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Chapter V of the Clearing Conditions of Eurex Clearing AG 

Transactions Concluded at the 

Frankfurter Wertpapierbörse 

As of 01.11.2022 
Clearing Conditions of Eurex Clearing AG 

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AMENDMENTS ARE MARKED AS FOLLOWS: 

INSERTIONS ARE UNDERLINED, 

DELETIONS ARE CROSSED OUT. 

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[...] 

Part 2 Clearing of Transactions concluded at the Frankfurter 

Wertpapierbörse (FWB) 

2.1 General Obligations 

[...] 

(7) If the Contractual Settlement Date is a Business Day following Labour Day (1 May) 

and if, with respect to the security to be delivered, a corporate action pursuant to 

Number 2.3 is to be carried out on one of these holidays, all physical deliveries and 

payments shall be performed on the next following Business Day. 

2.2 Failure to Deliver 

2.2.1 Failure to Deliver Securities 

In case of a failure to deliver shares covered by Article 15 of Regulation (EU) 

No. 236/2012 (“Shares”) or other securities (“Other Securities”, and together with 

Shares “Securities”)1 owed under a FWB Transaction, the following provisions apply. 

[...] 

(2) Buy-in by auction, costs of buy-in 

(a) Buy-in according to Auction Terms 

If Eurex Clearing AG conducts an auction to aquire the Securities, such auction 

shall be conducted in accordance with the Auction Terms, to aquire the non1 For subscription rights securitised and held in collective safe custody, the procedure pursuant Paragraph 2 applies. 
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delivered Other Securities, the replacement of the Securities will be performed 

by means of an auction. Eurex Clearing AG will publish for each class of 

Securities a maximum price for the respective auction up to which Eurex 

Clearing AG is ready to accept bids. The maximum price for this auction results 

from the settlement price determined by Eurex Clearing AG for the class of 

Securities in question plus a premium as determined in Number 5 of the Auction 

Terms of Eurex Clearing AG. Any company other than the defaulting Clearing 

Member (“Seller”) which previously concluded a corresponding contract with 

Eurex Clearing AG may participate in such auctions. 

[...] 

(3) Cash Settlement 

[...] 

(b) Cash Settlement Amount 

The cash settlement amount is determined as follows: 

(aa) The highest of 

(i) the settlement price of the respective class of securities as 

determined by Eurex Clearing AG plus a premium of 100 per cent, 

(ii) the selling price and 

(iii) the purchase price of the relevant FWB Transaction will be 

determined. 

[...] 

(6) Contractual Penalty 

[...] 

(b) Other penalties in respect of a non-delivery of Securities 

[...] 

(cc) The penalty is charged in the currency of the Securities. 

[...] 

The relevant contractual penalty may not be asserted if securities are not 

delivered on the first Business Day following Labour Day (1 May) and if, with 

respect to these securities, a corporate action pursuant to Number 2.3 

Paragraph (2) (c) or (e) is to be carried out on one of these holidays. 

If the relevant Settlement Location rewinds the Corporate Action being the basis 

for the relevant dividend or bonus payments, due to whatever reason, Eurex 
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Clearing AG will also rewind any contractual penalties processed in accordance 

with this Paragraph (b) as the legal basis for the contractual basis ceased to 

exist. Eurex Clearing AG will only process the rewinding of the contractual 

penalties until 280 calendar days after the actual payment date of the relevant 

Corporate Action. With respect of the part of the contractual penalty, which has 

been transferred by Eurex Clearing AG to the Clearing Member entitled to the 

delivery, Eurex Clearing AG shall only be obliged to re-transfer such part of the 

contractual penalty, if Eurex Clearing AG was able to retrieve such amount from 

the Clearing Member entitled to the delivery. If Eurex Clearing AG is not able to 

retrieve such amount from the Clearing Member entitled to the delivery, Eurex 

Clearing AG shall assign to the Clearing Member, to which the contractual 

penalty shall be retransferred, with discharging effect any claims Eurex Clearing 

AG may have against the Clearing Member entitled to the delivery. 

[...] 

2.2.3 Non-Delivery of Partial Rights 

If the Clearing Member does not deliver partial rights or partial rights resulting from 

Securities to be delivered in time on the delivery day, Eurex Clearing will, following the 

respective Settlement Cut-Off Time on the last day of the subscription period, or, if this 

point in time occurs earlier, the 20th Business Day after the delivery day, determine a 

cash settlement in relation to the non-delivered partial rights. 

The cash settlement amount is determined on the basis of the price set for the partial 

right by the Settlement Location on the day on which Eurex Clearing AG determines the 

cash settlement. Number 2.2.1 Paragraph (3) (b) and (c) shall(bb) as well as 

Number 2.2.1 Paragraph (3) (c) apply accordingly. 

[...] 

2.3 Corporate Actions 

(1) [...] 

Eurex Clearing AG will not and shall not be obliged to check whether the relevant 

Settlement Location processed the corporate action correctly. 

