Chapter | of the Clearing Conditions of Eurex Clearing AG

General Provisions

As of 03.07.2023

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Clearing Conditions of Eurex Clearing AG

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Chapter |

Thereafter, a Clearing Member or a Clearing Agent shall be obliged to make

aprovide additionalCM Contribution or ISA Direct Clearing Member Contribution
Gontribution-whenever Eurex Clearing AG has made an adjustment to the relevant
CM Contribution Requirement of the relevant Clearing Memberor the-+relevant
Clearing Agentwith respect to-a_particular-ISA Direct Clearing Member Contribution
Requirement,respectively. Such obligation becomes due and payable upon
notification of the adjusted CM Contribution Requirement or ISA Direct Clearing
Member Contribution Requirement by Eurex Clearing AG.

If a Clearing Member or a Clearing Agent does not provide the relevant CM

L..

6.1.2

]

Contribution or ISA Direct Clearing Member Contribution in full within one Business
Day after it has become due and payable, Eurex Clearing AG shall be entitled to
collect any outstanding CM Contribution or ISA Direct Clearing Member Contribution
in accordance with the daily cash clearing procedure pursuant to Number 1.4.1.

Provision of the Contributions to the Default Fund

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AMENDMENTS ARE MARKED AS FOLLOWS:
INSERTONS ARE UNDERLINED;
DELETIONS ARE CROSSED OUT
[Le]
Part 1 General Clearing Provisions
[Ll
6 Default Fund
L.]
6.1 Contributions to the Default Fund
6.1.1 Contributions and Calculation of the Contributions to the Default Fund

(1)

(3)

Notwithstanding any margin requirement applicable to the Clearing Member in
accordance with the Clearing Conditions, (i) each Clearing Member and (ii) subject
to Subpart A Number 9 of the ISA Direct Provisions (in relation to Indemnifying
Clearing Agents, as modified by Subpart B Number 2.4 of the ISA Direct Provisions);
each Clearing Agent, separately with respect to each of its ISA Direct Clearing
Members (and each ISA Direct Clearing Agreement), shall make contributions to the
Default Fund as further set out in this Number 6 (a contribution pursuant to (i) a “CM
Contribution”, each contribution pursuant to (ii) an “ISA Direct Clearing Member
Contribution” and each such contribution to the Default Fund and each FCM
Contribution a “Contribution’).

The obligation of a Clearing Member to make a CM Contribution becomes first due
and payable as of the date of the granting of its first Clearing License and the
obligation on a Clearing Agent to make an ISA Direct Clearing Member Contribution
with respect to a particular ISA Direct Clearing Member becomes first due and
payable as of the date it enters into an ISA Direct Clearing Agreement with Eurex
Clearing AG and such ISA Direct Clearing Member.

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AMENDMENTS ARE MARKED AS FOLLOWS:
INSERTIONS ARE UNDERLINED;
DELETIONS ARE CROSSED OUT

[1

3 Contributions to the Default Fund by an FCM Clearing Member
3.1 Contributions to the Default Fund
3.1.1 Contributions and Calculation of the Contributions to the Default Fund

L.]

(3) The obligation of an FCM Clearing Member to make an FCM Contribution becomes
first due and payable as of the date of the granting of its FCM Clearing License.

Thereafter, an FCM Clearing Member shall be-obliged-to-make-anprovide additional
FCM Contribution whenever Eurex Clearing AG has made an adjustment to the FCM

Contribution Requirement-ofthe-relevant FGM Clearing Member. Such obligation
becomes due and payable upon notification of the adjusted FCM Contribution
Requirement by Eurex Clearing AG.

If an FCM Clearing Member does not provide the relevant FCM Contribution

in full within one Business Days after it has become due and payable, Eurex
Clearing AG shall be entitled to collect any outstanding FCM Contributions from the
relevant FCM Clearing Member Own Cash Account in accordance with the daily
cash clearing procedure pursuant to Chapter | Number 1.4.1 of the

FCM Regulations.

L.]

3.1.2 Provision of FCM Contributions to the Default Fund

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918123, 1:24 AM Amenaments to the Clearing Conaitions and to tne FUM Verault Kules of Eurex Clearing AG — Consultation

05 May 2023
Eurex Clearing

Amendments to the Clearing Conditions
and to the FCM Default Rules of Eurex
Clearing AG — Consultation

Eurex Clearing Circular 028/23 Amendments to the Clearing Conditions
and to the FCM Default Rules of Eurex Clearing AG - Consultation

1. Introduction

This circular contains information with respect to the service offering of Eurex
Clearing AG (Eurex Clearing) and introduces amendments to the Clearing
Conditions of Eurex Clearing AG (Clearing Conditions) and the FCM Default
Rules of Eurex Clearing AG (FCM Default Rules) with respect to the following
topic:

@ Adjustments to the Default Fund Contribution delivery period

The amendments are subject to a consultation process (Consultation). The
Consultation will end with the expiry of 6 June 2023 (Consultation Period). The
planned effective date is 3 July 2023, depending on the outcome of the
Consultation which will be communicated in a separate Eurex Clearing circular.

