On Feb. 6, 2025, EUREX Clear issued circular 004/25 reporting no comments received to consultation on further amendments of Special Provisions of the Clearing Conditions.
Also noted there were no requests for application of a prolonged notification period.
Therefore, all changes, amendments regarding clarification of appropriation rights in Pledge Agreement, notified in circular 099/24, will come into effect on Mar. 1, 2025.
Clearing members, ISA Direct clearing members, disclosed direct clients, FCM clearing members, vendors, other affected contractual parties must take changes into account.
Amendment to Clearing Conditions Appendix 7 Pledge Agreement, number 2.2.11, relating to pledges of eligible margin assets in the form of Securities and pledges of eligible securities as contributions to the default fund is available here.
Amendment to Clearing Conditions number 2.2.4 of Pledge Agreement re. pledges of eligible margins assets to provide ISA Direct Margin as Securities is available here.
On Dec. 30, EUREX Clear proposed clearing conditions amendments.
EUREX Clear announced amendments to its Clearing Conditions regarding inclusion of representations for Clearing Members out of the Netherlands and Switzerland.
Change to obligations for US Clearing Members with respect to Repo Transactions.
And consulted on clarification of appropriation rights in the Pledge Agreement.
Representations from Netherlands, Switzerland
Clearing Conditions will clarify that for Swiss clearing members transactions, collateral provided to EUREX Clear are classified as financial assets, not administrative assets.
They are also not subject to any immunity; further, the governing law of the clearing agents’ power of attorney will be clarified in the ISA Direct Clearing Agreement.
Change to Provisions, Continuing Obligations for US Members
For Clearing Conditions chapter I, part 1, number 2.6 (i), the date until a copy of form 1042-S must be provided by US clearing member changes from Mar. 15 to Feb. 28.
Clarifications of Appropriation Rights in Pledge Agreement
Proposed to clarify that scope of the appropriation rights in the Pledge Agreement for EUREX Clear regarding Swiss clearing members is in line with Swiss Act on pledges.
Effectiveness
Deadline for comments on the proposed amendments to Pledge Agreements and proposed Clearing Condition changes and amendments is Jan. 30, 2025.
The currently envisaged effective date of the above changes is Mar. 1, 2025.
Amendments for inclusion of representations for clearing members out of the Netherlands and Switzerland, and to specific provisions, additional continuing obligations for US clearing members re. repo transactions are effective Feb. 1, 2025.
Jan. 9, 2025 CFTC 10-Day Review
On Jan. 9, 2025, CFTC issued notice of 10-day review of Eurex Clear rule certification.
Jan. 24, 2025 CFTC Certification
On Jan. 24, 2025, CFTC published certification of EUREX Clear proposed rule change.
Feb. 2025 Consultation Ended
On Feb. 6, 2025, EUREX Clear issued circular 004/25 reporting no comments received to consultation on further amendments of Special Provisions of the Clearing Conditions.
Also noted there were no requests for application of a prolonged notification period.
Therefore, all changes, amendments regarding clarification of appropriation rights in Pledge Agreement, notified in circular 099/24, will come into effect on Mar. 1, 2025.
Clearing members, ISA Direct clearing members, disclosed direct clients, FCM clearing members, vendors, other affected contractual parties must take changes into account.
Amendment to Clearing Conditions Appendix 7 Pledge Agreement, number 2.2.11, relating to pledges of eligible margin assets in the form of Securities and pledges of eligible securities as contributions to the default fund is available here.
Amendment to Clearing Conditions number 2.2.4 of Pledge Agreement re. pledges of eligible margins assets to provide ISA Direct Margin as Securities is available here.
