Ted, 11:04 AM VIC IRD: Introduction of an U1G IKD Cilent Activation Program

c) Payment of the OTC IRD incentive reward

The individually achieved incentive reward of up to EUR 50,000 will be paid out
in full as one-off payment via bank transfer to the Disclosed Client in
January 2024.

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:

@ Overview: OTC IRD Client Activation Program 2023

Further information

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

Target Front Office/Trading, Middle + Backoffice, IT/System
groups: Administration, Auditing/Security Coordination
Contact: FixedIncome.Sales@eurex.com
Web: www.eurex.com/ec-en/
Authorized Matthias Graulich

yy:

Further information

, Attachment to Eurex Clearing circular 080/22

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Ted, 11:04 AM VIC IRD: Introduction of an U1G IKD Cilent Activation Program

For the qualification of the inflation incentive reward, it is required to clear
own OTC ZCIS transactions with a minimum remaining maturity of 2 years at
the time of novation and a cumulated cleared notional volume of EUR 150
million in the period from, and including, 1 January 2023 to, and including,
31 December 2023.

Cleared notional volumes which are reported to Eurex Clearing in the context
of Eurex Clearing’s CCP Switch Incentive Program 2023 are explicitly excluded
from the OTC IRD Client Activation Program 2023 and do not count towards
the volume thresholds defined for Milestone 2.

Milestone 3: For the qualification of the swap incentive reward, the initial
margin requirement relating to the own OTC Interest Rate Derivatives of the
Disclosed Client must at least be equal to EUR 50 million (or equivalent in any
other Clearing Currency) on any of the following dates 31 October 2023, 30
November 2023 or 30 December 2023, as determined by Eurex Clearing. There
is no Milestone 3 which needs to be achieved for the inflation incentive
reward.

If the Disclosed Client requested the performance measurement to be limited
to certain own transaction accounts, Eurex Clearing will disregard any other
transactions accounts in its performance determination.

b) Eligible Participants for the OTC IRD Client Activation Program 2023

The OTC IRD Client Activation Program 2023 is only available to Disclosed
Clients that have not been registered for the Discounted OTC IRD GOLD Pack
or Basic Pack or any other rebate scheme offered by Eurex Clearing in relation
to OTC IRD.

Disclosed Clients may register for the OTC IRD Client Activation Program 2023
regardless of whether a Member ID has been assigned to the Disclosed Client
by Eurex Clearing, provided that

(i) if an account manager, fund manager or other authorized representative
has been entered as such in the systems of Eurex Clearing to act for one or
more Disclosed Clients, including without limitation, in case of a so-called fund
manager or account manager set up, the relevant Disclosed Clients may not
register individually and only a single registration for the OTC IRD Client
Activation Program 2023 by the relevant account manager, fund manager or
other authorized representative that has been entered as such in the systems
of Eurex Clearing shall be permitted and

(ii) a single Disclosed Client shall only be permitted to register once for the
OTC IRD Client Activation Program 2023, including where multiple Member IDs
have been assigned to such Disclosed Client or where multiple transaction
accounts have been set up for such Disclosed Client.

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Ted, 11:04 AM VIC IRD: Introduction of an U1G IKD Cilent Activation Program

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

Disclaimer Privacy notice Imprint Eurex Clearing Rules & Regulations Sitemap

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Ted, 11:04 AM VIC IRD: Introduction of an U1G IKD Cilent Activation Program

01 Nov 2022
Eurex Clearing

OTC IRD: Introduction of an OTC IRD
Client Activation Program

Eurex Clearing Circular 080/22 OTC IRD: Introduction of an OTC IRD Client
Activation Program

1. Introduction

Effective today, Eurex Clearing introduces the following Client Activation
Program to support the announcement of the European Commission to
promote clearing of EUR-denominated OTC Interest Rate Derivatives (IRD)
transactions in the EU 27:

OTC IRD Client Activation Program 2023 for Disclosed Direct Clients, FCM
Clients and ISA Direct Clearing Members which enables participating
clients to qualify for an attractive incentive reward of up to EUR

50,000. Registration for the incentive program is free of charge and
possible until 31 March 2023.

Cornerstones of the OTC IRD Client Activation Program 2023:

® This offer is available to Disclosed Direct Clients, FCM Clients and
ISA Direct Clearing Members (collectively referred to as “Disclosed
Clients”), for any limitations please refer to point 3. b) of this circular

¢@ Registration for the OTC IRD Client Activation Program is possible
until 31 March 2023 using the following link to the online
registration form: Registration Form

Each Disclosed Client may only register once for the OTC IRD Client
Activation Program 2023.

@ Participating Disclosed Clients may qualify for a total incentive

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Ted, 11:04 AM VIC IRD: Introduction of an U1G IKD Cilent Activation Program

reward of up to EUR 50,000 which will be paid out directly to the
client if each of the milestones defined by Eurex Clearing are
satisfied until 31 December 2023 by the respective Disclosed
Client (see details below)

@ Registration is free of charge

2. Required action

Disclosed Clients may register for the OTC IRD Client Activation Program 2023
by way of completing the following online registration form. Please proceed
with the following steps:

i. Complete and submit the online registration form for the OTC IRD Client
Activation Program 2023 by no later than 31 March 2023: Registration Form.

Upon registration, you will receive an e-mail by Eurex Clearing to the e-mail
address provided in the online form to confirm your successful registration for
the OTC IRD Client Activation Program 2023 (please note, reception of the
confirmation e-mail may take up to 48 hours).

ii. Provide your payment details for the payout of the incentive reward via the
online registration form, or by e-mail to the

address activation.program2023@eurex.com by no later than

31 December 2023.

If you send your payment details by e-mail, please include company name, Legal
Entity Identifier (LEI) and your Eurex Clearing Member ID (if applicable), so that
the required information can be properly attributed.

iii. Become active and meet the milestones defined in the OTC IRD Client
Activation Program 2023 until 31 December 2023 to qualify for the total incentive
reward of up to EUR 50,000.

3. Details of the initiative
a) Overview of the OTC IRD Client Activation Program 2023

The OTC IRD Client Activation Program 2023 is designed to promote the
clearing of OTC Interest Rate Swap (IRS), Overnight Index Swap (OIS), Basis
Swap and/or Zero Coupon Inflation Swap (ZCIS) transactions relating to
Disclosed Direct Clients, FCM Clients or ISA Direct Clearing Members
(collectively referred to as “Disclosed Clients”). Participating Disclosed Clients
may qualify for a swap incentive reward in the amount of EUR 40,000 as well as

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Ted, 11:04 AM VIC IRD: Introduction of an U1G IKD Cilent Activation Program

an inflation incentive reward in the amount of EUR 10,000 which together
result in a total incentive reward of up to EUR 50,000.

The respective incentive reward will be granted if a participating Disclosed
Client satisfies each of the milestones corresponding to the respective
incentive by no later than 31 December 2023. An overview of the incentive
rewards and corresponding milestones as well as further explanations to the
milestones is provided below:

1) Swap Incentive:

@ Incentive Reward: One-off payment of EUR 40,000

@ Milestone 1 (Cut-Off Date 31 Dec 2023): Participation in Eurex
Clearing’s client survey 2023

@ Milestone 2 (Term: 1 Jan 2023 until 31 Dec 2023): Clearing of IRS, OIS
and Basis Swap transactions with a minimum remaining maturity of 2
years at the time of novation and a cumulated cleared notional volume
of at least EUR 2.5 billion

¢@ Milestone 3 (Observation Dates: 31 Oct 2023, 30 Nov 2023, 30
Dec 2023): Initial margin requirement for OTC IRD of at least EUR 50
million

2) Inflation Incentive:

@ Incentive Reward: One-off payment of EUR 10,000

@ Milestone 1 (Cut-Off Date 31 Dec 2023): Participation in Eurex
Clearing’s client survey 2023

@ Milestone 2 (Term: 1 Jan 2023 until 31 Dec 2023): Clearing of ZCIS
transactions with a minimum remaining maturity of 2 years at the time
of novation and a cumulated cleared notional volume of at least EUR
150 million

Further explanations to the milestones:

Milestone 1: Eurex Clearing plans to issue a product and services related
client survey in 2023. Registered Disclosed Clients need to participate in this
survey (one-time participation is sufficient for both, swap incentive and
inflation incentive rewards) until and including 31 December 2023 to qualify
for an incentive reward. The survey will be provided to the registered
Disclosed Client by e-mail.

Milestone 2: For the qualification of the swap incentive reward, it is required to
clear own OTC IRS, OIS and Basis Swap transactions with a minimum
remaining maturity of 2 years at the time of novation and a cumulated cleared
notional volume of EUR 2.5 billion in the period from, and including, 1

January 2023 to, and including, 31 December 2023.

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