2. Required action

The amendments outlined in the Attachments are subject to a Consultation
which will end with the expiry of 6 June 2023.

Eurex Clearing herewith invites all Affected Customers to submit comments on
the proposed changes and amendments within the Consultation Period.

3. Details
Adjustments to the Default Fund Contribution delivery period

In accordance with Article 42 of Regulation (EU) No 648/2012 on OTC
derivatives, central counterparties and trade repositories (EMIR), Eurex

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FCM Default Rules of Eurex Clearing AG

As of 03.07.2023

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918123, 1:24 AM Amenaments to the Clearing Conaitions and to tne FUM Verault Kules of Eurex Clearing AG — Consultation

Recipients: All Clearing Members, ISA Direct Clearing Members, all FCM
Clearing Members, vendors, and other affected contractual
parties

Target Front Office/Trading, Middle + Back Office, IT/System

groups: Administration, Auditing/Security Coordination

Contact: client.services@eurex.com

Web: www.eurex.com/ec-en/

Authorized Dmitrij Senko

by:

Further information

, Attachment 1 to Eurex Clearing Circular 028/23

, Attachment 2 to Eurex Clearing Circular 028/23

Eurex Eurex Clearing Eurex Repo EEX 360T Xetra Boérse Frankfurt
Clearstream Qontigo

Disclaimer Privacy notice Imprint Eurex Clearing Rules & Regulations Sitemap
Cookie Settings

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918123, 1:24 AM Amenaments to the Clearing Conaitions and to tne FUM Verault Kules of Eurex Clearing AG — Consultation

Clearing will issue a separate circular to announce the concrete date on which
the proposed changes (as the case may be, implementing comments received
during the Consultation) will come into effect.

This announcement will be made with at least 15 Business Days’ notice
(Regular Notification Period). However, if Eurex Clearing should receive a
request for a Prolonged Notification Period from more than two Affected
Customers during the Consultation Period, a Prolonged Notification Period as
set out in the Clearing Conditions will be applied and Eurex Clearing will notify
all affected parties accordingly.

Publication of amendments to the Clearing Conditions and the FCM
Default Rules

As of the effective date, the full versions of the amended legal framework of
Eurex Clearing will be available for download on the Eurex Clearing
website under the following link:

Rules and Regulations > Eurex Clearing Rules and 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 a 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.

Attachments:
Updated sections of the following rules and regulations:

 1-Chapter I Part 1 Number 6 of the Clearing Conditions of Eurex
Clearing AG
@ 2- Number 3 of the FCM Default Rules of Eurex Clearing AG

Further information

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918123, 1:24 AM Amenaments to the Clearing Conaitions and to tne FUM Verault Kules of Eurex Clearing AG — Consultation

Clearing maintains a pre-funded Default Fund to cover losses that exceed the
losses to be covered by the margin provided by the relevant Clearing Member.

The Clearing Conditions in their current version foresee that Clearing
Members, which have to provide additional Contributions to the Default Fund
due to an increased Contribution Requirement, shall do so within five business
days. Possible delays in the provision of Default Fund Contribution could lead
to inconsistencies between theoretically determined cover-2 requirements and
available pre-funded resources. Due to this reason, Eurex Clearing considers a
five-day delivery period as too long.

With the contemplated amendment, the five-business day period will

be reduced to a one-business day delivery period. Eurex Clearing holds the
view that such change is needed to increase the robustness of the Default
Fund and to align with the industry standards.

To reflect the amendments as proposed above, Eurex Clearing will amend its
rulebooks as outlined in Attachments 1 and 2:

@ Chapter I Part 1 Number 6 of the Clearing Conditions, and
Number 3 of the FCM Default Rules.

Consultation with respect to the amendments to the Clearing Conditions

Pursuant to Chapter I Part 1 Number 17 of the Clearing Conditions, the
proposed changes and amendments to the Clearing Conditions are subject to
a Consultation which will end with the expiry of 6 June 2023.

Eurex Clearing herewith invites all Affected Customers to submit
comments on the proposed changes and amendments within the
Consultation Period.

During the Consultation Period, comments on proposed changes or
amendments shall only be submitted through a web-based commenting
service for which a registration form is available on the Eurex Clearing website
under the following link:

Find > Forms: Consultation Form

The form has to be duly signed and returned to Eurex Clearing via e-mail to
SpecialProvisions@eurex.com in order to obtain a User ID and Password
together with a link for accessing the web-based commenting service.

To the extent that Eurex Clearing decides to implement any comments
received during the Consultation, the so-amended version of the Clearing
Conditions will be published after the Consultation.

The currently envisaged effective date of the changes to the Clearing
Conditions is 3 July 2023. However, after the Consultation Period, Eurex

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