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Onboard with EurexOTC IRS in 2013 and pay no fees until 2016

Release date: 13 Nov 2013 | Eurex Clearing, Eurex Group

Onboard with EurexOTC IRS in 2013 and pay no fees until 2016

As we approach the end of the year, many of our Clearing Members and their clients have asked us to clarify what is the quickest and easiest way to onboard before the end of 2013 so that they can take advantage of our fee waiver taking into consideration that market standard client clearing documentation and in particular the respective netting opinions are not completed yet. This newsletter explains the minimum requirements for qualification that must be completed by 31 December 2013 and what would need to be completed before the deadline of 14 March 2014 for admission as a Registered Customer (RC) to receive the fee waiver.

Summary of the fee waiver:

  • There will be no OTC IRS clearing fees until January 2016 for all our Clearing Members and their Registered Customers who are on-boarded by 31 December 2013.
  • As a Registered Customer, as soon as you have signed up with your first Clearing Member, this offer is valid with any further Clearing Members you may sign up with in the future - even beyond the end of year deadline.
  • The fee waiver will also apply to any of your own accounts, e.g. funds, whether these are already in existence or are planned to be established in the near future.

To keep the option for the fee waiver, the following must be completed by 31 December 2013

  • An RC must establish a connection to Eurex Clearing's Common Report Engine (CRE). This can be done via native internet.
  • A completed Technical Connection Agreement as well as a completed EurexOTC Clear Interest Rate Derivative Static Data Form for Registered Customers. Both of these forms are part of the OTC IRS Registered Customer Starter Package which can be found under "How To Onboard with Us". Please use the link under Further Information.
  • Furthermore, an Authorized Signature List must be provided to OTCIRS.Onboarding@eurexclearing.com.

To finally qualify for the fee waiver, the following must be completed by 14 March 2014

  • Be admitted to EurexOTC Clear for IRS as a Registered Customer using one of our EMIR compliant segregation models.
  • Signed Clearing Agreement for the relevant segregation model.
  • Dependent on the chosen segregation model, we will provide you with additional forms on an as needed basis.

We would like to highlight that this process still has a lead time and to avoid missing the opportunity we would suggest starting the process as early as possible. We have a dedicated team available to assist you and your Clearing Member if you require help with the onboarding process.

If you would like to take advantage of our attractive offer please contact OTCIRS.Onboarding@eurexclearing.com  and we will contact you to discuss the onboarding process and answer any further questions you may have.

 

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