Rule detail : 239940

EUREX Clear Clearing Conditions 2025

Updated on: Jun 23, 2025

Latest Event

Jun. 16, 2025 Chapters II, IV, V Updated
On Jun. 16, 2025, EUREX Clear updated chapter II Transactions Concluded at Eurex Deutschland, chapter IV Clearing of Repo Transactions and chapter V Transactions Concluded at the Frankfurter Wertpapierbörse, in force on same date, Jun. 16, 2025.
Chapter II amended to clarify that Chapter V Part 2 Number 2.2.1 Paragraph (7) shall also apply accordingly for SIX SIS Late Settled Deliveries (as defined therein).
Chapter IV amended to include editorial clarification; chapter V amended to include, inter alia, text in sub-para 2.2.1(3)(b)(aa)(iii) on prices given in deviating currencies.
And new 2.2.1(7) in relation to delivery settled late on a settlement date at the Settlement Location SIX SIS AG, re. charge to late seller for not delivering securities.
On Jun. 13, CFTC published EUREX Clear self-certification 049-25, 10-day review.

On Jan. 13, EUREX Clear updated chapters of its clearing conditions.

EUREX Clear updated Chapter I - General Provisions of its Clearing Conditions.
Also updated Ancillary Clearing Documents on Statutes for the EMIR Risk Committee.
Follows Jan. 2024 EUREX Clear updated clearing conditions chapters, see #197790.
Chapter I Changes
Among other things, added sub-para 1.1(6) to Subpart B: ISA Direct Indemnified Provisions, para 1 ISA Direct Indemnified Clearing License for ISA Direct Indemnified Clearing Members, stating that if the applicant qualifies as non-financial counterparty within EMIR, art. 2(9), applicant must demonstrate to EUREX Clear how it intends to fulfil the Default ISA Direct Margin Requirement, as well as the ISA Direct Clearing Member Contribution Requirement, including in stressed market conditions.
Effectiveness
Chapter I, EMIR Risk Committee ancillary clearing documents in force Jan. 13, 2025.
Feb. 2025 Chapter I, Appendices Updated
On Feb. 1, 2025, EUREX Clear updated chapter I regarding general provisions.
Added para. 1.17 clearing transactions limitations by some Swiss clearing members.
A Swiss Clearing Member that is a Public Entity and/or a cantonal bank represents and such representation shall be deemed repeated whenever the Clearing Member enters into a Transaction under the Clearing Agreement, that all Transactions and Eligible Margin Assets delivered to Eurex Clearing AG constitutes financial (Finanzvermögen / patrimoine financier) rather than administrative assets (Verwaltungsvermögen / patrimoine administratif) of the Clearing Member and are not subject to any immunity
Also updated Appendix 10 Clearing Agreement with a Clearing Agent and a Basic Clearing Member, amended para 11 re. ISA Direct Clearing Member agreements.
Mar. 2025 Appendices Updated
On Mar. 1, 2025, EUREX Clear issued updated Appendix 7 Pledge Agreement relating to pledges of Eligible Margin Assets in the form of Securities and pledges of eligible Securities as Contributions to the Default Fund; Appendix 11 Pledge Agreement relating to pledges of Eligible Margin Assets in order to provide ISA Direct Margin in the form of Securities, both of which are in effect from Mar. 1, 2025.
Amended Appendix 7 to include information on EUREX Clear's right to appropriate, make use of, one or more of securities shall, for Swiss clearing members, remain limited to confines of Article 31 para. 2 Federal Intermediated Securities Act (FISA).
Namely, selling the relevant pledged securities and offsetting the proceeds against the secured debt; or appropriating the relevant pledged securities whose value can be determined objectively and applying their value against the secured debt.
Appendix 11 amended to include the same information added to Appendix 7, above.
Mar. 31, 2025 Chapter II Updated
On Mar. 31, 2025, EUREX Clear issued updated chapter II Transactions concluded at Eurex Deutschland; amended Part 2 Clearing of Futures Contracts to add parameters for Equity Total Return Futures Contracts denominated in CHF (Swiss franc).
The changes to chapter II are in force from Mar. 31, 2025.
Apr. 2025 Chapter I Updated
On Apr. 28, 2025, EUREX Clear issued updated chapter I General Provisions of its Clearing Conditions, and to appendix 7 Pledge Agreement relating to pledges of Eligible Margin Assets in the form of Securities and pledges of eligible Securities as Contributions to the Default Fund; appendix 11 Pledge Agreement relating to pledges of Eligible Margin Assets in order to provide ISA Direct Margin in the form of Securities.
Among other things, changes made to Part 1 Number 1.4.4.2 Penalties, to add the words (or the Clearing Agent acting on behalf of the ISA Direct Clearing Member).
All changes are in force from Apr. 28, 2025.
May 2025 Chapter I Updated
On May 2, 2025, EUREX Clear issued updated chapter I General Provisions of its Clearing Conditions, including a change to Part 1, number 1.7 Representations and Undertakings with respect to Clearing Agreements to remove obligation to disclose to EUREX Clear whether it has been audited by another derivatives clearing organization, as well as the pertinent results of any such risk management audit.
And changes in Part 2 to add information on SEC-licensed proprietary trading firm.
All changes are in force from May 2, 2025.
May 5, 2025 Chapter II Updated
On May 5, 2025, EUREX Clear updated chapter II Transactions concluded at Eurex.
Amendments re ETF derivatives, introduced options on iShares physical bitcoin; terminated clearing of equity & equity index derivatives, Bitwise physical bitcoin ETP.
All changes are in force from May 5, 2025.
May 19, 2025 Chapter VIII Updated
On May 19, 2025, EUREX Clear updated chapter VIII Clearing of OTC Derivative Transactions; amendments throughout, including addition to Part 2, number 2.7 Transfer of OTC Interest Rate Derivative Transactions, Account Transfer, and Trade Amendment or Conversion, to add details on conversion and on eligible margin assets.
And replaced number 2.8 on early termination; all changes in force from May 19, 2025.
Jun. 2025 Chapter I Updated
On Jun. 1, 2025, EUREX Clear updated chapter I General Provisions of its Clearing Conditions; clarifications in paragraphs 3.2.1, 3.2.3; 6.1.2(1), (2), 6.6.2, 6.6.4, 6.6.5.
And information added to 2.1.2(3)(d) General Prerequisites for Clearing Licenses.
Explained that Chapter I Part 4 Numbers 6.4 and 6.5 shall apply mutatis mutandis to the delivery of collateral in cash or securities pursuant to this paragraph.
In addition, Numbers 3.4.4 and 3.4.5 of General Clearing Provisions apply mutatis mutandis, for cash amounts and for collateral provided in the form of Securities.
And Part 4 Numbers 6.6.1, 6.6.2, 6.6.4 and 6.6.5 apply mutatis mutandis.
All changes are in force from Jun. 1, 2025.
Jun. 6, 2025 Chapter II Updated
On Jun. 6, 2025, EUREX Clear updated chapter II Transactions concluded at Eurex.
Deleted all references to Korea Composite Stock Price Index (KOSPI).
All changes are in force from Jun. 6, 2025.
Jun. 12, 2025 Chapter II Updated
On Jun. 12, 2025, EUREX Clear issued amendments regarding the description of transaction transfers and position transfers per chapter II, part 1, number 1.3.3.
Amendments apply effective Jul. 7, 2025.
Jun. 16, 2025 Chapters II, IV, V Updated
On Jun. 16, 2025, EUREX Clear updated chapter II Transactions Concluded at Eurex Deutschland, chapter IV Clearing of Repo Transactions and chapter V Transactions Concluded at the Frankfurter Wertpapierbörse, in force on same date, Jun. 16, 2025.
Chapter II amended to clarify that Chapter V Part 2 Number 2.2.1 Paragraph (7) shall also apply accordingly for SIX SIS Late Settled Deliveries (as defined therein).
Chapter IV amended to include editorial clarification; chapter V amended to include, inter alia, text in sub-para 2.2.1(3)(b)(aa)(iii) on prices given in deviating currencies.
And new 2.2.1(7) in relation to delivery settled late on a settlement date at the Settlement Location SIX SIS AG, re. charge to late seller for not delivering securities.
On Jun. 13, CFTC published EUREX Clear self-certification 049-25, 10-day review.

