EUREX

Schedule 1 —
Pledges relating to ISA Direct Margin
in (non-CmaX and CmaX) Luxembourg Securities Accounts held by the
ISA Direct Clearing Member

1 Defi

ions and Interpretations

14 Definitions
Le]
“Enforcement Event” means

(i) the non-delivery or non-payment of the Relevant Secured Liabilities on the due
date of the relevant delivery or payment obligation; or

(ii) irrespective of, including prior to the occurrence of, any of the events referred to
in (i), the occurrence of an /SA-Direct Fermination Event {SAdHsest
tasolvency_termination-Eventand-an-ISA Direct Clearing Member Termination
Bate-with respect to the ISA Direct Clearing Member.

Appendix 11 to the Clearing Conditions for Eurex Clearing AG (as of 16.10.2022) 41

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EUREX

Appendix 10 to the Clearing Conditions of Eurex Clearing AG:

ISA Direct Clearing Agreement

with a Clearing Agent
and an ISA Direct Clearing Member

As of 16.10.2023

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[be]
OD

About us


EUREX

Schedule 2 -
Pledges relating to ISA Direct Margin
in (non-CmaX and CmaX) Luxembourg Securities Accounts held by the
Third Party Pledge Holder’

ions and Interpretations

14

“Enforcement Event” means

(i) the non-delivery or non-payment of the Relevant Secured Liabilities on the due
date of the relevant delivery or payment obligation; or

(ii) irrespective of, including prior to the occurrence of, any of the events referred to in
(i), the occurrence of an ISA-Direct-Fermination Event-orantSA DirectHrselvency
Fermination Event and-an-ISA Direct Clearing Member Termination Date-with
respect to the ISA Direct Clearing Member.

Appendix 11 to the Clearing Conditions for Eurex Clearing AG (as of 16.10.2022) 41

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EUREX

Appendix 11 to the Clearing Conditions for Eurex Clearing AG:

Pledge Agreement

relating to pledges of Eligible Margin Assets in order to provide ISA
Direct Margin in the form of Securities

As of 16.10.2023

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Eurex04e

Clearing Conditions of Eurex Clearing AG As of 16.10.2023

Page 2
Chapter |
Part 6 Subpart A: General ISA Direct Provisions
2 Admission Criteria; Continuing Obligations
[.]
21 ISA Direct Clearing Member
[.]
2.1.3 Use of multiple Clearing Agents by one and the same ISA Direct Clearing Member

One and the same entity may, in the capacity as an ISA Direct Clearing Member, act
through more than one Clearing Agent. Such entity shall, in respect of each such
Clearing Agent, enter into a separate ISA Direct Clearing Agreement.

2.1.34 Rejection and Termination of ISA Direct Clearing Licenses
[-]

2.1.45 Certain continuing Obligations of ISA Direct Clearing Members
LJ]

7 ISA Direct Margin

L-

7.6 ble Margin Assets in the form of Securities

76.5 Pursuant to the relevant pledge agreement and subject to the provisions set out therein,
each pledge granted by the ISA Direct Clearing Member to Eurex Clearing AG over
Securities which are or will be credited to the relevant ISA Direct Pledged Securities
Account (or the relevant securities account of the Clearing Agent or a Third Party Account
Holder used for purposes of the ISA Direct Provisions) with Clearstream Banking AG,
includes a right of Eurex Clearing AG (that is conditional upon the occurrence of an an

ISA Direct Clearing Member Termination-Event ISA Direct Clearing Memb:

Jasob Be tion Eventand-an ISA Direct Clearing Member_T: tion Date) to
¥ g

appropriate one or more of such Securities (the “Relevant ISA Direct Pledged
Securities”) and to make use of the Relevant ISA Direct Pledged Securities. The
following provisions apply with respect to such appropriation and re-use right:

Lo]

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2.2.4

AMENDMENTS ARE MARKED AS FOLLOWS:
INSERTIONS ARE UNDERLINED;

DELETIONS ARE CROSED OUT

Granting of Pledges

Pledges of Securities in German Securities Accounts

Additional provisions for each of the pledges granted pursuant to Clauses 2.2.1 or
2.2.2

