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Rules & Regs

Your active account that tackles EMIR 3.0

More changes are underway for EU market participants subject to the clearing obligation. The political agreement recently found on EMIR 3.0 foresees the obligation to maintain an active account for systemically relevant products with an EU CCP.

After the Council approved it mid-February, the political agreement still needs to be ratified by the European Parliament, which is expected for March and April. 20 days after its official publication in the EU Official Journal, the final legislative text will then enter into force. Six months later, i.e., likely by Q1 2025, the active account requirement will kick in, allowing ESMA to provide further specifications for the implementation in the meantime. Affected market participants are therefore well advised to ensure readiness in time. With Eurex Clearing, you can already set up this account, be ahead of the curve, and reap the benefits of an EU-based CCP account.

Products in scope of the new EMIR 3.0 requirement are those determined by ESMA as systemically relevant for the EU´s financial stability, i.e., OTC IRD in euro and zloty as well as STIR in euros.

Growing together

Eurex has set up partnership programs designed to further accelerate the development of liquid, EU-based alternatives for clearing interest rate swaps (OTC IRD) and short-term interest rate (STIR) derivatives. Both market-led initiatives, the OTC IRD and the STIR partnership program, benefit clients and the broader marketplace through greater choice and competition, improved price transparency and reduced concentration risk. 

STIR partnership program

Creating an alternative liquidity pool for € short-term interest rate derivatives
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OTC IRD partnership program

A performance-based program builds a balanced ecosystem
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Three-Month Euro STR Futures

Product overview and statistics
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EurexOTC Clear

Service offer and statistics
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Did you know…?

The European Commission’s impact assessment for EMIR 3.0 found that 40% of the in-scope firms have no EU clearing arrangement yet. Check your status and which capacities to consider in meeting the new EMIR requirement in time.

The onboarding timeline for your active account under EMIR 3.0 depends on various internal and external factors. Therefore, Eurex Clearing encourages market participants to use the time until Q1 2025 to prepare swiftly and to avoid onboarding capacity constraints closer to this deadline.

Onboarding and readiness: capacity considerations

Capacity considerations:

Legal resource
The client and the clearing broker will both need to assign legal resources to negotiate and review the clearing agreement.

Capacity considerations:

Account setup

Accounts will be required with the clearing broker and on behalf of the client at Eurex Clearing. If the client demands CCP reporting, additional lead time will be needed.

The middleware static data setup and technology layer implementation will also be needed.

Activation: capacity considerations

Capacity considerations:

Setting up and testing the trade execution and clearing workflow (which may require the brokers’ and the clearing brokers' support) will be required. In addition, considerations need to include a full front-to-back review of the cleared workflow.

Trading workflow setup

  • Client
  • Bloomberg/Tradeweb
  • Dealer/Clearing Broker (CB)

Client cleared workflow setup

  • Books and records
  • Reconciliation
  • CCP reporting (optional)

Capacity considerations:

Considerations should include optimizing collateral and margin requirements to maintain an active account with an EU CCP.

Client workflow setup - multi-CCP/multi-clearing broker

  • Build to multiples of the previous steps
  • CCP/IM optimization
  • CCP switching
  • Backloading
  • Collateral optimization
  • Netting/Compression

Make the Switch!

Incentive program: no booking fees on individually selected switch days for OTC IRS, OIS and ZCIS transactions.
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FIC Derivatives & Repo Sales