Eurex Clearing AG 

Mergenthalerallee 61 

65760 Eschborn 

Mailing address: 

60485 Frankfurt/Main 

Internet: 

www.eurexclearing.com

Chairman of the 

Supervisory Board: 

Hugo Bänziger 

Executive Board: 

Erik Tim Müller (CEO), 

Heike Eckert (Deputy CEO), 

Matthias Graulich, 

Thomas Laux, 

Manfred Matusza 

Aktiengesellschaft mit

Sitz in Frankfurt/Main 

HRB Nr. 44828 

USt-IdNr. DE194821553 

Amtsgericht

Frankfurt/Main 

 

Summary 

This circular contains information with respect to Eurex Clearing’s service 

offering and corresponding amendments to the Clearing Conditions of 

Eurex Clearing AG (Clearing Conditions) and other related documents 

regarding the following topics: 

1. Amendments to the Multiple Clearing Relationship (MCR) 

Framework for Eurex Deutschland and Eurex Zürich as well as 

Frankfurter Wertpapierbörse 

2. Streamlining of the Outsourcing Framework 

3. Update of the General Terms and Conditions to the Agreement on 

Technical Connection to the Clearing EDP of Eurex Clearing AG 

The amendments described under topics 1. and 2. will come into effect on 

3 April 2018, the amendments described under topic 3. will come into 

effect on 9 April 2018. 

The amended sections of the Clearing Conditions of Eurex Clearing and 

the General Terms and Conditions to the Agreement on Technical 

Connection to the Clearing EDP of Eurex Clearing AG (GTC to the 

Connection Agreement), as decided by the Executive Board of Eurex 

Clearing AG, are attached to this circular. 

Attachments: 

· Updated sections of the Clearing Conditions 

· GTC to the Connection Agreement 

Date: 23 February 2018 

Recipients: All Clearing Members, 

Non-Clearing Members, Basic Clearing 

Members, OTC IRS FCM Clients and 

Registered Customers of Eurex 

Clearing AG and Vendors 

Authorized by:

Heike Eckert 

Target group: 

All departments 

Contact: 

Your Group Client Key Account 

Manager Clearing, clearing.servicesadmission@eurexclearing.com

Amendments to the Clearing Conditions and other 

related documents of Eurex Clearing AG 

Eurex Clearing Circular 023/18 
Eurex Clearing Circular 023/18 Page 2 of 3 

Amendments to the Clearing Conditions and other related documents 

of Eurex Clearing AG 

1. Amendments to the Multiple Clearing Relationship (MCR) Framework for Eurex Deutschland 

and Eurex Zürich as well as Frankfurter Wertpapierbörse 

In order to respond to customer demand, Eurex Clearing will broaden the scope of the Multiple Clearing 

Relationship Framework. Clearing Members will be allowed to use other Clearing Members for the clearing of parts 

of their business and without limitation to products they do not clear themselves. This rule will be valid for the 

clearing of transactions conducted on Eurex Deutschland and Eurex Zürich as well as Frankfurter Wertpapierbörse. 

To implement the changes, the following provisions of the Clearing Conditions will be amended or added, 

respectively, as outlined in Attachments1 and 2: 

· Chapter II Part 1 Number 1.9.3 

· Chapter V Part 1 Number 1.4 (new) 

2. Streamlining of the Outsourcing Framework 

The current framework for outsourcing of clearing-related functions for Clearing Members and Non-Clearing 

Members in the Clearing Conditions has been implemented in 2012. To improve customer service and reduce the 

administrative effort for Clearing Members and Non-Clearing Members, the relevant provisions of the Clearing 

Conditions were streamlined as most of the requirements set out in the current Clearing Conditions just mirror the 

statutory requirements for outsourcing stipulated by the national outsourcing laws applicable to the relevant 

Clearing Member or Non-Clearing Member. In addition, Eurex Clearing also adjusted the relevant outsourcing 

forms required by Eurex Clearing from the Clearing Member or Non-Clearing Member in case of an outsourcing. 

To implement the changes, the following provisions of the Clearing Conditions will be amended as outlined in 

Attachment 3: 

· Chapter I Part 1 Number 15.2 

3. Update of the General Terms and Conditions to the Agreement on Technical Connection 

to the Clearing EDP of Eurex Clearing AG 

The General Terms and Conditions to the Agreement on Technical Connection to the Clearing EDP of Eurex 

Clearing AG (GTC to the Connection Agreement) are amended to reflect the following items: 

· Reduced functional scope of the Eurex Clearing GUI @X-tract 

· Enhanced functional scope of C7 Derivatives Clearing GUI 

· Discontinuation of the operational trading activities of Eurex Zürich 

· Termination of Eurex Bonds business operations 

· Introduction of OTC FX transactions and OTC XCCY transactions; clarification of the term 

“EurexOTC Clear products“ 

· Removal of the Net Omnibus Clearing Model 

To implement the changes, the following provisions of the GTC to the Connection Agreement will be amended as 

outlined in Attachment 4. 
Eurex Clearing Circular 023/18 Page 3 of 3 

The relevant amendments to the Clearing Conditions (topics 1. and 2.) will become effective on 3 April 2018. As of 

the effective date, the full version of the amended Clearing Conditions will be available for download on the Eurex 

Clearing website www.eurexclearing.com under the following link: 

Resources > Rules and Regulations > Clearing Conditions

Pursuant to Chapter I Part 1 Number 17.2.2 and Number 17.2.6 of the Clearing Conditions, each change and 

amendment of the Clearing Conditions published by this circular to Clearing Members, Non-Clearing Members, 

Registered Customers, OTC IRS FCM Clients and Basic Clearing Members affected by such change or amendment (Affected Customers) at least fifteen (15) Business Days prior to the effective date indicated herein, is 

deemed accepted by each Affected Customer, unless it objects by written notice to Eurex Clearing AG within such 

notification period. The right of Eurex Clearing AG to terminate the Clearing Agreement pursuant to Chapter I Part 1 

Number 7.2.1 Paragraph (4) of the Clearing Conditions shall remain unaffected. 