The ISA Direct Clearing Member and Eurex Clearing AG agree that each pledge granted
by the ISA Direct Clearing Member to Eurex Clearing AG in accordance with Clause 2.2.1
and 2.2.2 shall include a right of Eurex Clearing AG to appropriate (and to make use of)
one or more of the securities which, at the time of the exercise of such appropriation right,
are credited to the relevant ISA Direct German Pledged Securities Account, ISA Direct
German Cmax Pledged Securities Account or GC Pooling Re-use ISA Direct Pledged
Securities Account (the “Relevant Pledged Securities”). Such right of Eurex Clearing
AG to appropriate (and to make use of) the Relevant Pledged Securities shall be
conditional upon the occurrence of an SA Direct Termination Event orantsA Direct

lnsob ys tion Event andant$A Direct Clearing Member Termination Date-with
respect to the ISA Direct Clearing Member.

L-

Appendix 11 to the Clearing Conditions for Eurex Clearing AG (as of 16.10.2022) 41

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Clearing Conditions of Eurex Clearing AG

Chapter |

Eurex04e
As of 16.10.2023
Page 1

7.5

Part 6

AMENDMENTS ARE MARKED AS FOLLOWS:
INSERTIONS ARE UNDERLINED;

DELETIONS ARE CROSED OUT

General Clearing Provisions

Termination Rules with respect to the Clearing Member

Default Management Process

(1) Eurex Clearing AG maintains a default management process (“DMP”) to reduce the
risks following a default

(i) by a Clearing Member or an ISA Direct Clearing | Member and the occurrence of

Direct Ch ving Me bert tion Event He eg an ISA Direct Clearing

Member Termination (as defined in Part 6 Subpart A Number 10.5), and, in
each case, the calculation of one or more Difference Claims, as described in
these Clearing Conditions; and

Ll

ISA Direct Provisions

For ISA Direct Clearing Members and their Clearing Agents (other than ISA Direct
Indemnified Clearing Members and Indemnifying Clearing Agents (both as defined in
Subpart B)), the provisions set out in Subpart A (the "General ISA Direct Provisions")

apply.

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Eurex Clearing » Find » Circulars & Readiness Newsflashes >

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13 Sep 2023
Eurex Clearing

Amendments to the Clearing
Conditions of Eurex Clearing AG
regarding ISA Direct provisions

Eurex Clearing Circular 059/23 Amendments to the Clearing
Conditions of Eurex Clearing AG regarding ISA Direct provisions

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 ISA Direct provisions for the following topics:

A. Introduction of multiple Clearing Agent relationships for the General
ISA Direct Provisions

B. Introduction of an Automatic Clearing Agent Default Trigger Event
for the ISA Direct Indemnified Provisions

The amendments will become effective as of 16 October 2023.

2. Required action


Clearing Conditions of Eurex Clearing AG

Eurex04e
As of 16.10.2023

Page 4
Chapter |
As soon as reasonably practicable, Eurex Clearing AG shall publish the occurrence of an
ISA Direct Clearing Member Termination with respect to the ISA Direct Clearing Member
on the Eurex Clearing Website.
[.]
Part 6 Subpart B: ISA Direct Indemnified Provisions

ISA Direct Indemnified Clearing License for ISA Direct Indemnified Clearing
Members

2.6

27

Continuing Obligations of ISA Direct Indemnified Clearing Members

[1

Indemnifying Clearing Agent; Clearing Agent Indemnity; Representations

By entering into the ISA Direct Clearing Agreement and the selection of such option in
Clause 1 of Annex A to the ISA Direct Clearing Agreement, the Indemnifying Clearing
Agent represents and warrants by way of an independent guarantee and irrespective of
fault (selbststandiges, verschuldensunabhangiges Garantieversprechen) to Eurex
Clearing AG that, following an analysis, it has concluded that (i) the granting of the
Clearing Agent Indemnity in favor of Eurex Clearing AG does not trigger any banking
license requirement for the applicant for providing guarantee business (Garantiegeschdaft)
pursuant to the German Banking Act (Kreditwesengesetz) or (ii) it is exempted from such
license requirement or (iii) it meets such license requirement.

