22 Mar 2023

Eurex Clearing

Crypto Index Derivatives: A. Introduction of Futures on FTSE Bitcoin Index in EUR and USD; B. Editorial changes to the Clearing Conditions for Futures Contracts

Eurex Clearing Circular 016/23 Crypto Index Derivatives: A. Introduction of Futures on FTSE Bitcoin Index in EUR and USD; B. Editorial changes to the Clearing Conditions for Futures Contracts

1.   Introduction

This circular contains information with respect to Eurex Clearing AG’s service offering and corresponding amendments to the Clearing Conditions of Eurex Clearing AG (“Clearing Conditions”) and Price List of Eurex Clearing AG (“Price List”) regarding to the following topics:

A.  Introduction of Futures on FTSE Bitcoin Index in EUR and USD,
B.  Editorial changes to the provisions for the Clearing of Futures Contracts in the Clearing Conditions.

Effective date: 17 April 2023

2.   Required action

There is no required action for the participants.

3.   Details of the initiatives

A. Introduction of Futures on FTSE Bitcoin Index in EUR and USD

Effective 17 April 2023, Eurex Clearing will offer clearing services for Futures on FTSE Bitcoin Index in EUR and USD introduced at Eurex Deutschland.

In this context, the following measures will apply effective 17 April 2023:

  • Amendments to the Clearing Conditions regarding the inclusion of Futures on FTSE Bitcoin Index in EUR and USD,
  • Amendments to the Price List regarding the inclusion of Futures on FTSE Bitcoin Index in EUR and USD.

Please refer to Eurex Circular 021/23 for detailed trading-related information as well as the amendments of the relevant Rules and Regulations of Eurex Deutschland.

a. Product overview

Please refer to Eurex Circular 021/23 for the new products. 

b. Contract specifications

For the detailed contract specifications, please refer to Eurex Circular 021/23.

c. Product group

The product group of the new products is as follows:

TableBitcoinECAG








d. Transaction fees

The fees for the new products can be retrieved from the updated sections of the Price List, as outlined in Attachment 2.

e. Risk parameters

Margins for the new products are calculated in Prisma. For the risk parameters of the new products, please refer to the Eurex Clearing website www.eurex.com/ec-en/ under the link:

Services > Risk parameters

f. Amendments to the legal framework of Eurex Clearing

The following provisions will be amended as outlined in Attachments 1 and 2:

  • Chapter II Part 2 Numbers 2.1.2 and 2.30 of the Clearing Conditions
  • Numbers 3.1, 3.3 and 3.4 of the Price List

B. Editorial changes to the provisions for the Clearing of Futures Contracts in the Clearing Conditions

To improve the legibility, Eurex Clearing streamlines the provisions regarding the reference times for the determination of the daily settlement prices for the respective Futures Contracts (i.e. correction and alphabetical sorting of references and deletion of reference times that do not apply).

To reflect the changes, the following provisions will be amended as outlines in the Attachment 1:

  • Chapter II Part 2 Number 2.1.2 of the Clearing Conditions

As of the effective date, the full version of the amended Clearing Conditions and Price List will be available for download on the Eurex Clearing website under the following link:

Rules & Regs > Rules and Regulations
 

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.

Attachments:

  • 1 – Amended sections of the Clearing Conditions of Eurex Clearing AG
  • 2 – Amended sections of the Price List of Eurex Clearing AG


Further information

Recipients:

All Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients of Eurex Clearing AG, all FCM Clearing Members, vendors, and other affected contractual parties

Target groups:

Front Office/Trading, Middle + Back Office, IT/System Administration, Auditing/Security Coordination

Related circular:

Eurex Circular 021/23

Contact:

client.services@eurex.com

Web:

www.eurex.com/ec-en/

Authorized by:

Jens Janka