The relevant amendments to the GTC to the Connection Agreement (topic 3.) will become effective on 9 April 2018. 

As of the effective date, the full version of the amended GTC to the Connection Agreement will be available for 

download on the Eurex Clearing website under the following link:

Resources > Rules and Regulations 

Pursuant to Segment A § 15 of the GTC to the Connection Agreement, the changes and amendments to the GTC 

to the Connection Agreement communicated with this circular are deemed to have been accepted by each Clearing 

Member, Non-Clearing Member and each Registered Customer unless they object in writing to Eurex Clearing AG 

within six (6) weeks prior to the actual effective date of such change and amendment of the General Terms and 

Conditions to the Connection Agreement. 

23 February 2018 

If you have any questions or need further information please contact your Group Client Key Account Manager 

Clearing or send an e-mail to: clearing.services-admission@eurexclearing.com. 
Attachment 1 to Eurex Clearing circular 023/18

Chapter II of the Clearing Conditions of Eurex Clearing AG 

Transactions Concluded at 

Eurex Deutschland and Eurex Zürich 

(Eurex Exchanges) 

As of 03.04.2018 
Attachment 1 to Eurex Clearing circular 023/18 Eurex04e 

Clearing Conditions of Eurex Clearing AG As of 03.04.2018 

Page 2 

 

********************************************************************************** 

AMENDMENTS ARE MARKED AS FOLLOWS: 

INSERTIONS ARE UNDERLINED, 

DELETIONS ARE CROSSED OUT. 

********************************************************************************** 

Part 1 General Provisions 

[...] 

[...] 

1.9 Multiple Clearing Relationships 

[...] 

1.9.3 Clearing Members acting as Non-Clearing Members 

A Clearing Member may enter into Clearing Agreements as a Non-Clearing Member with 

one or two other Clearing Members in respect of Eurex Transactions (as defined in 

Chapter I Part 1 Number 1.1.2) not cleared by itself. If Eurex Transactions of a Clearing 

Member, acting as a Non-Clearing-Member, are cleared by another Clearing Member, In 

this case the rules applicable to Non-Clearing Members shall apply accordingly. 

[...] 

************ 
Attachment 2 to Eurex Clearing circular 023/18 

Chapter V of the Clearing Conditions of Eurex Clearing AG 

Transactions Concluded at the 

Frankfurter Wertpapierbörse 

As of 03.04.2018 
Attachment 2 to Eurex Clearing circular 023/18 Eurex04e 

Clearing Conditions of Eurex Clearing AG As of 03.04.2018 

Page 2 

 

********************************************************************************** 

AMENDMENTS ARE MARKED AS FOLLOWS: 

INSERTIONS ARE UNDERLINED, 

DELETIONS ARE CROSSED OUT. 

********************************************************************************** 

Part 1 General Provisions 

[...] 

[...] 

1.3 Clearing of OTC Transactions 

Eurex Clearing AG executes, besides the Clearing of FWB Transactions, the Clearing of 

OTC Transactions in securities and rights pursuant to this Chapter V, provided that such 

OTC Transactions are transmitted for Clearing to Eurex Clearing AG via the electronic 

trade system of the FWB or via a financial service provider or credit institution active at 

the FWB. In this respect, the provisions in Chapter I, this Part 1 and Part 2 apply mutatis 

mutandis. 

1.4 Clearing Members acting as Non-Clearing Members 

A Clearing Member may enter into Clearing Agreements as a Non-Clearing Member with 

one or two other Clearing Members in respect of FWB Transactions (as defined in 

Chapter I Part 1 Number 1.1.2 Paragraph (4)). If FWB Transactions of a Clearing 

Member, acting as a Non-Clearing-Member, are cleared by another Clearing Member, 

the rules applicable to Non-Clearing Members shall apply accordingly. 

[...] 

************* 
Attachment 3 to Eurex Clearing circular 023/18

Chapter I of the Clearing Conditions of Eurex Clearing AG 

General Provisions 

As of 03.04.2018 

 
Attachment 3 to Eurex Clearing circular 023/18 Eurex04e 

Clearing Conditions of Eurex Clearing AG As of 03.04.2018 

Page 2 

 

********************************************************************************** 

AMENDMENTS ARE MARKED AS FOLLOWS: 

INSERTIONS ARE UNDERLINED, 

DELETIONS ARE CROSSED OUT. 

********************************************************************************** 

[...] 

Part 1 General Clearing Provisions 

[...] 

15.2 Fulfilment and partial outsourcing of Clearing-related functions 

15.2.1 Subject to Numbers 15.2.2 to 15.2.12, each Clearing Member and Non-Clearing Member, 

subject to the U.S. Clearing Model Provisions, each FCM-Client and, subject to the Basic 

Clearing Member Provisions, each Clearing Agent and each Basic Clearing Member has 

to perform itself and on its own responsibility all functions incumbent on it in the context of 

the Clearing. References in Numbers 15.2.2 to 15.2.12 to a Clearing Member shall 

include, where applicable, a Clearing Member in its capacity as a Clearing Agent. 

15.2.2 A Clearing Member, or a Non-Clearing Member, or a Basic Clearing Member 

(“Outsourcer”) may outsource the Clearing, risk management or back-office functions 

(“Outsourced Functions”) to be performed by it in whole or in part to another entity 

Clearing Member, Non-Clearing Member or third party (each an “Insourcer” and each 

outsourcing Clearing Member or Non-Clearing Member an “Outsourcer”) by way of an 

outsourcing arrangement between the Outsourcer and the Insourcer (“Outsourcing”). 

