Extension of CCP Switch Incentive Program until 31 March 2026

1. Introduction

As part of the annual review of OTC Interest Rate Derivatives Transactions, Eurex Clearing will introduce the following amendment:

• Extension of the CCP Switch Incentive Program until 31 March 2026: 
  
  Under the CCP Switch Incentive Program, Clearing Members and Disclosed Direct Clients (as defined below) receive a 50 percent discount on all regular booking fees on individually selected switch days for OTC Interest Rate Swap incl. Basis Swap (IRS), Overnight Index Swap (OIS), Standard Coupon Inflation Swap (SCIS) and Zero Coupon Inflation Swap (ZCIS) transactions. Clearing Members may apply for a 10-day switch package whereas Disclosed Direct Clients may apply for a 15-day switch package. Registration for either switch package is free of charge. Also Clearing Members and Disclosed Direct Clients which have participated in a CCP switch incentive program in the past may register again for this CCP Switch Incentive Program. 

2. Required action

Registration for CCP Switch Incentive Program(s):

Clearing Members and Disclosed Direct Clients (via their Clearing Member) may register for the relevant CCP Switch Incentive Program(s) by way of the attached application form; please proceed with the following steps:

• i. Fill in the respective CCP Switch Incentive Program application form for Clearing Members or Disclosed Direct Clients, respectively.
• ii. The signed form is to be sent to your dedicated Key Account Manager in advance of the switch activity.
• iii. Nominate CCP switch dates as further outlined in the respective terms and conditions.

3. Details of the initiatives

a) Offer for Clearing Members:

• The CCP Switch Incentive Program for Clearing Members is available for all Clearing Members including FCM Clearing Members and ISA Direct Clearing Members (collectively referred to in the following as “Clearing Members”).
•  The program is free of charge and allows enrolled Clearing Members to switch IRS, OIS, SCIS and ZCIS own transactions (i.e. transactions on its house/P accounts) from another CCP to Eurex Clearing on ten individually selected Business Days between 1 January 2026 and 31 March 2026. On these days, eligible transactions will receive a 50 percent discount on all regular booking fees. This offering is not limited in terms of notional volumes, number of trades or switch mechanisms.
• Enrolled Clearing Members notify Eurex Clearing of individually selected switch day using a provided online form (CCP Switch Incentive Program). Selected switch days are to be notified at the latest by the end of the Business Day following the switch day.
• Interested Clearing Members may register for the CCP Switch Incentive Program by way of the attached application form. The completed application form is to be sent to your Key Account Manager.
• Also Clearing Members which have participated in a CCP switch incentive program in the past may register again for this CCP Switch Incentive Program.
• The General Terms and Conditions of the CCP Switch Incentive Program for Clearing Member Own Transactions apply and shall be decisive.

b) Offer for Disclosed Clients:

• The CCP Switch Incentive Program for Disclosed Direct Clients is available for all Disclosed Direct Clients and FCM Clients (collectively referred to in the following as “Disclosed Direct Clients”). 
• The program allows enrolled Disclosed Direct Clients to switch IRS, OIS, SCIS and ZCIS transactions from another CCP to Eurex Clearing on individually selected fifteen  Business Days between 1 January 2026 and 31 March 2026. On these days, eligible transactions will receive a 50 percent discount on all regular booking fees. This offering is not limited in terms of notional volumes, number of trades or switch mechanisms.
• Enrolled Disclosed Direct Clients notify Eurex Clearing of individually selected switch days via the Clearing Member using a provided online form (CCP Switch Incentive Program). Selected switch days are to be notified at the latest by the end of the Business Day following the switch day.
• Interested Disclosed Direct Clients may register for the CCP Switch Incentive Program for Disclosed Direct Clients through their Clearing Member(s) by way of the attached application form. The completed application form is to be sent via the Clearing Member to the Key Account Manager. In order to enjoy the maximum benefit, it is recommended for Disclosed Direct Clients with multiple Clearing Members to register all relationships. The discount will only be applied to registered relationships.
• Also Disclosed Direct Clients which have participated in a CCP switch incentive program in the past may register again for this CCP Switch Incentive Program.
• The General Terms and Conditions of the CCP Switch Incentive Program for own transactions of Disclosed Direct Clients/FCM Client Transactions apply and shall be decisive.

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.

Attachments:

• 1 – Registration Form CCP Switch initiative 2026 Clearing Member
• 2 – Registration Form CCP Switch initiative 2026 Disclosed Client
• 3 – Overview Extension of OTC IRD CCP Switch Incentive Program

Further information