Eurex Clearing AG 

ECAG Rule Certification 008-23 

February 28, 2023 

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

Clearing AG (“Eurex Clearing”), Price List (“Price List”) of Eurex Clearing, FCM Default Rules (“FCM 

Default Rules”) of Eurex Clearing, and FCM Regulations (“FCM Regulations”) of Eurex Clearing is 

appended as Attachment A. Any additions are underlined and any deletions are struck through. 

2. The date of intended implementation for Amendments A, B, C, E, and F below is April 3, 2023. 

Amendment D below is subject to a consultation process (“Consultation”); the Consultation will end upon 

the expiry of March 27, 2023 (“Consultation Period”). The planned effective date of Amendment D is May 

1, 2023, depending on the outcome of the Consultation, which will be communicated in a separate Eurex 

Clearing circular. 

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: https://www.eurex.com/ecen/rules-regs/regulations/cftc-dco-filings. 

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 below amendments to the Clearing Conditions, Price List, FCM Default 

Rules, and FCM Regulations. For avoidance of doubt, Amendments A, B, C, E, and F relate to products, 

which Eurex Clearing clears outside the scope of its DCO license, which applies only to swaps. 

A. Access of the Trading Surveillance Office of Eurex Deutschland to the clearing system of 

Eurex Clearing 

The Management Board of Eurex Deutschland may set position limits for Eurex Transactions (i.e., 

listed contracts) to ensure orderly trading. To appropriately monitor compliance with these position limits, 

the Trading Surveillance Office of Eurex Deutschland requires access to the position data of the Trading 

Participants held at Eurex Clearing. The proposed amendments allow for such access. 
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B. Adjustment of Repo Transactions Fees for ISA Direct Light License Holders 

The proposed amendments adjust the Transaction fee for GC Pooling Select Invest Repo 

Transactions for ISA Direct Light License Holders to 0.0038% p.a. or a minimum fee of EUR 15, CHF 

17.00, GBP 14.00, or USD 17.00, respectively. 

C. Introduction of a Service Fee for change of Netting Method 

Currently, if a Clearing Member requests a change in their Master Data, a Service Fee is charged 

for the operational effort and is reflected accordingly in the Price List. With the migration of the Repo 

Market to C7 SCS, there is the possibility for Repo Clearing Members to change the applicable Netting 

Method from the Dual Instruction Netting Method to the Single Instruction Netting Method and vice versa. 

The proposed amendments introduce a Service Fee for changing the Netting Method into the Price List 

amounting to EUR 100.00. 

D. Default Management: Introduction of Residual Settlement for Default Management Hedging 

Auctions and further clarifications – Consultation 

The proposed amendments introduce a Residual Settlement for Hedging Auctions in order to 

harmonize the process with the Default Management Liquidation Auction. 

Mandatory Hedging Auction Participants, who have not provided valid Bids in a Hedging Auction, 

are subject to the juniorization of their Default Fund Contributions. The Residual Settlement process offers 

such Non-Bidding Hedging Auction Participants the opportunity to enter into a DM Hedging Transaction 

with Eurex Clearing at the highest accepted Hedging Auction price, thereby avoiding the juniorization of 

their Contributions to the Default Fund. 

For Default Management Liquidation Auctions and Hedging Auctions, Eurex Clearing will offer 

residual units remaining after partially successful Hedging Auctions to each Non-Bidding Hedging Auction 

Participant on a pro-rata basis at the highest accepted Hedging Auction price. Due to the applicable 

rounding mechanism, Eurex Clearing may not be able to fill each accepted offer. The proposed 

amendments clarify that the Default Fund Contribution will not be juniorized as long asthe offer is accepted 

by the relevant Non-Bidding Hedging Auction Participant. 

Lastly, the proposed amendments provide some minor changes with regard to the definition of 

Mandatory Auction Participants. 

E. ISA Direct billing: Amendment to the ISA Direct Clearing Agreement 

With respect to the ISA Direct offering, the proposed amendments clarify that the majority of the 

clearing-related fees are always debited from the cash account of the Clearing Agent, irrespective of 

whether an ISA Direct Clearing Member is using an own cash account. These ISA Direct-related fees are 

included in the Clearing Agent’s invoice. 
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F. T2-T2S Consolidation: Amendments based on the new TARGET Guideline 

The proposed amendments update the Clearing Conditions due to the T2-T2S Consolidation, using 

the terminologies in the new TARGET Guideline of the ECB. 

G. Interest Rate Derivatives (“IRD”): Amendments in order to clarify clearing eligibility for 

Zero Coupon Inflation Swaps (“ZCIS”) and Polish Zloty (“PLN”)-denominated Interest Rate 

Derivatives 

The amendments to the Clearing Conditions and FCM Regulations provide further clarifications 

that: (i) for OTC IRS U.S. Clearing Members, which may clear OTC Interest Rate Derivative Transactions 

for Own Accounts, clearing of ZCIS, however, is not offered; and (ii) for FCM Clearing Members, clearing 

of ZCIS and PLN-denominated IRD is not offered. 

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

in Eurex Clearing Circular 009-23, which is appended as Attachment A. 

Eurex Clearing has identified the following derivatives clearing organization (“DCO”) Core Principles 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 change certain fees for repo products 

and clarify certain fees for the ISA Direct Model, both of which Eurex Clearing clears outside the 

scope of its DCO license, and all products cleared by Eurex Clearing under its DCO license will 

continue to be subject to appropriate standards in compliance with this Core Principle. 

Additionally, the proposed amendments clarify clearing eligibility for OTC IRS U.S. Clearing 

Members and FCM Clearing Members in terms of certain products and currencies not offered, and 

Eurex Clearing’s U.S. swaps offering will continue to comply with this Core Principle 

2. DCO Core Principle D (Risk Management): The proposed amendments will comply with DCO 

Core Principle D because the amendments allow the Trading Surveillance access to Eurex 

Clearing’s clearing system to monitor compliance with position limits, and Eurex Clearing will 

continue to comply with this Core Principle. 

3. DCO Core Principle G (Default Management): The proposed amendments will comply with DCO 

Core Principle G because the amendments introduce a Residual Settlement process into Hedging 

Auctions, and Eurex Clearing’s Default Management Process will continue to allow for the 

efficient, fair, and safe management of insolvency or default events in compliance with Core 

Principle G. In addition, introduction of the Residual Settlement process will comply with CFTC 

Rule 39.16, including the provisions relating to auctions. 
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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 thisfiling 

to its website at: https://www.eurex.com/ec-en/rules-regs/regulations/cftc-dco-filings. 

/s/ Eric Seinsheimer 

By: Eric Seinsheimer

Title: US CCO, Eurex Clearing AG 

Dated: February 28, 2023