The Insourcer Outsourcing may outsource the Outsourced Functions which are 

outsourced to him (“Sub-Outsourcing”) to another Insourcer also comprise the further 

Outsourcing of Outsourced Functions by the Insourcer (“Sub-Outsourcer”) to another 

Insourcer (“Sub-Outsourcing”) with the prior approval of the relevant Outsourcer. The 

following requirements for to Outsourcing shall apply accordingly to any Sub-Outsourcing. 

15.2.3 The Outsourcer remains fully responsible towards Eurex Clearing AG for the orderly 

conduct of the Outsourced Functions. 

15.2.43 Any Outsourcing shall fulfil the following requirements: 

(1) tThe Outsourcing is in compliance with the laws and regulations applicable to the 

Outsourcer as well as to the Insourcer and the relevant Clearing Agreement.; 

(2) The Outsourcer ensures the performance of the Outsourced Functions by the 

Insourcer and that the fulfillment of its obligations arising from the Clearing 

Conditions is not affected by the Outsourcing. 
Attachment 3 to Eurex Clearing circular 023/18 Eurex04e 

Clearing Conditions of Eurex Clearing AG As of 03.04.2018 

Page 3 

 

(3) Aas a result of the Outsourcing, Eurex Clearing AG will not be required to obtain any 

additional license or authorisation unless Eurex Clearing AG in its free discretion 

decides to apply for such license or authorisation.; 

(3) the orderly conduct of the Outsourced Functions is ensured; in this respect, the 

Outsourcer is required to: 

(a) contractually oblige the Insourcer to (i) appoint a qualified employee in the back 

office pursuant to Number 2.1.2 Paragraph (5) (c), applied mutatis mutandis

(this shall only apply if the Outsourcer itself is required to comply with such 

requirement and shall not apply if the Insourcer is a Clearing Member or a Basic 

Clearing Member which is already required to comply with such requirement 

vis-à-vis Eurex Clearing AG directly or if the Outsourcer has a qualified clearing 

staff member), (ii) keep customer-related data (i.e. data relating to the 

Outsourcer’s customers) confidential and to implement adequate technical and 

organisational measures to adequately protect such customer-related data, and 

to (iii) only use such customer-related data for the purposes of fulfilling the 

Outsourced Functions; 

(b) establish and maintain throughout the term of the Outsourcing appropriate 

procedures documented in writing for supervising the performance of the 

Outsourced Functions by the Insourcer; in this respect, the Outsourcer is 

required to (i) ensure access at any time to the Outsourced Functions (except in 

the case of an Outsourcing by a Non-Clearing Member to its Clearing Member 

and an Outsourcing by a Basic Clearing Member to its Clearing Agent), (ii) 

monitor the Insourcer's capability to perform the Outsourced Functions on an 

ongoing basis, (iii) establish guidelines for each Outsourced Function that the 

Insourcer must follow in performing such Outsourced Function, and (iv) conduct 

audits at the Insourcer on a regular basis either by (a) checking, or by 

authorising an independent auditor to check, the documents and processes 

related to the Outsourced Functions in the business premises of the Insourcer, 

or by (b) obliging the Insourcer to certify and document the orderly performance 

of the Outsourced Functions in accordance with the guidelines for each 

Outsourced Function and the principles for Outsourcing set out in this 

Number 15.2.3; 

(c) ensure that the limitations on self-contracting pursuant to Section 181 of the 

German Civil Code (Bürgerliches Gesetzbuch - “BGB”) or similar provisions in 

other applicable laws are complied with in respect of the Outsourced Functions, 

in particular with respect to the establishment of Transactions; 

(d) in the case of a direct technical connection of the Insourcer to the systems of 

Eurex Clearing AG, procure that all consents and authorisations that are 

necessary for the transfer of personal data from Eurex Clearing AG to the 

Insourcer and for any other processing or use of personal data, in connection 

with the Outsourced Functions are in place; and 

(4) In case of an Outsourcing by a Non-Clearing Member to an entity other than its 

Clearing Member, the Clearing Member has consented to the Outsourcing. In case 
Attachment 3 to Eurex Clearing circular 023/18 Eurex04e 

Clearing Conditions of Eurex Clearing AG As of 03.04.2018 

Page 4 

 

of an Outsourcing by a Basic Clearing Member to an entity other than its Clearing 

Agent, the Clearing Agent has consented to the Outsourcing. 

(5) The Outsourcer has to fulfil any further prerequisites as may be determined by Eurex 

Clearing AG in its reasonable discretion and published in accordance with 

Number 16.1. 

(e6) The Outsourcer submits to Eurex Clearing AG prior to the commencement of the 

Outsourcing to provide to Eurex Clearing AG the following information in a format 

determined provided by Eurex Clearing AG which can be downloaded from the 

website of Eurex Clearing AG ("Outsourcing Notice"): 

(i) a list of the Outsourced Functions, 

(ii) the name and registered office of the Insourcer, 

(iii) a confirmation that the Insourcer has adequate resources and expertise for the 

performance of the Outsourced Functions, (iv) the date on which the 

Outsourcing shall begin ("Outsourcing Begin") and the envisaged term of the 

Outsourcing, 

(viii) athe contact persons at the Outsourcer and the Insourcer in relation to the 

Outsourced Functions , including in each case at least one contact person to 

escalate any issues in respect of the Outsourced Functions who shall be 

available without interruptions during regular business hours. and has sufficient 

German or English language skills, and (vi) any other information as may 

reasonably be requested by Eurex Clearing AG for the purposes of assessing 

the envisaged Outsourcing; 

(4) in the case of an Outsourcing (i) by a Non-Clearing Member to an entity other than 

its Clearing Member, the Clearing Member and (ii) by a Basic Clearing Member to an 

entity other than its Clearing Agent, the Clearing Agent has consented to the 

Outsourcing; and 

(5) such further prerequisites as may be determined by Eurex Clearing AG in its 

reasonable discretion and published in accordance with Number 16.1. 

