General Terms and Conditions to the Agreement on Technical As of 01.09.2023

Connection to the Clearing EDP of Eurex Clearing AG

Page 1

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§4

§5

AMENDMENTS ARE MARKED AS FOLLOWS:
INSERTIONS ARE UNDERLINED,

DELETIONS ARE CROSSED OUT.

General Provisions

Service catalogue: network channels for the connection to the
Clearing EDP

L.]
(1) Eurex GUI Channel:

Dedicated channel on a leased line with a configured bandwidth in accordance
with the price list to the Connection Agreement (the “CA Price List”). The channel is
capable of transferring data using the following interfaces:

{i} i= Gh iy g GUI @X-t t{ jaWebTradi ig)

(iii) C7 Derivatives-Clearing GUI (incl. Collateral Management:
(iii) Securities Clearing GUI

(iii) EurexOTC Clear GUI

(iv) Prisma Margin Calculator GUI

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Service catalogue: Interfaces

The following interfaces are being offered by Eurex Clearing, which can be used among
others via the network channels listed in § 4.

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(11123, 10:39 AML Amenaments to tne legal tramework of Eurex Clearing AG

Cookie Settings

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Price List to the Agreement on Technical Connection to the Clearing “As of 01.09.2023...

EDP of Eurex Clearing AG (Connection Agreement) Page 2

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Clearing System usage

Monthly fee

Eurex Clearing GUI Account for DC Market Participants, Indirect Client Market
Participants and DCs With System Access for:

* C7 Derivatives-Clearing GUI (incl. Collateral Management)

* Securities Clearing GUI

* EurexOTC Clear GUI

* Prisma Margin Calculator GUI

100 €29)

All aforementioned fees will be calculated plus the current statutory VAT.

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Eurex04e

Clearing Conditions of Eurex Clearing AG

As of 01.09.2023
Page 1

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Part 2
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2.7

2.7.1

AMENDMENTS ARE MARKED AS FOLLOWS:
INSERTIONS ARE UNDERLINED;

DELETIONS ARE CROSSED OUT

Clearing of Repo Transactions

Failure to Deliver or to Pay

Failure to deliver or pay on the Contractual Settlement Date of the Front Leg

(1) Repo Transactions (other than GC Pooling Repo Transaction)

(a)

If, under a Repo Transaction (other than a GC Pooling Repo Transaction), on
the Contractual Settlement Date of the Front Leg

(i) the Cash Taker fails to deliver the owed Securities, or

(ii) the Cash Provider fails to transfer the owed purchase price,

until the applicable settlement cut-off time (“Settlement Cut-Off Time”), Eurex

Clearing AG shall be entitled to determine an earlier repurchase date with respect to
the Term Leg of the relevant Repo Transaction on either the present Business Day
or at the latest (including) on the Contractual Settlement Date of the Term Leg
(‘Accelerated Repurchase Date’).

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(2) GC Pooling Repo Transactions

(a)

If, under a GC Pooling Repo Transaction,

(i) the Cash Taker fails to deliver Securities selected and instructed by Cmax
or the other TCPM on the Contractual Settlement Date of the Front Leg, or

(ii) the Cash Provider fails to transfer the agreed cash amount on the
Contratual Settlement Date of the Front Leg,

until the applicable Settlement Cut-Off Time, the provisions under Paragraph (1)
(a), (b) and (c) shall apply mutatis mutandis, unless provided otherwise herein.

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Eurex04e

Clearing Conditions of Eurex Clearing AG as
As of 01.09.2023

Page 1

AMENDMENTS ARE MARKED AS FOLLOWS:
INSERTIONS ARE UNDERLINED;

DELETIONS ARE CROSED OUT

JE II ISI SISO SOO OO IOI ODIO SITIO OTA DI IOI III IIIS AI IIA

Part 2 Clearing of Repo Transactions

el

2.6 Settlement Date Exposure Netting with respect to GC Pooling Repo Transactions

[el

Same Day Repo Transactions

In addition to the provisions under Number 2.6.1 (2), the following additional provisions
shall apply to GC Pooling Repo Transactions qualifying as Same Day Repo Transactions:

(1) Instead of the application of Settlement Date Exposure Netting, Eurex Clearing AG
submits an immediate Exposure Adjustment Requests to CmaX with respect to each
GC Pooling Repo Transaction qualifying as Same Day Repo Transaction. Cmax
processes the Exposure Adjustment Requests in a sequential manner with the
consequence that any sub-sequent Exposure Adjustment Request will only be
processed after the pre-ceeding Exposure Adjustment Request is fully processed by
Cmax. For the avoidance of doubt, any sub-sequent Exposure Adjustment Requests
will be put “on-hold” by Cmax until the pre-ceeding Exposure Adjustment Request is

fully processed.