(2) Handling of FractionsCash Settlement of Fractions and Purchase Attempt 

If – in case of the occurrence of a Corporate Action with respect to securities under a 

pending FWB Transaction – it comes to a fractional processing of securities as the 

minimum settlement unit or settlement unit multiple are not met (“Fractions”), the 

processing of the Fractions shall be performed by the relevant Settlement Location 

in accordance with the applicable rules of the relevant Settlement Location 

(“Settlement Location Fractions Processing”). 

As the result of Settlement Location Fractions Processing, the relevant Settlement 

Location may either 
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(i) perform a cash compensation with respect to the Fractions and settle the 

relevant cash payments to the Clearing Member entitled to the delivery, or 

(ii) not perform a cash compensation with respect to the Fractions. 

Eurex Clearing AG shall not be obliged to check whether the relevant Settlement 

Location Fraction Processing was performed correctly, but Eurex Clearing AG may 

apply the following provisions: 

(a) In addition to the Settlement Location Fraction Processing, Eurex Clearing AG 

shall not be obliged to perform with respect to Fractions any additional cash 

compensation. 

(b) If the relevant Settlement Location Fractions Processing results in a shortfall of 

one or more securities for Eurex Clearing AG, Eurex Clearing AG shall be 

entitled to attempt to purchase such securities from a third-party for a maximum 

purchase price that shall not exceed 120 per cent of the market value of the 

securities on the record date of the relevant Corporate Action as determined by 

Eurex Clearing AG in its reasonable discretion (“Purchase Attempt”). Eurex 

Clearing AG may deviate from this restriction when it deems the deviation in its 

reasonable discretion for necessary. 

If a Purchase Attempt is successful, Eurex Clearing AG delivers the relevant 

securities to the Clearing Member entitled to the delivery. 

If a Purchase Attempt is not successful, Eurex Clearing AG will initiate a cash 

settlement with respect to such securities. Eurex Clearing AG shall transfer a 

cash amount to the Clearing Member entitled to the delivery in the currency of 

the underlying FWB Transaction and equal to the market value of the securities 

on the record date of the relevant Corporate Action as determined by Eurex 

Clearing AG in its reasonable discretion. The delivery obligation of Eurex 

Clearing AG vis-à-vis the Clearing Member entitled to the delivery shall expire 

with debt discharging effect. 

(c) If the relevant Settlement Location Fractions Processing results in a surplus of 

one or more securities for Eurex Clearing AG, Eurex Clearing AG shall be 

entitled to sell such securities to a third-party (“Sale”). 

 

non-minimum/non-multiple unit conform quantities of securities or rights resulting 

from a corporate action processed by the relevant Settlement Location (“Fractions”), 

Eurex Clearing AG shall be entitled to settle a Fraction by payment of a cash amount 

("Cash Settlement"). Eurex Clearing AG shall notify the affected Clearing Members 

about the Cash Settlement without undue delay. 

Uponthe occurrence of the Cash Settlement, the delivery obligations relating 

to the Fractions shall expire with debt-discharging effect and the Clearing Member 

obliged to deliver shall in lieu pay to Eurex Clearing AG and Eurex Clearing AG shall 
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forward to the Clearing Member entitled to receive a cash amount in the currency of 

the underlying FWB Transaction and equal to the market value of the Fractions on 

the record date of the relevant corporate action event (“Record Date”) as 

determined by Eurex Clearing AG in its reasonable discretion and notified to the 

Clearing Members. 

Eurex Clearing AG assesses if a cash settlement shall occur or whether a 

physical delivery with a minimum/multiple conform quantity of securites or rights – in 

accordance with the original delivery obligation - is nevertheless possible subject to 

a prior purchase. If this is the case, Eurex Clearing AG attempts to purchase the 

relevant securities or rights using the cash amount received from the Clearing 

Member obliged to deliver, on the day following the Record Date and – if necessary - 

on the day following that day for a purchase price that may not exceed 120 per cent 

of the market value on the Record Date (“Purchase Attempt”). If a Purchase 

Attempt is successful, Eurex Clearing AG delivers the relevant securities or rights to 

the Clearing Member entitled to receive, if a Purchase Attempt is not successful, a 

cash settlement with respect to the securities or rights occurs, in each case the 

delivery obligations vis-à-vis the Clearing Member entitled to receive expire with debt 

discharging effect. 

If the Clearing Member obliged to deliver has delivered a minimum/multiple 

conform quantity of securites or rights to Eurex Clearing AG despite a cash 

settlement by Eurex Clearing AG relating to such securities or rights in favour of the 

Clearing Member entitled to receive, Eurex Clearing AG shall sell the relevant 

securities or rights and use the proceeds to compensate the cash settlement 

(“Sale”). 

In the event of a non-delivery (as described in Number 2.2) and the 

occurrence of any ,Corporate Action ,the Clearing Member obliged to deliver shall 

cover any losses incurred to Eurex Clearing AG as a result of a Purchase Attempt or 

Sale. 

[...] 

2.5 Transaction Netting 

[...] 