(7) The Outsourcer has to provide to Eurex Clearing AG any other information as may 

reasonably be requested by Eurex Clearing AG for the purposes of assessing the 

envisaged Outsourcing. 

(8) The Outsourcer contractually oblige the Insourcer to appoint a qualified employee in 

the back office pursuant to Number 2.1.2 Paragraph (5) (c), applied mutatis 

mutandis (this shall only apply if the Outsourcer itself is required to comply with such 

requirement and shall not apply if the Insourcer is a Clearing Member or a Basic 

Clearing Member which is already required to comply with such requirement vis-àvis Eurex Clearing AG directly or if the Outsourcer has a qualified clearing staff 

member). 

(9) The Outsourcer ensures that all requirements under this Number 15.2.4 are fulfilled 

during the complete term of the Outsourcing and shall inform Eurex Clearing AG in 

written form about any changes in this regard. 
Attachment 3 to Eurex Clearing circular 023/18 Eurex04e 

Clearing Conditions of Eurex Clearing AG As of 03.04.2018 

Page 5 

 

15.2.54 An Outsourcing may only be commenced upon fulfilment of the following requirementsif 

(i) : 

(1) the Outsourcer has provided submitted the Outsourcing Notice to Eurex Clearing AG and 

(ii) the information pursuant to Number 15.2.3 Paragraph (3) (e) and confirmed to Eurex 

Clearing AG that the further requirements pursuant to Number 15.2.3 are fulfilled; 

(2) Eurex Clearing AG has confirmed the receipt of the Outsourcing Notice information 

pursuant to Paragraph (1) in writing and specified the date by which the Outsourcing may 

be commenced (the “Outsourcing Date”). 

The confirmation pursuant to Paragraph (2) does not constitute a confirmation by Eurex 

Clearing AG that the requirements pursuant to Number 15.2.3 are fulfilled. Eurex 

Clearing AG may rely on the respective information provided by the Outsourcer and will 

not conduct own investigations in this regard. 

15.2.5 In the case Eurex Clearing AG becomes aware or if a probable cause exists that the 

prerequisites for the Outsourcing set out in Number 15.2.3 are not fulfilled, the 

Outsourcer is obliged to ensure immediate compliance with the prerequisites for the 

Outsourcing or to terminate the Outsourcing upon notification by Eurex Clearing AG. 

15.2.6 Eurex Clearing AG may at any time request from the Outsourcer further information and 

evidence concerning the orderly conduct of Outsourced Functions, in particular (i) any 

Outsourcing agreements, (ii) a confirmation that the Outsourcing is in compliance with 

applicable laws and regulations and the Clearing Conditions, or (iii) a confirmation of the 

competent regulatory authorities that the Outsourcing is in compliance with applicable 

laws and regulations and/or will not require Eurex Clearing AG to obtain any additional 

licenses or authorisations. 

15.2.67 Eurex Clearing AG may at any time and at its own expense check, or authorise an 

independent auditor to check, documents and processes related to the Clearing 

Procedures in the business premises of the Outsourcer and the Insourcer (each of such 

measures a “Compliance Audit”). The Outsourcer shall contractually ensure that Eurex 

Clearing AG is entitled to equally execute these rights vis-à-vis the Insourcer. 

Any Compliance Audit is solely carried out in the interest of Eurex Clearing AG. and not in the interest 

or for the benefit of the Outsourcer or any other person. In particular, a Compliance Audit 

(i) does not constitute advice to the Outsourcer or any other person as to any legal, tax, 

accounting, regulatory or other matters and (ii) does not relieve the Outsourcer from its 

duty to ensure the orderly conduct of the Outsourced Functions pursuant to 

Number 15.2.3, in particular from conducting its own audits of the Insourcer and its 

performance of the Outsourced Functions. Eurex Clearing AG is not obliged to reassess 

the results of any audit or any information provided by the Outsourcer. 

15.2.78 Eurex Clearing AG may at any time exercise a veto right in respect of the Outsourcing if it 

becomes aware of one of the following events or if a probable cause exists of a a: 

(1) violation of applicable provisions of law or the relevant Clearing Agreement by the 

Outsourcing; 
Attachment 3 to Eurex Clearing circular 023/18 Eurex04e 

Clearing Conditions of Eurex Clearing AG As of 03.04.2018 

Page 6 

 

(12) non-compliance by the Outsourcer with the requirements for Outsourcing stipulated 

under Number 15.2.4; 

non-compliance by the Outsourcer or the Insourcer with the requirements set out in 

Number 15.2.3 as regards the orderly provision of the Outsourced Functions (e.g. by 

showing apparent absence of resources in terms of skills, response times and 

technical compatibility); 

(3) violation of security standards by the Insourcer within three (3) years prior to the 

Outsourcing Date or during the term of the Outsourcing which may have an impact 

on the orderly provision of the Outsourced Functions; 

(24) risk of reputational damages for Eurex Clearing AG caused by the Outsourcing 

(e.g. by the relevant Insourcer disclosing confidential information to third parties); or 

(53) concentration risk due to the appointment of the same Insourcer by several 

Outsourcers,. 

15.2.9 Eurex Clearing AG may exercise its veto right with immediate effect (i) prior to the 

Outsourcing Date or (ii) following the Outsourcing Date and if, in Eurex Clearing AG’s 

determination, this e incident pursuant to Number 15.2.8 may have a material adverse 

effect on the Clearing Procedures. Upon exercise of the veto right by Eurex Clearing AG, 

the Outsourcer is obliged to terminate the Outsourcing with immediate effect or at a time 

specified by Eurex Clearing AG and to perform the Outsourced Functions by itself. 

