Eurex Clearing
1. Introduction
This circular introduces amendments to the Price List of Eurex Clearing AG (Price List) regarding an additional fee for USD cash deliveries which lead to an overcollateralization on quarter ends as well as clarification to the Service Fees for Eligible Margin Assets in the form of Securities and for Default Fund Contributions.
A. Introduction of an optional fee for Eligible Margin Assets in the form of cash delivered in U.S. Dollar
B. Fee Rate according to Paragraph (3) (iv): Securities delivered as cover for disclosed client-related transactions under use of the cross-margining functionality
C. Standard Service Fee with respect to Eligible Margin Assets in the form of Securities and for Default Fund Contributions
Above-mentioned topics and the amendment of the Price List will become effective on 15 December 2022.
2. Required action
There is no action required.
3. Details of the initiative
A. Introduction of an optional fee for Eligible Margin Assets in the form of cash delivered in U.S. Dollar
On the last business day of a quarter, Eurex Clearing reserves the right to charge a fee on USD cash deliveries (instructed via Clearing Member GUI), which will lead to an overcollateralization at delivery time due to the higher efforts of placing USD on these days.
The following number of the Price List will be amended as outlined in the Attachment:
B. Fee Rate according to Paragraph (3) (iv): Securities delivered as cover for disclosed client-related transactions under use of the cross-margining functionality
The following number of the Price List will be amended as outlined in the Attachment:
Fee rate according to Paragraph (3) (iv):
Securities delivered as cover for disclosed client-related transactions under use of the cross-margining functionality for disclosed client-related transactions. Coverage regarding margin requirements that actually reflect (in accordance with a cross-margining election by the Clearing Member) netting effects on a given day between (A) OTC Interest Rate Derivatives Transactions pursuant to Chapter VIII and (B) Eurex Transactions, provided that the relevant Transactions are booked to the same Transaction Account within a DC Transaction Accounts Group or ISA Transaction Accounts Group, as applicable: a service fee of 0.05 percent.
C. Standard Service Fee with respect to Eligible Margin Assets in the form of Securities and for Default Fund Contributions
Number 9.2 of the Price List of Eurex Clearing AG:
Eurex Clearing charges the service fee rates referred to in Paragraph (1) with respect to Eligible Margin Assets in the form of Securities. An overview of the service fee rate can be found below:
The following number of the Price List will be amended as outlined in the Attachment:
Number 9.3 of the Price List of Eurex Clearing AG:
Eurex Clearing charges the service fee rates referred to in Paragraph (1) with respect to Service Fee for Default Fund Contributions:
All clarifications to the Price List will become effective on 15 December 2022. As of the effective date, the full version of the amended Price List will be available for download on the Eurex Clearing website www.eurex.com/ec-en/ under the following link:
Rules and Regs > Eurex Clearing Rules and Regulations > 3. Price List
The amendments to the legal framework of Eurex Clearing AG published by this circular are deemed accepted by each affected contractual party of Eurex Clearing AG, unless the respective contractual party objects by written notice to Eurex Clearing AG prior to the relevant effective date(s) as stipulated in this circular. In case of an objection by the respective contractual party pursuant the preceding sentence, Eurex Clearing AG is entitled to terminate the respective contract (including a Clearing Agreement, if applicable). Instead of submitting an objection, the respective contractual party may submit in writing to Eurex Clearing AG comments to any amendments of the legal framework of Eurex Clearing AG within the first 10 Business Days after the publication of the amendments. Eurex Clearing AG shall assess whether these comments prevent the published amendments from becoming effective taking into account the interests of Eurex Clearing AG and all contractual parties.
Unless the context requires otherwise, terms used and not otherwise defined in this circular shall have the meaning ascribed to them in the Clearing Conditions or FCM Clearing Conditions of Eurex Clearing AG, as applicable.
Attachment:
Further information
Recipients: | All Clearing Members, FCM Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients of Eurex Clearing AG, vendors and other affected contractual parties | |
Target groups: | Front Office/Trading, Middle + Backoffice | |
Contact: | client.services@eurex.com | |
Web: | www.eurex.com/ec-en/ | |
Authorized by: | Matthias Graulich |