Introduction of new report for the Securities Collateral Concentration Add-On Fee, postponement of amendments to Service Fees for Default Fund Contributions: Amendments to the Price List of Eurex Clearing AG

1. Introduction

This circular contains information with respect to the service offering of Eurex Clearing AG (Eurex Clearing) and introduces amendments to the Price List of Eurex Clearing AG (Price List) regarding the following topics:

A.    Introduction of a new report for the Securities Collateral Concentration Add-On Fee
B.    Postponement of the amendments to the Service Fees for Default Fund Contributions

The amendments will come into effect as of 1 September 2023. 

2. Required action

There is no required action.

3. Details of the initiative

A. Introduction of a new report (CB237) for the Securities Collateral Concentration Add-On Fee

For the purpose of clarification, please note that this is not an activation announcement for the Securities Collateral Concentration Add-On Fee. The application of the Concentration Add-On Fee will be communicated via a separate Eurex Clearing circular. Eurex Clearing intends to provide a notice period of one month between the activation announcement and the actual application of the fee (while not assuming any such obligation).

The new report CB237 “Daily Concentration Add-on Fees” contains detailed information that allows Clearing Members to monitor the relevant cash ratios and Concentration Add-On Fee. The daily Concentration Add-On Fee statement shows the required and actual cash ratio per fee type and collateral pool, and the resulting potential/actual Concentration Add-On Fee based on the securities collateral usage.

The report will be offered only to Clearing Members and will be available both in XML and text format as of 1 September 2023. While the free XML report will be shared by default with all Clearing Members, the formatted text version will be available for Clearing Members on request and will be subject to the standard service fee for formatted reports as set out in Number 8.3.4 of the Price List as from July 2024.

The report description and xsd files are available on the Eurex Clearing website www.eurex.com/ec-en/ under Support > Initiatives & Releases > C7 Releases > C7 Release 10.0 > System Documentation > Reports >

• Eurex Clearing XML Reports – XML Schema Files v.10.0
• Eurex Clearing XML Reports – Reference Manual

B. Postponement of the amendments to the Service Fees for Default Fund Contributions

As already announced with Eurex Clearing Circular 023/23 in April 2023, the securities over-collateralization charge for Default Funds Contribution will be removed for the purpose of harmonization of the service fees for Default Fund Contributions. 

Eurex Clearing will postpone the effective date of the amendments to the Service Fees for Default Fund Contributions by one month from 1 August 2023 to 1 September 2023. The amendments will come into effect as of 1 September 2023.

The following provision of the Price List will be amended as outlined in the Attachment: 

• Number 9.3 of the Price List of Eurex Clearing AG

As of the effective date, the full version of the amended documents will be available for download on the Eurex Clearing website www.eurex.com/ec-en under the following link:

Rules & Regs > Eurex Clearing Rules & 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:

• Amended sections of the Price List of Eurex Clearing AG

Further information