In all other cases, Eurex Clearing AG shall, Bbefore exercising its veto right, Eurex 

Clearing AG may grant the Outsourcer an adequate grace period to remedy the relevant 

issues. During such period, Eurex Clearing AG may partially restrict the Outsourcing 

and/or restrict the access of the Insourcer to its systems in order to ensure the orderly 

functioning of the Clearing Procedures, in particular with respect to the Outsourced 

Functions. 

15.2.10 Upon exercise of the veto right by Eurex Clearing AG, the Outsourcer is obliged to 

terminate the Outsourcing and to re-assume the Outsourced Functions with immediate 

effect or at a time specified by Eurex Clearing AG. Non-compliance with this obligation 

shall constitute a Termination Event pursuant to Number 7.2.1 Paragraph (11). Eurex 

Clearing AG may instead terminate one or more Clearing Licenses (or, in the case of a 

Basic Clearing Member, one or more Basic Clearing Member Clearing Licenses) of the 

Outsourcer. If the Outsourcer is a Non-Clearing Member, Eurex Clearing AG may 

terminate the Clearing Agreement with the outsourcing Non-Clearing Member in 

accordance with Number 12.1 or Number 12.6. 

15.2.811 Eurex Clearing AG’s liability for any damages, losses and expenses caused by an 

inadequate or wrongful exercise of (i) the veto right pursuant to Number 15.2.9 or (ii) the 

right to conduct Compliance Audits pursuant to Number 15.2.7 shall be restricted to wilful 

misconduct (Vorsatz) or gross negligence (grobe Fahrlässigkeit), except for any damages 

incurred as a result of injury to life, body or health caused negligently or intentionally. 

15.2.912 Eurex Clearing AG shall be entitled to transfer to the Insourcer any information and 

customer-related data obtained by Eurex Clearing AG in connection with the Clearing 

Procedures to the extent that such transfer of data is necessary for the orderly conduct of 
Attachment 3 to Eurex Clearing circular 023/18 Eurex04e 

Clearing Conditions of Eurex Clearing AG As of 03.04.2018 

Page 7 

 

the Outsourced Functions. The Outsourcer shall indemnify Eurex Clearing AG for any 

damages claimed by third parties alleging the violation of applicable data protection law 

or any contractual provisions by such transfer. This obligation shall remain in force for a 

period of three (3) years after expiry or termination of the Clearing Agreement between 

the Outsourcer and Eurex Clearing AG. 

[...] 

****************** 
GB Anhang/Attachment 4 zu/to Eurex Clearing circular 023/18

AGB zum Anschlussvertrag/ Stand 09.04.2018

GTC to the Connection Agreement Page 1

Eurex Clearing AG

1

Allgemeine Geschäftsbedingungen zum Vertrag 

über die technische Anbindung an die ClearingEDV der Eurex Clearing AG (AGB zum 

Anschlussvertrag)

General Terms and Conditions to the Agreement 

on Technical Connection to the Clearing EDP of 

Eurex Clearing AG (GTC to the Connection 

Agreement) 

*************************************** 

ÄNDERUNGEN SIND WIE FOLGT KENNTLICH 

GEMACHT: 

ERGÄNZUNGEN SIND UNTERSTRICHEN 

LÖSCHUNGEN SIND DURCHGESTRICHEN 

*************************************** 

*********************************** 

AMENDMENTS ARE MARKED AS FOLLOWS: 

INSERTIONS ARE UNDERLINED, 

DELETIONS ARE CROSSED OUT. 

************************************ 

A – Allgemeine Vorschriften A – General Provisions 

§ 1 Anwendungsbereich und Gliederung § 1 Scope of Application and Structure 

[...] [...] 

(3) Diese Allgemeinen Geschäftsbedingungen finden auch 

dann Anwendung, wenn die Eurex Clearing und ein 

Clearing Mitglied oder die Eurex Clearing, ein ClearingMitglied und ein Nicht-Clearing-Mitglied bzw. Registrierter 

Kunde eine der folgenden Vereinbarungen abgeschlossen 

haben: 

(i) Clearing-Vereinbarung zwischen der Eurex Clearing 

AG und einem Clearing-Mitglied (Anhang 1 zu den 

Clearing-Bedingungen der Eurex Clearing („ClearingBedingungen“)), 

(ii) Clearing-Vereinbarung mit einem Nicht-ClearingMitglied und/oder Registrierten Kunden für das 

Grund-Clearingmodell (Anhang 2 zu den ClearingBedingungen, 

(iii) Clearing-Vereinbarung mit einem Nicht-ClearingMitglied und/oder Registrierten Kunden für das 

Individual-Clearingmodell basierend auf Eurex 

Clearing AG-Dokumentation (Anhang 3 zu den 

Clearing-Bedingungen), 

(iv) Clearing-Vereinbarung mit einem Nicht-ClearingMitglied und/oder Registrierten Kunden für das 

Individual-Clearingmodell basierend auf einer 

Kunden-Clearing-Dokumentation (Anhang 4 zu den 

Clearing-Bedingungen), 

(v) Clearing-Vereinbarung mit einem Net Omnibus 

Nicht-Clearing-Mitglied und/oder einem Net 

Omnibus Registrierten Kunden für das Net 

Omnibus-Clearingmodell (Anhang 5 zu den 

Clearing-Bedingungen), 

(vi) Clearing-Vereinbarung für das Clearing von GC 

Pooling Repo-Transaktionen mit Inhabern einer 

Speziellen Repo-Lizenz (Anhang 6 zu den ClearingBedingungen) 

