Amendments to the FCM Regulations 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 FCM Regulations of Eurex Clearing AG (FCM Regulations) regarding the following topic:

Introduction of Authorised Manager roles to the FCM Regulations

The amendments will become effective as of 2 May 2024.

2. Required action

There is no required action.

3. Details of the initiative

Introduction of Authorised Manager roles to the FCM Regulations

As of 2 May 2024, Eurex Clearing will introduce the Authorised Manger setup in the FCM Regulations. An Authorised Manager can be set up as a “Basic Authorised Manager” or as an FCM Client, if, on request of the FCM Clearing Member, Eurex Clearing assigns an FCM Client Transaction Account to the Authorised Manager in its system.

The Relevant Fund or Relevant Fund Segment, for which the relevant Authorised Manager is acting, will be setup as FCM Client. The FCM Client Information shall also include the name of the Relevant Fund or the Relevant Fund Segment.

The reason for the proposed amendments is harmonizing different client setups under the Clearing Conditions as well as LSOC Clearing Models.

To reflect the changes, the following provisions of the FCM Rulebook will be amended, as outlined in the Attachment:

• Chapter I Part 1 Number 1.1.10 of the FCM Regulations

As of the effective date, the full versions of the amended FCM Regulations 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 > 2. FCM Regulations & FCM Default Rules

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 section of the FCM Regulations of Eurex Clearing AG, effective 2 May 2024

Further information