Clearing Conditions of Eurex Clearing AG

Eurex04e
As of 03.07.2023
Page 1

8.2

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

Elementary Clearing Model Provisions

Subpart C: Clearing of Omnibus Transactions

Porting of assets and positions in relation to an Omnibus Standard Agreement

For the purposes of this Number 8 and solely with respect to an Omnibus Standard
Agreement (including all Omnibus Transactions thereunder and all Allocated Redelivery
Claims for Margin and all Redelivery Claims for Variation Margin relating thereto), a
Termination with respect to the relevant Omnibus Standard Agreement shall only occur

(1) where such Omnibus Standard Agreement relates to a Disclosed Direct Client.

(i) at the end of the ECM Porting Election Period, if no ECM Porting Election
Notice has been received by Eurex Clearing AG by such point in time;

(ii) upon the expiry of the ECM Porting Period in accordance with Number 8.4
below, if an ECM Porting Election Notice of the Disclosed Direct Client had
been received by Eurex Clearing AG by no later than the expiry of the ECM
Porting Election Period, but the Porting Requirements are not fulfilled in respect
of such Omnibus Standard Agreement at the expiry of the ECM Porting Period;
or

(iii) immediately upon the receipt by Eurex Clearing AG of a Termination Election in
accordance with Number 8.3;-

(2) where such Omnibus Standard Agreement relates to an Undisclosed Direct Client,
upon the expiry of the ECM Porting Period, if any of the Porting Requirements are

179-23 (100) _h

Pokies


Chapter | of the Clearing Conditions of Eurex Clearing AG

General Provisions

As of 03.07.2023

179-23 (100)_h

Robin


Clearing Conditions of Eurex Clearing AG

Eurex04e
As of 03.07.2023
Page 2

8.4

not fulfilled in respect of such Omnibus Standard Agreement at the expiry of the
ECM Porting Period.

[.]

“ECM Porting Period” means, subject to an extension by Eurex Clearing AG with respect
to one or more or all Omnibus Standard Agreements.

(i) if an Insolvency Termination Event has occurred, the period from the occurrence
of the Insolvency Termination Event until (and including) (a) with respect to a DC
Transaction Accounts Group, 13:00 hours (Frankfurt am Main time) on the
immediately following Business Day_and (b) with respect to a NOSA UDC
Transaction Accounts Group, until lapse of 4 business hours following the
occurrence of an Insolvency Termination Event; and

(ii) _ if any other Termination Event has occurred, the period from the publication of the
ECM Porting Notice until (and including) (a) with respect to a DC Transaction
Accounts Group, 13:00 hours (Frankfurt am Main time) on the immediately following
Business Day and (b) with respect to a NOSA UDC Transaction Accounts Group.
until lapse of 4 business hours following the publication of the ECM Porting Notice.

el

“Porting Requirements” means, with respect to an Omnibus Standard Agreement, all of
the following requirements:

Lol

If the Porting Requirements are not satisfied by 48:00 hours (Frankfurtam Main-time) on

of time spooiied by Eurex Cloaring AG in the individual oace 4 he end of ‘the ECM Porting
Period there will be no Transfer pursuant to this Number 8.4, a Termination with respect

to the relevant Omnibus Standard Agreement occurs and Subpart A Numbers 6.3 to 6.6
and Number 9 below shall apply.

179-23 (100) _h

Pokies


1123, 11:30 AM Amenaments to the Clearing Conaitions of Eurex Clearing AG

07 Jun 2023
Eurex Clearing

Amendments to the Clearing Conditions
of Eurex Clearing AG

Eurex Clearing Circular 040/23 Amendments to the Clearing Conditions of
Eurex Clearing AG
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 (Eurex Clearing) regarding the porting period
for Undisclosed Direct Clients.

The amendments will become effective as of 3 July 2023.
2. Required action

There is no required action.

3. Details of the initiative

Eurex Clearing will amend the Porting Period for NOSA Undisclosed Direct
Clients Transaction Accounts Groups to four (4) business hours after the
occurrence of an Insolvency Termination Event or after the publication of the
ECM Porting Notice respectively. The Porting Period for Disclosed Direct
Clients shall remain as of today.

To reflect the changes, the following provisions will be amended as outlined in
the Attachment:

@ Chapter I Part 2 Subpart C Number 8 of the Clearing Conditions

As of the effective date, the full version of the amended legal framework of
Eurex Clearing will be available for download on the Eurex Clearing website
www.eurex.com/ec-en/ under the following link:

httne:/iwww erirex eam/ec-enifind/cirenlars/elearina-circiilar-257420R 41


1123, 11:30 AM Amenaments to the Clearing Conaitions of Eurex Clearing AG

Rules and Regulations > Eurex Clearing Rules and Regulations > 1. Clearing
Conditions

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, as applicable.

Attachment:

@ Chapter I Part 2 Subpart C Number 8 of the Clearing Conditions of Eurex
Clearing AG

Further information

Recipients: All Clearing Members, ISA Direct Clearing Members, Disclosed
Direct Clients of Eurex Clearing AG and vendors, all FCM Clearing
Members and other affected contractual parties

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

groups: Administration, Auditing/Security Coordination

Contact: client.services@eurex.com

Web: Services > Risk management > Client Asset Protection

under EMIR > Porting under EMIR

Authorized Jens Janka
by:

httne:/iwww erirex eam/ec-enifind/cirenlars/elearina-circiilar-257420R


1123, 11:30 AM

Amenamenis to the Clearing Conaltions of Eurex Clearing AG

Further information

, Attachment to Eurex Clearing Circular 040/23

Eurex Eurex Clearing
Clearstream Qontigo
Disclaimer Privacy notice

Cookie Settings

Eurex Repo EEX 360T Xetra Borse Frankfurt

Imprint Eurex Clearing Rules & Regulations Sitemap

httne:/iwww erirex eam/ec-enifind/cirenlars/elearina-circiilar-257420R

212