2.5.5 Optimised Transaction Netting 

(1) To allow Transaction Netting across several Transaction Accounts of two or more 

Direct Client Market Participants (“Optimised Transaction Netting”), the Clearing 

Member of such Direct Client Market Participants can submit a request to Eurex 

Clearing AG per Direct Client Market Participant, which shall participate in the 

Optimised Transaction Netting (“Optimised Transaction Netting Request”). 

An Optimised Transaction Netting Request shall always relate to all Transaction 

Accounts relating to the relevant Direct Client Market Participant. 
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(2) Upon the acceptance of an Optimised Transaction Netting Request by Eurex 

Clearing AG with respect to the Transaction Accounts of a Direct Client Market 

Participant, the following provisions shall apply: 

(a) Whenever an order or quote is entered into the trading systems of FWB by the 

relevant Direct Client Market Participant and such order or quote is matched 

with another order or quote, the relevant FWB Transaction concluded between 

Eurex Clearing AG and the relevant Clearing Member of such Direct Client 

Market Participant shall 

(i) constitute an UDC-Related Transaction immediately upon the matching of 

the orders and quotes (each an “Optimised Transaction Netting 

Transaction”) and 

(ii) each Optimised Transaction Netting Transaction shall directly be booked 

into the relevant NOSA UDC Account. 

For the avoidance of doubt, the Optimised Transaction Netting Transactions 

shall not constitute UDC-Related Transactions and shall not be booked into the 

relevant DC Own Account, NOSA Indirect Client Account, GOSA Indirect Client 

Account or ISA Transaction Account. 

(b) All Optimised Transaction Netting Transactions shall form part of the relevant 

Netting Units arising from such NOSA UDC Account. 

(c) After the acceptance of an Optimised Transaction Netting Request by Eurex 

Clearing AG, Eurex Clearing AG will inform the relevant Direct Client Market 

Participant about the legal consequences of the application of Opimized 

Transaction Netting and the reduced level of protection in case of the 

occurrence of a Termination with respect to the Clearing Member of the Direct 

Client Market Participant. 

(d) By submitting the Optimised Transaction Netting Request with respect to a 

specific Transaction Account relating to a Direct Client Market Participant, the 

Clearing Member represents and warrants by way of an independent guarantee 

and irrespective of fault (selbständiges, verschuldensunabhängiges 

Garantieversprechen) to Eurex Clearing AG that the Clearing Member has 

informed such Direct Client Market Participant about the legal consequences of 

the Optimised Transaction Netting, in particular about the reduced level of 

protection in case of the occurrence of a Termination with respect to the 

Clearing Member resulting in (inter alia): 

(i) a reduced level of segregation, as the Optimised Transaction Netting 

Transactions do not form part of a DC Transaction Account Group or ISA 

Standard Agreement upon the application of Optimised Transaction 

Netting; 

(ii) that Eurex Clearing AG will not calculate a separate Difference Claim in 

relation to the relevant Optimised Transaction Netting Transactions, which 
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rather form part of a combined Difference Claim for the entire NOSA UDC 

Account; 

(iii) that a potential Difference Claim in relation to the relevant Optimised 

Transaction Netting Transactions, which is owed by Eurex Clearing AG will 

not be directly returned to the relevant Direct Client Market Participant; 

(iv) that no Eligible Margin Assets actually delivered to Eurex Clearing AG with 

respect to any Optimised Transaction Netting Transaction, which is not 

realised as such by Eurex Clearing AG during the Default Management 

Process, will be directly returned to the Direct Client Market Participant; 

and 

(v) the application of a more complex porting process with respect to the 

Optimised Transaction Netting Transactions. 

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Price List of Eurex Clearing AG 

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Price List of Eurex Clearing AG 

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[...] 

8 Service Fees Eurex Clearing, Eurex Deutschland, Frankfurt Stock Exchange (FWB) 

and Repo Transactions 

[...] 

8.2 Special Service Fees Frankfurter Wertpapierbörse 

[...] 

8.2.6 Service Fee for Optimised Trade Date Netting 

Service: Fee per FWB Trading Participant and month 

Optimised Trade Date Netting EUR 300.00

[...] 

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Chapter IV of the Clearing Conditions of Eurex Clearing AG 

Clearing of Repo Transactions 

As of 01.11.2022 
Clearing Conditions of Eurex Clearing AG 

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Page 1 

Chapter IV 

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AMENDMENTS ARE MARKED AS FOLLOWS: 

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DELETIONS ARE CROSSED OUT. 

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[...] 

Part 2 Clearing of Repo Transactions 

[...] 

2.10 Tax 

[...] 

(6) Before the Clearing Member can begin with the Clearing of Repo Transactions with 

underlying debt securities of the Republic of Italy, the Clearing Member is obliged to 

provide a tax information identifier (“TIN”) to Eurex Clearing AG. If the TIN changes 

due to whatever reason, the Clearing Member shall inform Eurex Clearing AG 

without undue delay about any changes of the TIN and shall provide the new TIN to 

Eurex Clearing AG. 

[...] 

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