(vii) Clearing-Vereinbarung für das Clearing von 

Wertpapierdarlehens-Transaktionen von Inhabern 

(3) These terms and conditions shall also apply in cases in 

which Eurex Clearing and a Clearing Member or Eurex 

Clearing, a Clearing Member and a Non-Clearing Member 

and/or Registered Customer have entered into one of the 

following agreements: 

(i) Clearing Agreement between Eurex Clearing AG and 

a Clearing Member (Appendix 1 to the clearing 

conditions of Eurex Clearing (“Clearing 

Conditions”)),

(ii) Clearing Agreement with a Non-Clearing Member 

and/or Registered Customer for the Elementary 

Clearing Model (Appendix 2 to the Clearing 

Conditions), 

(iii) Clearing Agreement with a Non-Clearing Member 

and/or Registered Customer for the Individual 

Clearing Model under Eurex Clearing AG (Appendix 

3 to the Clearing Conditions), 

(iv) Clearing Agreement with a Non-Clearing Member 

and/or Registered Customer for the Individual 

Clearing Model under Client Clearing 

Documentation (Appendix 4 to the Clearing 

Conditions), 

(v) Clearing Agreement with a Net Omnibus NonClearing Member and/or Net Omnibus Registered 

Customer for the Net Omnibus Clearing Model 

(Appendix 5 to the Clearing Conditions), 

(vi) Clearing Agreement for the Clearing of GC Pooling 

Repo Transactions with the Holder of a Specific 

Repo License (Appendix 6 to the Clearing 

Conditions), 

(vii) Clearing Agreement for the Clearing of Securities 

Lending Transactions with the Holder of a Specific 

Lender License (Appendix 7 to the Clearing 

Conditions), or 
GB Anhang/Attachment 4 zu/to Eurex Clearing circular 023/18

AGB zum Anschlussvertrag/ Stand 09.04.2018

GTC to the Connection Agreement Page 2

Eurex Clearing AG

2

einer Speziellen Darlehensgeber-Lizenz (Anhang 7 

zu den Clearing-Bedingungen), oder 

(viii) Clearing-Vereinbarung mit einem Clearing-Agenten 

und einem Basis-Clearing-Mitglied (Anhang 11 zu 

den Clearing-Bedingungen). 

Jeder dieser Vereinbarungen gilt im Folgenden als 

„Clearing-Vereinbarung“. 

[...] 

(viii) Clearing Agreement with a Clearing Agent and a 

Basic Clearing Member (Appendix 11 to the 

Clearing Conditions).

In the following, each of these agreements shall be a 

“Clearing Agreement”. 

[...] 

(4) Diese Allgemeinen Geschäftsbedingungen gliedern sich in 

einen allgemeinen, für alle Kundengruppen gültigen 

Abschnitt (Abschnitt A) und in die folgenden weiteren 

Abschnitte, die Regelungen enthalten, welche nur für 

spezifische Kundengruppen gelten: 

Abschnitt B - Besondere Regelungen für ClearingMitglieder der Eurex-Börsen (Eurex Deutschland 

und Eurex Zürich) 

Abschnitt C - Besondere Regelungen für ClearingMitglieder der Frankfurter Wertpapier Börse, Eurex 

Repo GmbH, Eurex Bonds GmbH, Irish Stock 

Exchange (ISE) sowie Interim-Teilnehmer dieser 

Märkte 

Abschnitt D - Besondere Regelungen für OTC 

Clearing-Mitglieder und OTC Interim-Teilnehmer 

(OTC-Zinsderivat-Transaktionen, OTC-FXTransaktionen und OTC-XCCY-Transaktionen 

(„EurexOTC Clear-Produkte“)) 

Abschnitt E - Besondere Regelungen für Clearing 

Mitglieder, die alle Clearing-Funktionen ausgelagert 

haben, Nicht-Clearing-Mitglieder und InterimTeilnehmer 

Abschnitt F - Besondere Regelungen für ClearingMitglieder, die Wertpapierdarlehens-Transaktionen 

clearen 

Abschnitt G - Besondere Regelungen für BasisClearing-Mitglieder, Nicht-Clearing-Mitglieder, die 

am Individual-Clearingmodell teilnehmen mit 

ausgelagertem Backoffice, Registrierte Kunden, 

Inhaber einer Speziellen Darlehensgeber Lizenz und 

Inhaber einer Speziellen Repo Lizenz 

Abschnitt H - Besondere Regelungen für NichtClearing-Mitglieder, die am Grund-Clearingmodell 

oder am Net Omnibus-Clearingmodell teilnehmen 

mit ausgelagertem Backoffice sowie Dritte 

Abschnitt I- Besondere Regelungen für MultiMember-Service-Betreiber 

(4) The following terms and conditions are structured this 

way: a general segment (segment A) is valid for all groups 

of customers and the following segments contain 

provisions only valid for specific groups of customers: 

Segment B - Special provisions for Clearing 

Members of Eurex Exchanges (Eurex Deutschland 

und Eurex Zürich) 

Segment C - Special provisions for Clearing 

Members of Frankfurt Stock Exchange, Eurex Repo 

GmbH, Eurex Bonds GmbH, Irish Stock Exchange 

(ISE) as well as Interim Participants of such markets 

Segment D - Special provisions for OTC Clearing 

Members and OTC Interim Participants (OTC 

Interest Rate Derivative Transactions, OTC FX 

Transactions and OTC XCCY Transactions 

(“EurexOTC Clear products”)) 

Segment E - Special provisions for Clearing 

Members that outsourced all Clearing Functions, 

Non Clearing Members and Interim Participants 

Segment F - Special provisions for Clearing 

Members clearing Securities Lending Transactions 

Segment G - Special provisions for Basic Clearing 

Members, Non Clearing Members participating in 

the Individual Clearing Model that outsources 

Backoffice Functions, Registered Customers, holder 

of a Specific Lender License and holder of a Specific 

Repo License 

Segment H - Special provisions for Non Clearing 

Members participating in the Elementary Clearing 

Model in the Net Omnibus Clearing Model that 

outsources Backoffice Functions and other parties, 

in particular Settlement Institutes 

Segment I- Special provisions for Multi-MemberService Operators 

[...] [...] 

