Eurex04e

Clearing Conditions of Eurex Clearing AG
As of 22.05.2023

Page 1

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

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Part 1 General Provisions
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1.3 Internal Accounts

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1.3.5 Adjustment of Opening or Closing Eurex Transactions
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1.3.6 Average Pricing

The Clearing Member may create average prices for multiple Eurex Transactions.

Eurex Transactions executed during the same trading day may be chosen for average
pricing only if each single Eurex Transaction chosen for the creation of average prices
fulfills certain criteria such as same

i) Transaction Account;

(ii)__ Type of futures contract or options contract;

(iii) _side of the Eurex Transaction;

iv) expiration date.

The systems of Eurex Clearing AG may provide for further criteria.

Average prices for multiple Eurex Transactions may be created based on average prices
as calculated by the system of Eurex Clearing AG (“System Calculated Average Price”)
or the Clearing Members own discretion (“Tailor Made Average Price”). Thereby.

(i) the System Calculated Average Price will be rounded to 7 decimal places;

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Chapter II of the Clearing Conditions of Eurex Clearing AG

Transactions Concluded at
Eurex Deutschland

(Eurex Exchange)

As of 22.05.2023

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As of 22.05.2023
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Clearing Conditions of Eurex Clearing AG

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(ii) the Tailor-Made Average Price is calculated by the Clearing Member in its own
discretion, whereas the highest and the lowest price of the multiple Eurex
Transactions which are to be average priced shall define the available price
range for the creation of the Tailor-Made Average Price.

It is the responsibiity of the Clearing Member and its respective Direct Clients and it is the
responsibility of the Direct Clients and its respective Indirect Clients to agree on a bilateral
basis on

(i)__ the creation and use of a System Calculated Average Price or a Tailer Made
Average Price for Eurex Transactions;

(ii) the handling of any residuals that occur due to Eurex Clearing AG’s rounding

convention or due to the creation of Tailor-Made Average Prices by the Clearing
Member.

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4129123, 2:00 PM Average Pricing: Amenaments to the Clearing Conaitions of Eurex Glearing AG

25 Apr 2023
Eurex Clearing

Average Pricing: Amendments to the
Clearing Conditions of Eurex Clearing AG

Eurex Clearing Circular 026/23 Average Pricing: 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 (Clearing Conditions) regarding the following
topic:

Introduction of additional functionality Value Based Average Pricing
with the launch of C7 Release 9.1.

The amendments to the Clearing Conditions will come into effect as of 22 May
2023.

In the “Release Notes”, Eurex Clearing provides a description of the new
functionality that will be introduced with C7 Release 9.1. under the following
path on the dedicated initiative page:

Support > Initiatives & Releases > C7 Releases > C7 Release 9.1 > System
Documentation > Overview and Functionality

2. Required action

Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients, FCM
Clearing Members, vendors and other affected contractual parties should take
the amendments to the Clearing Conditions into consideration.

3. Details of the initiative

With the launch of C7 Release 9.1 on 22 May 2023, Eurex Clearing will
introduce an additional functionality: Value Based Average Pricing. The new

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4129123, 2:00 PM Average Pricing: Amenaments to the Clearing Conaitions of Eurex Glearing AG

functionality is in addition to the existing Average Pricing functionality in C7
and its use is within the discretion of the Clearing Member.

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

© Chapter II Part 1 Number 1.3.6 of the Clearing Conditions

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

Rules & Regs > Eurex Clearing Rules and 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.

Attachment:

@ Amended sections of the Clearing Conditions of Eurex Clearing AG

Further information
Recipients: All Clearing Members, ISA Direct Clearing Members, Disclosed

Direct Clients, FCM Clearing Members of Eurex Clearing, vendors
and other affected contractual parties

Target Front Office/Trading, Middle + Backoffice, IT/System
groups: Administration

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4129123, 2:00 PM Average Pricing: Amenaments to the Clearing Conaitions of Eurex Glearing AG

Related Eurex Clearing Circular 090/22

circular:

Contact: client.services@eurex.com

Web: Support > Initiatives & Releases > C7 Releases > C7 Release 9.1
Authorized Jens Janka

by:

Further information

, Attachment to Eurex Clearing Circular 026/23

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

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