Eurex Clearing
1. Introduction
This circular contains information with respect to the service offering of Eurex Clearing AG (Eurex Clearing) and introduces amendments to the Clearing Conditions of Eurex Clearing AG (Eurex Clearing) regarding the porting period for Undisclosed Direct Clients.
The amendments will become effective as of 3 July 2023.
2. Required action
There is no required action.
3. Details of the initiative
Eurex Clearing will amend the Porting Period for NOSA Undisclosed Direct Clients Transaction Accounts Groups to four (4) business hours after the occurrence of an Insolvency Termination Event or after the publication of the ECM Porting Notice respectively. The Porting Period for Disclosed Direct Clients shall remain as of today.
To reflect the changes, the following provisions will be amended as outlined in the Attachment:
As of the effective date, the full version of the amended legal framework of Eurex Clearing will be available for download on the Eurex Clearing website www.eurex.com/ec-en/ under the following link:
Rules and Regulations > Eurex Clearing Rules and Regulations > 1. Clearing Conditions
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, as applicable.
Attachment:
Further information
Recipients: | All Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients of Eurex Clearing AG and vendors, all FCM Clearing Members and other affected contractual parties | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination | |
Contact: | client.services@eurex.com | |
Web: | Services > Risk management > Client Asset Protection under EMIR > Porting under EMIR | |
Authorized by: | Jens Janka |
