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22 Nov 2022

Eurex Clearing

Amendments to the Price List of Eurex Clearing AG

Eurex Clearing Circular 086/22 Amendments to the Price List of Eurex Clearing AG

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: 

  • Number 9.1 of the Price List of Eurex Clearing AG

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: 

  • Number 9.2 of the Price List of Eurex Clearing AG

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:

  • Standard service fee rate (applied to Eurex Clearing’s exposure collateralized by the delivered Securities, per annum): 0.10 percent
  • Fee rate according to Paragraph (2): Securities constituting excess margin and Securities delivered as cover for disclosed client-related OTC Interest Rate Derivative Transactions: 0.00 percent
  • Fee rate according to Paragraph (3) (i): Securities booked on an ISA Direct Margin Own Account: 0.05 percent
  • Fee rate according to Paragraph (3) (ii): Securities delivered via GC Pooling re-use functionality: 0.05 percent
  • Fee rate according to Paragraph (3) (iii): Securities delivered via GC Pooling re-use functionality for collateralizing Repo Transactions: 0.00 percent
  • Fee rate according to Paragraph (3) (iv): Securities delivered as cover for disclosed client-related transactions under use of the cross-margining functionality: 0.05 percent
  • Additional concentration fee according to Paragraph (4) (if triggered by Eurex Clearing): 0.075 percent

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:

  • For Contributions to the Default Fund in the form of Securities Number 9.2 applies mutatis mutandis, i.e. the standard service fee rate of 0.10 percent shall apply

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:

  • Updated sections of the Price List of Eurex Clearing AG

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