Amendments to the Clearing Conditions of Eurex Clearing AG related to a Clearing Member domiciled in Ontario or Quebec, Canada

1. Introduction

Based on exemptions granted by the Ontario Securities Commission (OSC) and the Autorité des Marchés Financiers (AMF) Eurex Clearing is authorized to offer clearing services for both OTC Derivatives Transactions (OTC) and exchange-traded derivatives (ETD) to Clearing Members domiciled in Ontario or Quebec (Canada) and their clients (Licensing & supervision).

For the clearing of OTC as well as for the clearing of ETD transactions through a Clearing Member domiciled in Ontario or Quebec (Canada), limitations apply and have been incorporated into the legal framework by adding a provision. 

The amendments will become effective as of 1 January 2026. 

With this provision, a Canadian Clearing Member represents that the relevant Direct Client will be informed about the limitations regarding the protection under the Elementary Clearing Model Provisions and the ISA Provisions with regards to porting mechanics and a direct payment of a Difference Claim (if any) to the relevant Direct Client. The Canadian Clearing Member shall disclose to the relevant Direct Client any risks which arise from clearing through such Canadian Clearing Member and as an alternative offer the availability of EMIR-compliant client segregation models for individual client segregation and omnibus client segregation for Direct Clients through an affiliated Clearing Member or another Clearing Member with its registered seat in the European Union.

2.    Required action

No specific actions are required.

3.    Details of the initiative

Based on a permanent exemption order under section 147 of the Securities Act (Ontario) (Act) and based on an exemption by the Authority of Financial Markets under section 86 of the Derivatives Act, CQLR, c. I-14-01 (the QDA), Eurex Clearing is offering clearing services to Clearing Members domiciled in Ontario or Quebec (Canada) and their clients for OTC and ETD transactions. 

For the clearing of OTC as well as for the clearing of ETD transactions the following limitations apply and have been incorporated into the legal framework by adding a provision. Pursuant to this provision, the Clearing Member represents to Eurex Clearing that 

• with respect to Direct Clients, a Canadian Clearing Member shall, prior to entering into a client clearing documentation inform the relevant Direct Client that the level of protection under the Elementary Clearing Model Provisions and the ISA Provisions with regards to porting mechanics and a direct payment of a Difference Claim (if any) to the relevant Direct Client cannot be offered when the relevant Direct Client clears its Transactions through a Canadian Clearing Member. 
• the Canadian Clearing Member must offer to Direct Clients, which intend to clear their Transactions through the Canadian Clearing Member, the availability of EMIR-compliant client segregation models for individual client segregation and omnibus client segregation for Direct Clients through an affiliated Clearing Member or another Clearing Member with its registered seat in the European Union. If – notwithstanding the aforementioned alternatives offered – the relevant Direct Client chooses to clear its Transactions through the Canadian Clearing Member, the Canadian Clearing Member shall disclose to the relevant Direct Client any risks which arise from clearing through such Canadian Clearing Member.

4.    Amendments to the legal framework of Eurex Clearing AG

To reflect the changes, the following provisions of the Clearing Conditions will be amended effective as of 1 January 2026, as outlined in the Attachment:

• Amendments to Chapter I Part 1 No. 2.3 and 2.5 of the Clearing Conditions 

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

Eurex Clearing Rules & 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 5a 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: 

• Amendments to Chapter I Part 1 No. 2.3 and 2.5 of the Clearing Conditions of Eurex Clearing AG

Further information