(2

If the processing of Exposure Adjustment Request submitted to CmaX with respect to
GC Pooling Repo Transactions qualifying as Same Day Repo Transactions is
delayed due to any action or omission by the relevant Clearing Member or ISA Direct
Clearing Member (or Clearing Agent acting on behalf of the ISA Direct Clearing
Member) and provided that Eurex Clearing AG suffers any loss due to such delay (in
particular any financing or interest costs), the relevant Clearing Member or ISA Direct

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Chapter IV of the Clearing Conditions of Eurex Clearing AG

Clearing of Repo Transactions

As of 01.09.2023

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Chapter IV of the Clearing Conditions of Eurex Clearing AG

Clearing of Repo Transactions

As of 01.09.2023

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(11123, 10:39 AML Amenaments to tne legal tramework of Eurex Clearing AG

17 Jul 2023
Eurex Clearing

Amendments to the legal framework of
Eurex Clearing AG

Eurex Clearing Circular 048/23 Amendments to the legal framework 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 (Clearing Conditions), to the General Terms
and Conditions to the Agreement on Technical Connection to the Clearing EDP
of Eurex Clearing AG (GTC to the Connection Agreement) and to the Price List
to the Connection Agreement regarding the following topics:

A. Implementation of Compensation Claim regarding GC Pooling Transactions
qualifying as Same Day Repo Transactions

B. Clarification on the Buy-In Process for Repo Transactions

C. Editorial changes to the GTC to the Connection Agreement and to the Price
List to the Connection Agreement

The amendments will become effective as of 1 September 2023.
2. Required action

There is no required action.

3. Details of the initiative

A. Implementation of Compensation Claim regarding GC Pooling
Transactions qualifying as Same Day Repo Transactions

The Front Leg of GC Pooling Repo Transactions that qualify as Same Day Repo
Transactions do not go through the netting process of Eurex Clearing. Same
Day GC Pooling Repo Transactions are sent out to Cmax (Collateral
Management System of CBL) immediately after trade execution and have to

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Eurex04e
As of 01.09.2023

Clearing Conditions of Eurex Clearing AG

Page 3

The Cash Taker shall be entitled to submit a buy-in request at any time after the
expiry of the Settlement Cut-Off Time on the 5t Business Day following the
Contractual Settlement Date of the Term Leg.

If the required Securities cannot be acquired wholly or can be acquired only
partially by way of a buy-in according to Paragraph (a), Eurex Clearing AG shall
perform a cash settlement according to Paragraph (b). When determining the
Determination Date, Eurex Clearing AG shall allocate the Term Leg of the
relevant Cash Taker, which submitted the request pursuant to this

Paragraph (c).

(db) The buy-in and the cash settlement shall be conducted pursuant to the
provisions under Chapter V Part 2 Number 2.2 applicable to Other
Securities. (without applicati fF the-provisi tractualpenalti

pursuant to Chapter V Part 2 Number 2.2 (6)).

Notwithstanding Chapter V Part 2 Number 2.2.1 Paragraph (3) (b) (aa), the
cash settlement amount shall be the higher of

(i) the settlement price of the respective class of securities on the Business
Day preceeding the Determination Date as determined by Eurex
Clearing AG,

(ii) the agreed price per security under the failed Repo Transactionseting
price, and

(iii) the agreed price per security under the relevant Allocated Repo
Transactionpurchase-price-of the rel te Repo T ti

H

and in each case, plus a premium of 300 basis points, accrued interest and the
applicable repo rate.

The provisions on contractual penalties pursuant to Chapter V Part 2

Number 2.2.1 (6) shall not be applicable. The contractual penalty for a failure to
deliver Securities pursuant to Chapter | Part | Number 14.2.2 shall not apply. In
respect of a failure to deliver CSDR Penalty In-Scope Securities the provisions
on penalties set out in Chapter | Part 1 Number 1.4.4 (2) apply.

(ee) If, under a Repo Transaction other than a GC Pooling Repo Transaction, on the
Contractual Settlement Date of the Term Leg, the Cash Taker fails to transfer
the owed re-purchase price prior to expiry of the Settlement Cut-Off Time, the
contractual penalty pursuant to Chapter | Part 1 Number 14.2.2 shall apply.

