Publications
10 Nov 2017

Eurex Clearing

End of Consultation on amendments of Special Provisions regarding the Default Management Process

As announced in Eurex Clearing circular 094/17, Eurex Clearing AG (Eurex Clearing) intends to

  • detail the time frame and valuation principles under the Liquidation Price Method and Exchange Price Approach as part of the Default Management Process in case of a Clearing Member default;
  • clarify the handling of primary obligations representing the market or exchange value of the transactions and Unpaid Amounts when calculating the single difference claim amount in case of a Failure to Pay or Insolvency Event with respect to Eurex Clearing.

The amendments relate to Special Provisions of the Clearing Conditions of Eurex Clearing AG (Clearing Conditions). Consequently, a consultation process (Consultation) was initiated, which started on 2 October 2017 and ended on 3 November 2017.

Based on the comments received during the Consultation, Eurex Clearing changes the proposed amend­ments regarding the timing for replacement transactions in Chapter I Part 1 Number 7.3.2 (3) (b) of the Clearing Conditions.

The amended sections of the Clearing Conditions, as decided by the Executive Board of Eurex Clearing, are attached to this circular and will come into effect on 4 December 2017.