On Jun. 18, EUREX Clear expanded cross-product margining service.
EUREX Clear issued circular announcing expansion of Cross-Product Margining Service.
Service is expanded to FCM Clearing Members and their Clients from Jul. 14, 2025.
Cross-Product Margining for FCM Clearing Members
The expansion of cross-product margining enables FCM Clearing Members, clients to benefit from same margin efficiencies to which non-US Clearing Members have access.
On Jun. 3, 2025, EUREX Clear received approval from the Commodity Futures Trading Commission to commingle certain Futures Transactions and Swap Transactions.
The product scope available to FCM Clearing Members and FCM Clients for cross-product margining will be: eligible swaps transactions (EUR- and CHF-denominated IRS, OIS, and FRAs); eligible futures transactions, as specified in the circular.
All Swap Transactions and Futures Transactions share similar risk characteristics.
Eurex Clear uses its Prisma risk methodology, which provides for risk netting between Futures and Swaps by utilizing cross-product scenarios.
Membership Requirements
To engage in cross-product margining of futures and swaps transactions in scope, an FCM will be required to obtain two clearing memberships from EUREX Clear.
First, membership for clearing of Futures Transactions under the Clearing Conditions of EUREX Clear (called a US Clearing Membership under the Clearing Conditions).
Second, a membership for the clearing of swap transactions under the US law-governed FCM Regulations (called an FCM Membership under the FCM Regulations).
In addition, the relevant client of the FCM Clearing Member is required to be set up as a client under both memberships: as a Disclosed Direct Client under the US Clearing Membership, and; as an FCM Client under the FCM Membership.
FCM to obtain trading license for exchange-traded derivatives from Eurex Deutschland.
FCM Clearing Member will not have direct market access to Eurex Deutschland.
Rather, all Futures Transactions that will be used for cross-product margining must be already established under the US Clearing Membership by way of matching orders and quotes in trading systems of Eurex Deutschland under ch I, ch II of clearing conditions.
Other Provisions
The circular also makes provision in relation to: account set-up, cross-product margining operational process; amendments to clearing conditions, FCM Regulations.
For amendments to ch I, ch II of clearing conditions, see attachments 1 and 2.
For amendments to ch I of FCM Regulations, attachment 3; amendments to appendix 1 to FCM Regulations, see attachment 4; new ch III of FCM Regulations, attachment 5.