§ 5 Leistungskatalog: Schnittstellen § 5 Service catalogue: Interfaces 

Die im Folgenden beschriebenen Schnittstellen werden 

durch die Eurex Clearing angeboten und können u.a. über 

die in § 4 aufgeführten Netzwerkkanäle genutzt werden. 

The following interfaces are being offered by Eurex 

Clearing, which can be used among others via the 

network channels listed in § 4. 
GB Anhang/Attachment 4 zu/to Eurex Clearing circular 023/18

AGB zum Anschlussvertrag/ Stand 09.04.2018

GTC to the Connection Agreement Page 3

Eurex Clearing AG

3

(1) Eurex Clearing GUI @X-tract: 

Grafische Benutzeroberfläche, um in der Clearing-EDV auf 

Clearing-Daten zuzugreifen, diese einzugeben und zu 

modifizieren. 

Funktionen: Ermöglicht unter anderem die 

Verwaltung hinterlegter Sicherheiten (Collateral 

Management) und die Verwaltung von BenutzerIDs.die Produktzuweisung und die Nutzung der 

STOP-Button Funktionalität. 

Zugang: Der Zugang ist mittels WebTrading 

(Display-Server-Technologie) möglich und erfolgt 

ausschließlich über einen GUI Channel, über einen 

Internet-basierten Zugang oder über einen GUI 

Channel eines Multi-Member-Service-Betreibers. 

Zur Nutzung des GUIs mittels WebTrading wird ein 

Eurex Clearing GUI @X-tract Zertifikat oder Token 

gemäß Preisverzeichnis benötigt. 

(1) Eurex Clearing GUI @X-tract: 

Graphical user interface to access enter and modify 

clearing data in the Clearing EDP. 

Functions: Among other things, it enables the 

product assignments and the STOP-button 

functionality. collateral management and user-ID 

administration. 

Access by means of WebTrading (display server 

technology) takes place only via a GUI Channel, via 

an internet-based service or via a GUI Channel of a 

Multi-Member-Service Operator. 

To use the GUI by means of WebTrading a Eurex 

Clearing GUI @X-tract certificate or token, in 

accordance with the price list, is required. 

(2) C7 Derivatives Clearing GUI: 

Grafische Benutzeroberfläche, um in der Clearing-EDV auf 

Clearing-Daten zuzugreifen, diese einzugeben und zu 

modifizieren. 

Funktionen: Ermöglicht unter anderem manuelles 

Geschäfts- und Positions-Management für Eurex 

Derivate Produkte auf erweiterten 

Kundenkontensowie die Verwaltung hinterlegter 

Sicherheiten (collateral management). 

Zugang: Der Zugang erfolgt ausschließlich über 

einen GUI Channel, über einen Internet-basierten 

Zugang oder über einen GUI Channel eines MultiMember-Service-Betreibers. 

Zur Nutzung des GUIs wird ein Eurex Clearing GUI 

Account gemäß Preisverzeichnis benötigt. 

(2) C7 Derivatives Clearing GUI: 

Graphical user interface to access enter and modify 

clearing data in the Clearing EDP. 

Functions: Among other things, it enables manual 

trade and position management for Eurex derivatives 

products on additional agent accountsas well as 

collateral management. 

Access: Access takes place only via a GUI Channel, 

via an internet-based service or via a GUI Channel of 

a Multi-Member-Service Operator. 

To use the GUI a Eurex Clearing GUI account, in 

accordance with the price list, is required. 

[...] [...] 

B - Besondere Regelungen für Clearing-Mitglieder der EurexBörsen (Eurex Deutschland und Eurex Zürich) B - Special provisions for Clearing Members of Eurex 

Exchanges (Eurex Deutschland und Eurex Zürich) 

§ 17 Geltungsbereich für Vertragspartner § 17 Applicability in terms of Contractual Parties 

Die besonderen Regelungen im Abschnitt B gelten für 

Clearing-Mitglieder, die über eine Lizenz zum Clearing 

von Derivate Transaktionen an dern Eurex-Börsen (Eurex 

Deutschland und Eurex Zürich) verfügen. 

The special provisions within Segment B are valid for 

Clearing Members who possess a clearing license for the 

clearing of derivatives transactions at the Eurex 

Exchanges (Eurex Deutschland und Eurex Zürich). 

[...] [...] 

§ 19 Mindestanforderungen zum Datenzugriff § 19 Minimum requirements for data access 

Der Vertragspartner ist verpflichtet Zugang zu ClearingDaten über die von Eurex Clearing angebotenen 

Schnittstellen für mindestens die folgenden Funktionen 

sicher zu stellen: 

The Contractual Party shall be obligated to ensure access 

to the Clearing Data via the interfaces offered by Eurex 

Clearing for the following functions: 
GB Anhang/Attachment 4 zu/to Eurex Clearing circular 023/18

AGB zum Anschlussvertrag/ Stand 09.04.2018

GTC to the Connection Agreement Page 4

Eurex Clearing AG

4

Manuelles und automatisiertes Geschäfts- und 

Positions-Management für Eurex Derivative Produkte 

Automatisierter Erhalt von Transaktionsbestätigungen (trade capture reports) für Eurex 

Derivative Produkte 

Verwaltung hinterlegter Sicherheiten (Collateral 

Management) 

Verwaltung von Benutzer IDs 

Brutto-Liefermanagement 

Auswahl und Empfang von Reports 

Zugang zur STOP-Button Funktionalität 

Manual and automated trade and position 

management for Eurex derivatives products 

To automatically receive transaction confirmations 

(trade capture reports) for Eurex derivatives products 

Collateral management 

User-ID administration 

Gross delivery management 

Report selection and receipt of reports 

Stop-button functionality 

[...] [...] 