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Eurex04e

Clearing Conditions of Eurex Clearing AG
As of 01.09.2023

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Led

2.7.2 Failure to deliver or to pay on the Contractual Settlement Date of the Term Leg
(1) Repo Transactions (other than GC Pooling Repo Transactions)

(a) If, under a Repo Transaction (other than a GC Pooling Repo Transaction), en

the Contractual Settlement Date of the Term Leg, the Cash Provider fails to

deliver the Securities on the 5'" Business Day after the Contractual Settlement
Date of the Term Leg prior to expiry of the Settlement Cut-Off Time, Eurex
Clearing AG shall be entitled to initiate a buy-in within the meaning of Chapter |

Part 1 Number 1.4.4 (1).

In case such buy-in attempt fails, Eurex Clearing is entitled to initiated a further
buy-in on the 10" and 27" Business Day following the Contractual Settlement

Date of the Term Leg.

. an ape ts th
Busi Day-after the-Contractual Set! +t Date_of the T Leg and
to-deliver-th hased. ities-to-the-rel. t Cash Tak

(b) If the required Securities cannot be acquired wholly or can be acquired only
partially by way of a buy-in according to Paragraph (a), Eurex Clearing AG is
entitled to perform a cash settlement of the relevant Repo Transaction on the
Determination Date by determining a cash settlement amount with respect to
the the non-delivered Securities.

The “Determination Date” shall be a Business Day between the 30" and the
36 Business Day after the Contractual Settlement Date of the Term Leg of the
late Cash Provider. For the cash settlement, Eurex Clearing AG will determine
a Term Leg of a Cash Taker to whom delivery has not been effected in due time
and allocate it to the Repo Tranaction of the late Cash Provider (“Allocated

Repo Transa ).

(c) Eurex Clearing AG shall be obliged to conduct a buy-in or a cash settlement
pursuant to this Paragraph (a) and (b), if the Cash Taker (or the Clearing Agent
acting in the name of the Cash Taker in its capacity as ISA Direct Clearing
Member) requests in writing that Eurex Clearing AG shall conduct a buy-in or a
cash settlement.

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Clearing Conditions of Eurex Clearing AG

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Clearing Member shall be obliged to compensate Eurex Clearing AG for any such
losses.

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

Target Front Office/Trading, Middle + Backoffice, IT/System
groups: Administration, Auditing/Security Coordination
Contact: client.services@eurex.com

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

Authorized Jens Janka

by:

Further information

, Attachment 1 to Eurex Clearing Circular 048/23

€

, Attachment 2 to Eurex Clearing Circular 048/23

€

SS

, Attachment 3 to Eurex Clearing Circular 048/23

, Attachment 4 to Eurex Clearing Circular 048/23

€<

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

Disclaimer Privacy notice Imprint Eurex Clearing Rules & Regulations Sitemap

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General Terms and Conditions to the Agreement on Technical As of 01.09.2023
Connection to the Clearing EDP of Eurex Clearing AG

[..

Page 2
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GULCh: | -vi internet-based i ia-a GUICh: Lof
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(21) C7 Derivatives-Clearing GUI_(incl. Collateral Management):

Graphical user interface to access, enter and modify clearing data in the
Clearing EDP.

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(32) Securities Clearing GUI:

Graphical user interface to access, enter and modify clearing data in the
Clearing EDP.

[.]
(43) EurexOTC Clear GUI:

Graphical user interface to access, enter and modify OTC clearing data in the
Clearing EDP.

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(54) Prisma Margin Calculator GUI-(Prisma-&-EurexOTG):
[J
(65) FIXML Interface (API):
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(76) FpML Interface (API):
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(87) Margin Calculator API:

[.]

(98) Common Report Engine (CRE):
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(499) Common Upload Engine (CUE)

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Price List to the Agreement on Technical Connection to the Clearing ag of 01.09.2023

EDP of Eurex Clearing AG (Connection Agreement) Page 1

AMENDMENTS ARE MARKED AS FOLLOWS:
INSERTIONS ARE UNDERLINED,
DELETIONS ARE CROSSED OUT.

