Eurex Clearing AG 

ECAG Rule Certification 075-22 

October 11, 2022 

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

Clearing AG (“Eurex Clearing”) and Price List (“Price List”) of Eurex Clearing is appended as Attachment 

A. Any additions are underlined and any deletions are struck through. 

2. The date of intended implementation is November 1, 2022. 

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 and Price List. For 

avoidance of doubt, the proposed amendments below affect only Chapters II (Transactions Concluded at 

Eurex Deutschland (Eurex Exchange)), IV (Clearing of Repo Transactions), and V (Transactions 

Concluded at the Frankfurter Wertpapierbörse (“FWB”)), all of which Eurex Clearing clears outside the 

scope of its DCO license, which applies only to swaps. 

A. Optimized Trade Date Netting for FWB Transactions 

The proposed amendments reflect Eurex Clearing’s introduction of Optimized Trade Date Netting 

(“OTDN”) as a new optional service for FWB Transactions with C7 Securities Clearing Service (“C7 SCS”) 

Release 2.1. Currently, C7 SCS performs Trade Date Netting as its basic netting model per transaction 

account with the consequence of a separate transaction netting per DC Market Participant. OTDN will 

enable Clearing Members to apply transaction netting across transaction accounts of several DC Market 

Participants. 

B. Obligation to Provide Italian Tax Identification Number (“TIN”) 

Revenues of the final economic beneficiary arising from the settlement of Italian debt securities are subject 

to Italian withholding tax. Under certain conditions, a settlement party can apply for tax-exemption at the 
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Settlement Location. In this case, the relevant holder of the settlement account has to register the Italian 

TIN of the final beneficiary at the Settlement Location for the respective settlement account. 

Therefore, Eurex Clearing introduced in 2009 the obligation for Clearing Members to provide its own 

Italian TIN and the Italian TIN of all of its Trading Members as pre-requisite for the clearing of (i) EuroBTP Fixed Income Futures at Eurex Deutschland (only if settled via Clearstream Banking AG) and (ii) 

Italian debt instruments at Eurex Repo. The proposed amendments will reflect this obligation. 

C. Maximum Prices for Cash Settlements and Buy-Ins 

In response to the introduction of CSDR penalties in February 2022 and in order to achieve harmonization 

with other European markets, Eurex Clearing plans to reduce the additional fee in case of the occurrence 

of a cash settlement after a non-delivery of securities (besides fixed income securities) or rights under FWB 

Transactions from 100 percent to now 10 percent of the settlement price as determined by Eurex Clearing. 

In addition, Eurex Clearing plans to delete several redundant provisions regarding the determination of the 

maximum offer prices for buy-in auctions as such provisions are already included in the Auction Terms. 

D. Clarification on Fractions Handling for Corporate Auctions 

Since the introduction of C7 SCS Release 1.0, the processing of corporate actions events occurring with 

respect to non-delivered securities is fully performed by and in accordance with the rules of the relevant 

Settlement Location. This includes the handling of fractions in securities resulting from the market claim 

and transformation processing. Depending on the market and the corporate action event, the Settlement 

Location either compensates fractions in cash or disregards any fraction. In addition to the fractions 

processing by the Settlement Locations, Eurex Clearing does not take any additional action to compensate 

such fractions in cash. The proposed amendments clarify this process. 

E. Clarification on Corporate Actions and Related Contractual Parties 

Settlement Locations process corporate action events occurring with in respect to of non-delivered 

securities in accordance with their market-specific calendars. These calendars may deviate from the 

TARGET2 calendar which is used by Eurex Clearing for securities clearing in C7 SCS. Thus, it may 

happen that the record date of a corporate action event falls on a TARGET2 holiday, e.g. Labour Day, and 

the Settlement Location generates instructions for a market claim or a transformation on that day, while C7 

SCS is closed. Therefore, the proposed amendments provide that all outdated passages relating to corporate 

actions which states that “assignments and payments shall be performed [by Eurex Clearing] on the next 

following Business Day” are removed in Clearing Conditions. 

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

in Eurex Clearing Circular 075-22, 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 E (Settlement Procedures): The proposed amendments will comply with DCO 

Core Principle E because the amendments provide for certain clarifications in limited settlement 

situations affecting only classes of products Eurex Clearing clears outside the scope of its DCO 
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license, which applies only to swaps. All products cleared by Eurex Clearing under its DCO license 

will continue to be subject to appropriate standards in compliance with this Core Principle. 
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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: October 11, 2022