Circular 015/20

1. Introduction

This circular contains information with respect to the ongoing licensing process of Eurex Clearing AG, in order to obtain an OTC IRD clearing license in Japan. In order to set the legal basis, the Clearing Conditions and Appendix 1 to the Clearing Conditions (Clearing Agreement) as well as the FCM Regulations of Eurex Clearing AG will be amended, as set out in the attachments.

The amended Clearing Conditions (including Appendix 1) and the FCM Regulations will come into effect on 2 March 2020.

2. Required action

There are no required actions for the Participants.

3. Details

The Clearing Conditions and the Appendix 1 to the Clearing Conditions as well as the FCM Regulations of Eurex Clearing AG will be amended as follows:

  • Inclusion of provisions stating that Japanese Clearing Members may only clear OTC IRD transactions that are own transactions denominated in currencies other than JPY,
  • Inclusion of a restriction for the clearing of OTC IRD transactions for Japanese clients; to be restricted to OTC IRD transactions of Disclosed Direct Clients (no indirect clearing, no undisclosed clients), which are denominated in currencies other than JPY,
  • Inclusion of a provision in the FCM Regulations stating that clearing for Japanese FCM Clients is limited to OTC IRD transactions denominated in currencies other than JPY.

As of the effective date, the full version of the amended Clearing Conditions and FCM Regulations 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 of Eurex Clearing AG, as applicable. 

Attachments: 

  1. Amended sections of Chapter I of the Clearing Conditions of Eurex Clearing AG
  2. Amended sections of Appendix 1 of the Clearing Conditions of Eurex Clearing AG
  3. Amended sections of Chapter I of the FCM Regulations of Eurex Clearing AG

Further information

Recipients:All Clearing Members, Basic Clearing Members, Disclosed Direct Clients, FCM Clearing Members of Eurex Clearing AG and vendors 
Target Groups:Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination
Contact:client.services@eurexclearing.com
Web:www.eurexclearing.com
Authorised by:Heike Eckert