Regulators

EUREX Clear

Entity Types

B/D; Depo; Exch; OTC

Reference

RF Eurex04e, 7116-25_vt, 7116-25_h, 7118-25_vt, 7118-25_h, 7117-25_vt, 7117-25_h, 6/16/2025; RF 56649, Nt 049-25, 6/13/2025; Cir 046/25, RF Eurex04e, 7101-25_h_v2, 6/12/2025; RF Eurex04e, 7030-25_vt, 7030-25_h, 6/6/2025; RF Eurex04e, 6981-25_vt, 6981-25_h, 6/1/2025; RF Eurex04e, 7013-25_vt, 7013-25_h_v1, 5/19/2025; RF Eurex04e, 6977-25_vt, 6977-25_h, 5/5/2025; RF Eurex04e, 6965-25_vt; 6986-25_vt, 6986-25_h, 6965-25_h_v1, 5/2/2025; RF Eurex04e, 4/28/2025; RF 6960-25_vt, 6960-25_h, 3/31/2025; RF 6851-24_vt, 6851-24_h_v1, 6850-24_vt, 6850-24_h_v1, 3/1/2025; RF 6852-24_vt, 6852-24_h_v1, 6849-24_vt, 6849-24_h_v1, 2/1/2025; RF Eurex04e, 6725-24_vt, 6725-24_h_v2, Eurex04.01, 6726-24_vt, 1/13/2025; FISA

Functions

Environment; Operations; Settlement; Trade Reporting; Trading

Countries

EU Exchange