If the Indemnifying Clearing Agent and the ISA Direct Indemnified Clearing Member

specified the provisions relating to an “Automatic CA Default Trigger Event’ to be
applicable in Annex A of the ISA Direct Clearing Agreement, then upon the occurrence of
an Automatic CA Default Trigger Event, the ISA Direct Standard Agreement shall
terminate with immediate effect, the Clearing of new ISA Direct Transactions of the ISA
Direct Clearing Member will be suspended, and Chapter | Part 6 Subpart A Number 10.5

and 10.6 apply.

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Clearing Conditions of Eurex Clearing AG

Chapter |

Eurex04e
As of 16.10.2023
Page 3

10

10.3.1

ISA Direct Clearing Member Termination Event

Suspension of Clearing, Termination
[.]
“ISA Direct Clearing Member Termination- Event” means

(a) the occurrence of any of the events set out in Part 1 Number 7.2.1 Paragraphs (1)
to (11) with respect to the ISA Direct Clearing Member, provided that references
therein to the Clearing Member shall be read as references to the ISA Direct
Clearing Member;

(b) the occurrence of any of the events set out in Part 1 Number 7.2.1 Paragraphs (1)
to (11) with respect to the ISA Direct Clearing Member acting as Clearing Member
under any other Standard Agreement entered into between Eurex Clearing AG and
the ISA Direct Clearing Member acting as Clearing Member or ISA Direct Clearing
Member,

Le]

An “ISA Direct Clearing Member Default Information Event” occurs if the Clearing
Agent notifies Eurex Clearing AG that (i) the ISA Direct Clearing Member has-failed-to
perform-is in default of any of its obligations vis-a-vis the Clearing Agent (irrespective of
whether such obligations arise under the ISA Direct Clearing Agreement) that the
Clearing Agent considers material and/or (ii) an event has occurred which entitles the
Clearing Agent to terminate the bilateral agreement between itself and the ISA Direct
Clearing Member. Eurex Clearing AG may rely on, and is not obliged to verify the
contents of, any such notification from the Clearing Agent.

ISA Direct Clearing Member Termination
[-l

(b) in case of the occurrence of an ISA Direct Clearing Member Insolvency Termination
Event, with immediate effect as of the time of the occurrence of such event; oF

(c) incase of the occurrence of an Automatic CA Default Trigger Event subject to and in
accordance with Subpart B Number 2.7, with immediate effect as of the time of the
occurrence of such event; or

d) in all other cases, on the date and time specified in the ISA Direct Clearing Member
Termination Notice

(the relevant date under (a) to (ed) being the “ISA Direct Clearing Member Termination
Date” and the relevant time being the “ISA Direct Termination Time’).

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Chapter | of the Clearing Conditions of Eurex Clearing AG

General Provisions

As of 16.10.2023

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Regulations > 1. Clearing Conditions

Authorized Matthias Graulich
by:

Further information

_, Attachment 1 to Eurex Clearing Circular 059/23
_, Attachment 2 to Eurex Clearing Circular 059/23

_, Attachment 3 to Eurex Clearing Circular 059/23


EUREX

AMENDMENTS ARE MARKED AS FOLLOWS:
INSERTIONS ARE UNDERLINED;

DELETIONS ARE CROSED OUT

AUTHORISED SIGNATURES

to the ISA Direct Clearing Agreement

Annex A to the ISA Direct Clearing Agreement: Applicable Set of ISA Direct
Provisions; Transaction Types included in the Clearing

1 Application of Chapter | Part 6 Subpart A as modified by the special provisions set
forth in Chapter | Part 6 Subpart Subpart-B (ISA Direct Indemnified Provisions)*

Lel

2 Application of Chapter | Part 6 Subpart A only (General ISA Direct Provisions)*
Lo]

3 Automatic CA Default Trigger Event

O_ The provisions relating to an “Automatic CA Default Trigger Event” shall be
applicable such that the occurrence of an Automatic CA Default Trigger Event shall
result in the occurrence of a Termination with respect to the ISA Direct Indemnified
Clearing Member, subject to and in accordance with Number 2.7 of Chapter | Part 6
Subpart B of the Clearing Conditions.

