Eurex Clearing AG 

ECAG Rule Certification 091-22 

December 7, 2022 

1. The text of the proposed amendments to the Price List (“Price List’) of Eurex Clearing AG (“Eurex 

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

through. 

2. The date of intended implementation is January 1, 2023 

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 

The proposed amendments to the Price List extend the enhanced volume rebate methodology, which was 

introduced in March 2019, for an unlimited period. For avoidance of doubt, these proposed amendments 

only affect Section 3 of the Price List, which applies to order book transactions and off-book transactions 

on Eurex Exchange. Eurex Clearing clears these outside the scope of its DCO license, which applies only 

to swaps. 

The enhanced volume rebate methodology consists of a consideration of take-up volumes for the purposes 

of the volume rebate calculation for Eurex transactions if: 

· the Clearing Member, ISA Direct Clearing Member, or Disclosed Direct Client that initiates the 

give-up of a transaction is incorporated in the EU and is an affiliated company to the respective 

take-up Clearing Member, ISA Direct Clearing Member, or Disclosed Direct Client, and 

· the take-up Clearing Member, ISA Direct Clearing Member, or Disclosed Direct Client is not 

eligible to directly execute transactions via its own P-Accounts or M-accounts. 

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

in Eurex Clearing Circular 091-22, 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: 
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1. DCO Core Principle C (Participant and Product Eligibility): The proposed amendments will 

comply with DCO Core Principle C because the amendments extend a volume rebate methodology 

with respect to Eurex Exchange transactions, which Eurex Clearing clears outside the scope of its 

DCO license. All transactions cleared under Eurex Clearing’s DCO license will continue to comply 

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: December 7, 2022