On Apr. 14, 2025, CFTC published certified status of Circular 016/25, effective May 2.
On Mar. 26, EUREX Clear announced clearing conditions amendments.
EUREX Clear issued circular 016/2025 announcing amendments to the Clearing Conditions and FCM Regulations in relation to the addition of SEC-Licensed Proprietary Trading Firm as Category of US Clearing Member with Respect to Eurex Transactions.
Overview
As of May 2, 2025, EUREX Clear is adding SEC-Licensed Proprietary Trading Firm as a new category of US Clearing Member for Eurex Transactions in Clearing Conditions, chapter I, part I, Section 2.5.1, which will encompass a US Proprietary Trading Firm that is a broker-dealer registered with SEC under section 15(b) of the Exchange Act.
But will not include a broker-dealer that is merely notice-registered with SEC under section 15(b)(11) of that act; this SEC-Licensed Proprietary Trading Firm category will include an entity registered as a broker-dealer but that will only clear futures and options on futures products at EUREX Clear, not securities products at EUREX Clear.
Through this additional category, EUREX Clear extends its US clearing member offering for Eurex transactions to a broader range of entities; to reflect the change, Clearing Conditions will be amended as outlined here: Chapter I, Part I, No. 2.5.1.
Further Amendments
EUREX Clear applied further amendments to Clearing Conditions chapter I, part I section 2.5.2 by removing continuing obligations applying to a US clearing member qualifying as proprietary firm re. Form 1-FR, as these obligations are inapplicable.
EUREX Clear additionally applied further amendments to Clearing Conditions chapter I, part 1, no. 1.7.3 and to FCM Regulations, chapter I, part 1, no. 1.7.2 to delete the requirement that a US clearing member with respect to ORC IRS transactions.
Or with respect to an FCM clearing member, to disclose whether it has been audited by another derivatives clearing organization as well as the pertinent results of such audit.
To reflect the change, the following Clearing Conditions provisions will be amended as outlined in here: Chapter I Part I Nos. 1.7.3, 2.5.2; and following FCM Regulations provisions will be amended as outlined here: Chapter I Part I No. 1.7.2.
Effectiveness
The amendments are effective as of May 2, 2025.
Apr. 1, 2025 CFTC 10-Day Review
On Apr. 1, 2025, CFTC published Eurex Clear self-certification 016/25, 10-day review.
Apr. 14, 2025 CFTC Certification
On Apr. 14, 2025, CFTC published certified status of Circular 016/25, effective May 2.
