With effect from 17 March 2023, Eurex Clearing will introduce:
Features of the OTC IRD BASIC Pack Special Offer 2023:
2. Required action
Registration for the OTC IRD BASIC Pack Special Offer 2023:
Clearing Members (including FCM Clearing Members) may register for the OTC IRD BASIC Pack Special Offer 2023 by way of submitting the corresponding registration form attached to this circular. Please proceed the following steps:
3. Details of the initiative
a) Overview of the OTC IRD BASIC PACK Special Offer 2023
The OTC IRD BASIC Pack Special Offer 2023 allows subscribers the clearing of own transactions (that are booked to the respective house account (i.e. P-account) for all OTC IRD products including IRS, OIS, Basis swaps, FRA and ZCIS across all currencies without extra booking fees and maintenance fees up to the following volume thresholds:
All transactions above these volume thresholds are billed according to the Standard Pricing Model A (as set out in the Price List) and will be charged in addition to the monthly fee for the OTC IRD BASIC Pack Special Offer 2023.
OTC IRD BASIC Pack Special Offer 2023 applies from the subsequent month of booking (with 1 May 2023 being the latest start date possible for the subscription) and lasts 12 consecutive calendar months. For each month a participant (or a group of participants – see below) has subscribed to the OTC IRD BASIC Pack Special Offer 2023, a flat fee of EUR 125,000 per month is payable by such participant or group of participants which is not eligible for further rebates.
To the extent not provided otherwise in the attached registration form, the provision in Number 10.4 on the BASIC Pack applies mutatis mutandis to the OTC IRD BASIC Pack Special Offer 2023.
b) Eligible Participants of the OTC IRD BASIC Pack Special Offer 2023 rebate scheme
The OTC IRD BASIC Pack Special Offer 2023 is available to all Clearing Members, groups of affiliated Clearing Members and eligible affiliated Disclosed Clients which fulfil the personal prerequisites for a clearing license according to Chapter I Part 1 Number 2.1.2 (2) of the Clearing Conditions of Eurex Clearing AG.
If a group registers for the OTC IRD BASIC Pack Special Offer 2023, all benefits of the Discounted OTC IRD BASIC Pack may be shared by all Clearing Members and eligible Disclosed Clients that form part of the same group. The fixed fee will be allocated monthly to the group affiliates according to their individual performance measured as the sum of the monthly undiscounted gross revenues with regards to covered products.
c) Consideration of further rebate schemes and eligibility of Clearing Members
A downgrade from a GOLD Pack or Discounted GOLD Pack to the BASIC Pack Special Offer 2023 is not possible.
The fixed fee of EUR 125,000 per month for the OTC IRD BASIC Pack Special Offer 2023 may not be subject to additional rebates.
Any other rebates a Clearing Member may qualify for with respect to booking fees and/or maintenance fees for products covered by the OTC IRD BASIC Pack Special Offer 2023 will expire with the registration to the OTC IRD BASIC Pack Special Offer 2023, except for CCP Switch-related rebates. Transactions benefitting from CCP Switch-related rebates will not count towards the volume thresholds under the OTC IRD BASIC Pack Special Offer 2023.
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.
All Clearing Members, FCM Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients, FCM Clients of Eurex Clearing AG and vendors
Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination