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 Price List of Eurex Clearing AG

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
Related Eurex Clearing Circulars 062/21, 023/23

circulars:

Contact: FixedIncome.Sales@eurex.com

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

Authorized Matthias Graulich

by:

Further information

¥, Attachment to Eurex Clearing Circular 065/23


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Price List of Eurex Clearing AG As of 02.01.2024

Page 2

9.2 Service Fees for Eligible Margin Assets in the Form of Securities
[J

(4) In addition to the foregoing fees, Eurex Clearing will charge Clearing Members with
an additional concentration fee in the amount of 0.10 % p.a., if the ratio of

(y) all cash

(i) booked into any internal margin account of such Clearing Member, other
than

(1)__Internal Omnibus Margin Accounts relating to Disclosed Direct
Clients,

(ll)__ Internal ISA Margin Accounts,

(Ill)_ Internal ISA Direct Margin Accounts, and

(IV) FCM Client Margin Accounts (including any sub-accounts)

a hich ReT ti ther than OTC Derivatives:
be ded-and{it)-int n gi ts-for ISA-Clients-that
ctively-usi ini hi ti that

i ig gHnIAgH
ing-has-b bled-and-OTCIRD-and E Ty si
‘ging:
have-bi -ded-_on-the internal i ts}_and

g D

[1

(x) the sum of the overall margin requirement for the relevant internal margin
accounts (excluding any parts attributable to Supplementary Margin) and the
Contribution Requirement

is below 40% (the ratio the “Cash Ratio”).

In any case, the additional concentration fee shall not apply to Securities recorded in
the internal margin accounts whose delivery is not required to cover the respective
margin requirements by or on behalf of such Clearing Member. The Cash Ratio is
subject to change depending on the liquidity situation of Eurex Clearing AG and the
regulatory obligations Eurex Clearing AG has to fulfill. Eurex Clearing AG reserves
the right to adjust the Cash Ratio to consider changes in the liquidity status or
changes to regulatory requirements in accordance with the provisions under Chapter
| Part 1 Number 3.2.4 of the Clearing Conditions.

The additional concentration fee is charged for all Securities

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If the 40 percent threshold on an aggregate level is not fulfilled, the
Concentration Fee of 10 basis points per annum will be charged on the
security collateral that is needed to cover the margin requirement on that day.
Additional securities collateral leading to an overcollateralization will not be
affected and will not be considered in the calculation. Eurex Clearing provides
a new daily client report with detailed information that allows monitoring the
relevant cash ratios and Concentration Fees since the beginning of September
2023. The report will be also enhanced to reflect the scope modifications and is
planned to be available as of 1 December 2023.

The amendments to the Price List will become effective as of 2 January 2024.

The following provision of the Price List will be amended as outlined in the
Attachment:

@ Number 9.2 (4)

C. Activation of the securities collateral concentration add-on fee as of 2
January 2024

Against the background of changing market conditions, Eurex Clearing
observes that overall margin requirements are reducing and a further trend of
Clearing Members posting more securities collateral and at the same time
reducing the cash balances held. To ensure continued regulatory compliance
and a balanced mix of cash and securities collateral, Eurex Clearing will
activate the Concentration Fee and start charging the Concentration Fee with
effect as of 2 January 2024.

As of the effective date, the full version of the amended Price List 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 > 3. Price List

The amendments to the legal framework of Eurex Clearing published by this
circular are deemed accepted by each affected contractual party of Eurex
Clearing, unless the respective contractual party objects by written notice to
Eurex Clearing 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 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 comments to any amendments of the legal framework of Eurex
Clearing within the first 10 Business Days after the publication of the
amendments. Eurex Clearing shall assess whether these comments prevent
the published amendments from becoming effective taking into account the
interests of Eurex Clearing and all contractual parties.


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Eurex08e

Price List of Eurex Clearing AG As of 02.01.2024

Page 3

(i)__booked to any Internal Proprietary Margin Account_and any; Internal Omnibus.
Margin Account relating to a NOSA UDC Transaction Accounts Group of such
Clearing Member and/or

(ii)__delivered as Contributions to the Default Fund by or on behalf of such Clearing
Member that are needed to cover the relevant margin requirements.

492-23 (100)_h_v1
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10 Oct 2023
Eurex Clearing

A. Amendments to the
benchmark for interest rate
calculation on cash margin in
EUR and CHF; B.
Amendments to the Price List
reg. securities collateral
concentration add-on fee; C.
Activation of securities
collateral concentration add-
on fee as of 2 January 2024

Eurex Clearing Circular 065/23 A. Amendments to the benchmark for
interest rate calculation on cash margin in EUR and CHF; B. Amendments
to the Price List reg. securities collateral concentration add-on fee; C.
Activation of securities collateral concentration add-on fee as of 2 January
2024

1. Introduction

This circular contains information with respect to the service offering of Eurex
Clearing AG (Eurex Clearing) regarding the following topics:

@ A. Amendments to the benchmark for interest rate calculation on cash
margin in EUR and CHF


Price List of Eurex Clearing AG

Eurex08e
As of 02.01.2024
Page 1

AMENDMENTS ARE MARKED AS FOLLOWS:
INSERTIONS ARE UNDERLINED;

DELETIONS ARE CROSSED OUT

Preamble
On the basis of

(1)_the Clearing Agreements concluded with the Clearing Members and the respective
current version of the Clearing Conditions of Eurex Clearing AG (hereinafter referred
to as “Clearing Conditions”), and

(2) the FCM Clearing Agreement concluded with the FCM Clearing Member and the
respective current version of the FCM Regulations of Eurex Clearing AG.

the Price List of Eurex Clearing AG (“Price List”) sets forth the fees individually
assessed by Eurex Clearing AG (“Eurex Clearing”) for the matters set forth below and
provided for in aforementioned conditions.

Basic Principles

The English-versien-ofthe-Price List in effect at the respective time is an integral part
of the Clearing Conditions. Capitalised terms used, but not defined in this Price List
shall have the meaning ascribed to them in the Clearing Conditions, or, if applicable, in
the FCM Regulations. However, any reference to a “Clearing Member’ in this Price List
shall also include FCM Clearing Members and ISA Direct Clearing Members, if not
explicitly stated otherwise. _In such case, the Price List shall apply accordingly to FCM
Clearing Members and ISA Direct Clearing Members.

Service Fees for Eligible Margin Assets, Default Fund Contributions and Funds
provided for the Fulfilment of Own Funds or equivalent Regulatory Capital
Requirements

Ll

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@ B. Amendments to the Price List of Eurex Clearing AG (Price List)
regarding the securities collateral concentration add-on fee

@ C. Activation of the securities collateral concentration add-on fee as of 2
January 2024

The amendments for topic A. will come into effect as of 1 December 2023.

The amendments for topics B. and C. will come into effect as of 2 January
2024.

2. Required action
There is no required action.
3. Details of the initiative

A. Amendments to the benchmark for interest rate calculation on cash
margin in EUR and CHF

Eurex Clearing will change the benchmark for

@ cash margin in EUR from STOXX GC Pooling ON Index to ECB Deposit
Rate minus an adjustment factor of 10 bps and

@ for cash margin in CHF from SARON to SNB Policy Rate minus an
adjustment factor of 50 bps

with effect as of 1 December 2023.

With the benchmark change, Eurex Clearing will provide more stable
benchmark rates without high volatility effects, more transparency to its
Clearing Members and allows a higher level of predictability for the interest on
cash margin. Further, the move to deposit rate minus adjustment factor
addresses year end effects as seen in the market rates in the past. The
adjustment factor will mitigate additional costs resulting from changes in the
overall market conditions and regulatory requirements such as the changed
interest rate applied on minimum reserve by the European Central Bank.

Eurex Clearing is one of the very few global CCPs to also have guaranteed
access to the central bank account in EUR and CHF which allows Eurex Clearing
to offer such benchmark rates.

The applicable interest rates Eurex Clearing applies with respect to cash
margin are, in principle, based on a predefined benchmark rate per currency
as shown in the table below:


Currency Benchmark per currency Benchmark per currency

{today) {as of 1 December 2023)
EUR STOXX GC Pooling EUR ON Index ECB Deposit Rate — 10 bps”
CHF SARON® SNB Policy Rate — 50 bps?
GBP SONIA SONIA

usD Effective Fed Funds Rate Effective Fed Funds Rate
USD type of money "TERM" Effective Fed Funds Rate Effective Fed Funds Rate
JPY TONAR TONAR

' Effective since 28 September 2022 and until further notice, Eurex Clearing calculates customer interest rates
on the basis of interest earned through the placement of funds instead of predefined benchmark rates.

* Adjustment due to market conditions and regulatory requirements. B.

Amendments
to the Price List regarding the securities collateral concentration add-on
fee

Eurex Clearing will enhance the securities collateral concentration add-on fee
(“Concentration Fee”) to further simplify the approach and to meet its client
needs as outlined in detail below. The current scheme excludes all (i) client
collateral pools only relating to OTC Interest Rate Derivatives Transactions and
NDF Transactions, (ii) individual segregated client collateral pools that are
actively using cross-margining and (iii) ISA Direct Clearing Members. Eurex
Clearing will amend the Concentration Fee scheme to exclude all segregated
client pools independent of their active market; meaning all pure GOSA
Omnibus pools (includes only GOSA-segregated accounts) and all individual
segregated client pools. Therefore, based on the new scheme, Eurex Clearing
will exclude all

(i) Internal Omnibus Margin Accounts relating to Disclosed Direct Clients
(GOSA-segregated accounts),

(ii) Internal ISA Margin Accounts (individual segregated accounts),

(iii) Internal ISA Direct Margin Accounts, and

(iv) FCM Client Margin Accounts

from the calculation of the required cash ratio for the Concentration Fee.

The Concentration Fee, which relates to the cash ratio, and which was
introduced with Eurex Clearing Circular 062/21 and amended with Eurex
Clearing Circular 023/23, shall be determined as follows:

The 40 percent cash threshold shall apply to all collateral pools (excluding the
collateral pools enumerated above) on an aggregated level.

The cash ratio is calculated on Clearing Member level on a daily basis and is
determined as the ratio of the actually delivered cash margin and the
applicable margin requirements on all standard collateral pools, omnibus
collateral pools (including at least one net omnibus segregated pool) and the
Default Fund Contribution pools. Supplementary Margin is not considered in
the calculation.