Eurex Clearing AG 

ECAG Rule Certification 023-18 

February 27, 2018 

1. The text of the proposed amendments to the Clearing Conditions of Eurex Clearing AG (“Clearing 

Conditions”) is appended as Attachment A. Any additions are underlined and any deletions are struck 

through. 

2. The dates of intended implementation are April 3, 2018 and April 9, 2018. 

3. Attached please find a certification that: (1) these amendments comply with the Commodity Exchange 

Act (the “Act”), and the Commission’s regulations thereunder; and (2) concurrent with the filing of this 

submission, Eurex Clearing is posting a copy of this filing to its website at: 

http://www.eurexclearing.com/clearing-en/resources/cftc-dco-filing. 

4. A concise explanation and analysis of the operation, purpose, and effect of the amended rule appears 

below. 

5. There were no opposing views expressed regarding these amended rules. 

6. Confidential treatment is not requested. 

___________________________________________________________________________________ 

CONCISE EXPLANATION AND ANALYSIS OF THE OPERATION, PURPOSE, AND EFFECT OF 

THE PROPOSED RULE AND ITS COMPLIANCE WITH APPLICABLE PROVISIONS OF THE 

ACT, INCLUDING CORE PRINCIPLES AND THE COMMISSION’S REGULATIONS 

THEREUNDER 

Eurex Clearing is proposing the following amendments to the Clearing Conditions: 

1. Eurex Clearing is proposing amendments to Chapter II (Transactions Concluded at Eurex 

Deutschland and Eurex Zürich) and Chapter V (Transactions Concluded at the Frankfurter 

Wertpapierbörse) of the Clearing Conditions to broaden the scope of the Multiple Clearing 

Relationship Framework for the clearing of transactions conducted on Eurex Deutschland and 

Eurex Zürich, and Frankfurter Wertpapierbörse. The proposed amendments will allow clearing 

members to use other clearing members for the clearing of parts of their business for products on 

the above exchanges that they do not clear themselves. 

2. Eurex Clearing is proposing amendments to Chapter I (General Provisions) of the Clearing 

Conditions relevant to the framework for the outsourcing of clearing-related functions for 

clearing members and non-clearing members. Specifically, the proposed amendments align the 

Clearing Conditions with the statutory requirements for outsourcing stipulated by national 

outsourcing laws. 

3. Eurex Clearing is proposing amendments to the General Terms and Conditions to the Agreement 

on Technical Connection to the Clearing EDP of Eurex Clearing AG (GTC to the Connection 

Agreement) to reflect the following previously announced changes: 
· Reduced functional scope of the Eurex Clearing GUI @X-tract; 

· Enhanced functional scope of C7 Derivatives Clearing GUI; 

· Discontinuation of the operational trading activities of Eurex Zürich; 

· Termination of Eurex Bonds business operations; 

· Introduction of OTC FX transactions and OTC XCCY transactions; clarification of the 

term; 

· “EurexOTC Clear products“; 

· Removal of the Net Omnibus Clearing Model 

Amendments nos. 1 and 2 above will be effective on April 3, 2018, and amendment no. 3 above will be 

effective on April 9. 2018. 

Further information regarding the operation, purpose, and effect of the proposed amendments is discussed 

in the attached Eurex Clearing Circular 023/18, which is appended as Attachment A. 

Eurex Clearing has identified the following derivatives clearing organization (“DCO”) Core Principle as 

potentially being relevant to the above amendments: 

1. DCO Core Principle C (Participant and Product Eligibility): The proposed amendments will 

comply with DCO Core Principle C because the amendments allow clearing members to use 

other clearing members for certain transactions, clarify outsourcing rules, and revise one of Eurex 

Clearing’s membership forms, and Eurex Clearing’s participation and membership requirements 

will continue to comply with this Core Principle. 

 
CERTIFICATIONS PURSUANT TO SECTION 5c OF THE COMMODITY EXCHANGE ACT, 7 

U.S.C. §7a-2 AND COMMODITY FUTURES TRADING COMMISSION RULE 40.6, 17 C.F.R. §40.6 

I hereby certify that: 

(1) the amendments comply with the Commodity Exchange Act, and the Commission’s 

regulations thereunder; and 

(2) concurrent with the filing of this submission, Eurex Clearing is posting a copy of this 

filing to its website at: http://www.eurexclearing.com/clearing-en/resources/cftc-dcofiling. 

______/s/ Eric Seinsheimer___________ 

By: Eric Seinsheimer 

Title: US Compliance Officer, Eurex Clearing AG 

Dated: February 27, 2018