C - Besondere Regelungen für Clearing-Mitglieder der 

Frankfurter Wertpapier Börse, Eurex Repo GmbH, Eurex 

Bonds GmbH, Irish Stock Exchange (ISE) sowie InterimTeilnehmer dieser Märkte 

C - Special provisions for Clearing Members of Frankfurt Stock 

Exchange, Eurex Repo GmbH, Eurex Bonds GmbH, Irish 

Stock Exchange (ISE) as well as Interim Participants of 

such markets 

§ 21 Geltungsbereich für Vertragspartner § 21 Applicability in terms of Contractual Parties 

Die besonderen Regelungen in Abschnitt C gelten für 

Clearing-Mitglieder, die über eine Clearing Lizenz für die 

Frankfurter Wertpapier Börse, 

Eurex Repo GmbH, 

Eurex Bonds GmbH, 

Irish Stock Exchange (ISE) verfügen sowie 

Interim-Teilnehmer eines oder mehrerer 

der unter (i) bis (iiiv) genannten Märkte (NichtClearing-Mitglieder während der Interim-TeilnahmePhase). 

The special provisions within Segment C are valid for 

Clearing Members who possess a clearing license for 

Frankfurter Wertpapier Börse, 

Eurex Repo GmbH, 

Eurex Bonds GmbH or 

Irish Stock Exchange (ISE) as well as 

Interim Participants of one or more of the 

markets mentioned under (i) to (iiiv) (Non-Clearing 

Members during the Interim Participation). 

[...] [...] 

D - Besondere Regelungen für EurexOTC Clear ClearingMitglieder und EurexOTC Clear Interim-Teilnehmer D - Special provisions for EurexOTC Clear Clearing Members 

and EurexOTC Clear Interim Participants 

§ 25 Geltungsbereich für Vertragspartner § 25 Applicability in terms of Contractual Parties 

Die besonderen Regelungen in Abschnitt D gelten für 

Clearing-Mitglieder, die über eine Lizenz zum Clearing 

von EurexOTC Clear-Produkte-Derivat-Transaktionen 

verfügen sowie für Interim-Teilnehmer für EurexOTCClear-Produkte Derivat-Transaktionen im Sinne der 

Clearing-Bedingungen der Eurex Clearing (Registrierte 

Kunden während der Interim-Teilnahme-Phase). 

The special provisions within Segment D are valid for 

Clearing Members who possess a clearing license for 

EurexOTC Clear productsderivatives transactions as well 

as Interim Participants for EurexOTC Clear products 

derivatives transactions pursuant to the Clearing 

Conditions for Eurex Clearing (Registered Customer during 

the Interim Participation phase). 

[...] [...] 
GB Anhang/Attachment 4 zu/to Eurex Clearing circular 023/18

AGB zum Anschlussvertrag/ Stand 09.04.2018

GTC to the Connection Agreement Page 5

Eurex Clearing AG

5

E - Besondere Regelungen für Clearing Mitglieder, die alle 

Clearing-Funktionen ausgelagert haben, Nicht-ClearingMitglieder und Interim-Teilnehmer 

E - Special provisions for Clearing Members that outsourced 

all Clearing Functions, Non Clearing Members and 

Interim Participants 

§ 29 Geltungsbereich für Vertragspartner § 29 Applicability in terms of Contractual Parties 

Die besonderen Regelungen in Abschnitt E gelten für 

Clearing Mitglieder, die alle Clearing-Funktionen 

ausgelagert haben, 

Nicht-Clearing-Mitglieder, und 

Interim-Teilnehmer (Nicht-ClearingMitglieder und Registrierte Kunden während der 

Interim-Teilnahme-Phase). 

The special provisions within Segment E are valid for 

Clearing Members that outsourced all Clearing 

Functions, 

Non Clearing Members, and 

Interim Participants (Non Clearing Members and 

Registered Customers during the Interim 

Participation phase). 

[...] [...] 

H - Besondere Regelungen für Nicht-Clearing-Mitglieder, die 

am Grund-Clearingmodell oder am Net OmnibusClearingmodell teilnehmen mit ausgelagertem Backoffice 

sowie Dritte, insbesondere Abwicklungsinstitute 

H - Special provisions for Non Clearing Members participating 

in the Elementary Clearing Model or in the Net Omnibus 

Clearing Model that outsources Backoffice Functions and 

other parties, in particular Settlement Institutes 

§ 41 Geltungsbereich für Vertragspartner § 41 Applicability in terms of Contractual Parties 

Die besonderen Regelungen in Abschnitt H gelten für 

Nicht-Clearing-Mitglieder, die am GrundClearingmodell oder am Net OmnibusClearingmodell teilnehmen und sämtliche 

Backoffice-Funktionen gemäß den ClearingBedingungen der Eurex Clearing ausgelagert haben, 

sowie für 

Dritte, insbesondere Abwicklungsinstitute, denen die 

Eurex Clearing eine Netzwerk-Anbindung an die 

Clearing-EDV bereitstellt. 

The special provisions within Segment H are valid for 

Non Clearing Members participating in the 

Elementary Clearing Model or in the Net Omnibus 

Clearing Model that outsources Backoffice Functions 

according the Clearing Conditions for Eurex Clearing 

and 

Third parties, in particular Settlement Institutes for 

which Eurex Clearing provides a network connection 

to the Clearing EDP. 

[...] [...] 

**********