Price List to the Agreement on Technical Connection to the Clearing EDP of
Eurex Clearing AG (Connection Agreement) (the “CA Price List”)

[Le]
§1 Monthly fees for the technical connection (connection fees)
Ll
Connection component Bandwidth Leased Line Leased Line Internet VPN
in Tier A114 in Tier B41" (iAccess)
Ll
Legend
Tier A1 = Metro areas of Amsterdam, Frankfurt, London, Milan, Paris, and Zurich
Tier B1 = Germany, France, UK, The Netherlands and Switzerland
§2 Monthly fees for the usage of the Clearing System
Clearing System usage Monthly fee
Eurex Clearing GUL@X-tract®) free-of charge
Eurex Clearing GUI Account for Clearing Members for: 300 €29)

* C7 Derivatives-Clearing GUI (incl. Collateral Management)
* Securities Clearing GUI

* EurexOTC Clear GUI

* Prisma Margin Calculator GUI

| Prices for other locations on request.

(4) Prices for other-locations-on request.
(2) Replacement for lost tokens-and-unretumned-tokens-is- charged with 50-€ per-token

(3)Haternet-based free-of charge if-th ber: r ponent ding to §4in ph

? Internet-based service is free of charge if the member has a connection component according to § 1 in place.

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82 of the Price List to the Connection Agreement, as outlined in
Attachment 4

Publication of amendments of the legal framework of Eurex Clearing

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
www.eurex.com/ec-en/ under the following link:

Rules & Regs > Eurex Clearing Rules & 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-Amended sections of Chapter IV Part 2 Number 2.6.4 of the Clearing
Conditions of Eurex Clearing AG

@ 2-Amended sections of Chapter IV Part 2 Numbers 2.7.1 and 2.7.2 of
the Clearing Conditions of Eurex Clearing AG

@ 3-Amended sections of Chapters 4, 5 and 16 of the GTC to the
Connection Agreement

@ 4-Amended sections of § 2 of the Price List to the Connection
Agreement

Further information

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(11123, 10:39 AML Amenaments to tne legal tramework of Eurex Clearing AG

be fulfilled by Clearing Members on a gross basis. Exposure Adjustment
Requests that are sent out to Cmax are processed in a sequential manner,
meaning that the relevant Exposure Adjustment Request will only be settled by
Cmax, if any preceding Exposure Adjustment Request has been fully settled.

In case a Clearing Member partially or fully fails to fulfil its delivery obligation
under the relevant GC Pooling Transaction qualifying as Same Day Repo
Transaction on the relevant Contractual Settlement Date and provided that
Eurex Clearing suffers a loss caused by such failure, Eurex Clearing shall be
entitled to claim for compensation from the relevant Clearing Member.

In this context, the following provisions of the Clearing Conditions will be
amended, as outlined in Attachment 1:

@ Chapter IV Part 2 Number 2.6.4

B. Clarification on the Buy-In Process for Repo Transactions

With the foreseen changes of the Clearing Conditions, the buy-in process
applicable for failed Repo Transactions should be adapted to the buy-in
process applicable for failed FWB Transactions.

If a Buy-In cannot be performed successfully or is performed only partially,
Eurex Clearing is entitled to perform a Cash Settlement on the "Determination
Date”, which is a Business Day between the 30th and 36th Business Day after
the Contractual Settlement Day of the Term Leg of the Cash Provider.

Furthermore, the determination of the cash settlement amount is specified
and shall be the higher of (i) the settlement price of the respective class of
securities on the Business Day preceding the Determination Date as
determined by Eurex Clearing, (ii) the agreed price per security under the
failed Repo Transaction and (iii) the agreed price per security under the
relevant Allocated Repo Transaction.

In this context, the following provisions of the Clearing Conditions will be
amended, as outlined in Attachment 2:

@ Chapter IV Part 2 Number 2.7.1
@ Chapter IV Part 2 Number 2.7.2

C. Editorial changes to the GTC to the Connection Agreement and to the
Price List to the Connection Agreement

In order to reflect the discontinuation of offering for Eurex Clearing GUI @Xx-
tract and name changes with respect to two other Eurex Clearing GUIs, the
following provisions will be amended, as outlined in Attachments 3 and 4:

@ 884,5 and 16 of the of the GTC to the Connection Agreement, as
outlined in Attachment 3

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General Terms and Conditions to the
Agreement on Technical Connection to
the Clearing EDP of Eurex Clearing AG
(GTC to the Connection Agreement)

As of 01.09.2023

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General Terms and Conditions to the Agreement on Technical As of 01.09.2023

Connection to the Clearing EDP of Eurex Clearing AG
Page 3

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th ding- key: Clearing shalltheni diately block-th

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