Global Clearing Link

In 2004 Eurex Clearing AG and The Clearing Corporation entered in 2004 into a successful and long-term partnership to create a transatlantic clearing solution for Eurex customers. Since the launch unique Global Clearing Link* US-based members have the opportunity to clear CFTC-approved Euro-denominated contracts** from the US. Market participants worldwide are able to easily access a wide range of benchmark products which create enhanced member opportunities and efficiencies.

• Lower entry barriers for customers to access Eurex because of the choice of clearing
• Leverage existing clearing relationship to access transatlantic marketplace
• Cost-savings through streamlined and consolidated processes

The Global Clearing Link provides participants of The Clearing Corporation with the opportunity to clear specific Euro-products** traded at Eurex through their existing clearing membership. These products are currently available:

Interest Rate Derivatives

Fixed Income Derivatives - Fixed Income Futures

• Euro-Bund Futures (FGBL)
• Euro-Bobl Futures (FGBM)
• Euro-Schatz Futures (FGBS)
• Euro-Buxl® Futures (FGBX)

Fixed Income-Derivate - Fixed Income Futures

• Options on Euro-Bund Futures (OGBL)
• Options on Euro-Bobl-Futures (OGBM)
• Options on Euro-Schatz-Futures (OGBS)

Money Market Derivatives - Money Market Futures

• One-Month EONIA Futures (FEO1)
• Three-Month EURIBOR Futures (FEU3)

Money Market Derivatives - Options on Money Market Futures

• Options on Three-Month EURIBOR Futures (OEU3)

Equity Index Derivatives

• Dow Jones EURO STOXX 50® Index Futures (FESX)
• Dow Jones STOXX 50® Index Futures (FSTX)
• Dow Jones EURO STOXX® Banks Futures (FESB)
• Dow Jones STOXX® 600 Banks Futures (FSTB)
• Dow Jones Global Titans 50^SM Index Futures (FGTI)
• DAX®-Futures (FDAX)

The clearing of Euro products is facilitated through the Eurex Clearing infrastructure and systems. All members of The Clearing Corporation, who participate in the Global Clearing Link, have access to the Eurex Clearing System. The daily cash and settlement of securities will be done by correspondent accounts of The Clearing Corporation. It is not required to hold an Euro or settlement account in Europe. Standard Eurex Clearing processing rules as well as the physical delivery cycle apply to The Clearing Corporation participants for Clearing of Euro denominated products. Members of The Clearing Corporation may access the Eurex Clearing Infrastructure according to the Eurex Clearing connection options, which entail either a connection via two leased lines or one leased line with internet backup.

The Clearing Corporation will perform the initial margin calculation and collateral management using SPAN® methodology***, but the variation margin process will follow the Eurex Clearing AG standards. As a facilitator for The Clearing Corporation, Eurex Clearing AG debits/credits Variation Margin payments in EUR to The Clearing Corporation participants.

* The Global Clearing Link and its underlying concept is subject to approval by all applicable regulatory authorities.

** EU products can be traded on Eurex trading terminals in the U.S. pursuant to CFTC staff no-action letter.

*** SPAN® is a registered trademark of Chicago Mercantile Exchange Inc., used herein under license. Chicago Mercantile Exchange Inc. assumes no liability in connection with the use of SPAN® by any person or entity.