Appendix 10 to the Clearing Conditions for Eurex Clearing AG (as of 16.10.2023) 1/3

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EUREX

AUTHORISED SIGNATURES

to Annex A to the ISA Direct Clearing Agreement

Annex B to the ISA Direct Clearing Agreement: Relevant Funds and Relevant
Fund Segments*

AUTHORISED SIGNATURES

to Annex B to the ISA Direct Clearing Agreement

Appendix 10 to the Clearing Conditions for Eurex Clearing AG (as of 16.10.2023)

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3/3


the relevant ettective 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.

Attachments:

@ 1-Amendments to Chapter I of the Clearing Conditions
@ 2-Amendments to Appendix 10 to the Clearing Conditions
@ 3-Amendments to Appendix 11 to the Clearing Conditions

Further information

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

Target Front Office/Trading, Middle + Back Office, IT/System
groups: Administration, Auditing/Security Coordination
Related Eurex Clearing Circular 025/23

circular:


ve wean

A. Introduction of multiple Clearing Agent relationships for the
General ISA Direct Provisions

The amendments to the Clearing Conditions allow ISA Direct Clearing
Members the clearing of eligible products under the ISA Direct
provision using multiple Clearing Agent relationships.

B. Introduction of an Automatic Clearing Agent Default Trigger
Event for the ISA Direct Indemnified Provisions

Implementation of an option whereby the Clearing Agent and the ISA
Direct Indemnified Clearing Member can elect an additional default
trigger event as an automatic trigger which grants the Clearing Agent in
the ISA Direct Indemnified model a termination right to the related ISA
Direct Indemnified Clearing Member.

To reflect the changes, the following provisions will be amended as
outlined in the Attachments:

@ Chapter I Part 1, Part 6, Part 6 Subpart A and Subpart B of the
Clearing Conditions (Attachment 1)

@ Appendix 10 to the Clearing Conditions - Clearing Agreement
with a Clearing Agent and an ISA Direct Clearing Member
(Attachment 2)

@ Appendix 11 to the Clearing Conditions - Pledge Agreement
(Attachment 3)

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

Rules and Regulations > Eurex Clearing Rules and Regulations > 1.
Clearing Conditions


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Clearing Conditions of Eurex Clearing AG ‘As of 16.10.2023

Page 5

Chapter |

An “Automatic CA Default Trigger Event’ shall occur; if and when all of the following
conditions have been met:

(1) The Indemnifying Clearing Agent and the ISA Direct Indemnified Clearing Member
have specified the provisions relating to an “Automatic CA Default Trigger Event” to
be applicable in Annex A of the ISA Direct Clearing Agreement;

(2) an ISA Direct Clearing Member Default Information Event has occurred with respect
to the ISA Direct Indemnified Clearing Member, and the Indemnifying Clearing Agent
has specified in the notice resulting in the occurrence of the ISA Direct Clearing
Member Default Information Event that such notice shall likewise result in an
Automatic CA Default Trigger Event; and

(3) the chairman of the Executive Board of Eurex Clearing AG, a member of the
Executive Board of Eurex Clearing AG or any other senior personnel of Eurex
Clearing AG that Eurex Clearing AG deems to be appropriate for such purpose has.
following the receipt of the notice by Eurex Clearing AG pursuant to paragraph (2)
above, determined that such notice:

(i)__ is genuine and legally binding for and against the Indemnifying Clearing Agent;

(ii)_has been issued by the Indemnifying Clearing Agent by duly completing the
form provided for such purpose by Eurex Clearing AG; and

(iii)_ has been received through the communication channel prescribed for such
purpose by Eurex Clearing AG.

Eurex Clearing AG may rely on, and is not obliged to verify the contents of, any such
notice from the Indemnifiying Clearing Agent. Eurex Clearing AG shall inform the ISA
Direct Indemnified Clearing Member and the Indemnifying Clearing Agent of the
occurrence of an Automatic CA Default Trigger Event without undue delay.

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The ISA Direct Indemnified Clearing Member acknowledges that if this Number 3 is
selected, the Indemnifying Clearing Agent is in a position to trigger an automatic
termination and close out of all ISA Direct Transactions and Redelivery Claims of the ISA
Direct Indemnified Clearing Member. Eurex Clearing AG may rely on, and is not obliged
to verify the contents of, any notification from the Indemnifying Clearing Agent with
respect to an Automatic CA Default Trigger Event.

Appendix 10 to the Clearing Conditions for Eurex Clearing AG (as of 16.10.2023) 213

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