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3.10

3.10.3

3.12

3.12.3

(4) If any changes are made in the calculation of an index or its composition or
weighting such that the concept of the index or the dividends attributable to it
appears to be no longer comparable with the concept that applied when the Options
Contract was admitted to trading, the management board (Geschéftsftihrung) of the
Eurex Exchange may according to 2.8.1 (6) of the Contract Specifications order the
termination of trading in such contract as of the Business Day prior to the change in
the respective index. Open positions shall be settled in cash upon the termination of
trading. The respective final settlement price shall be relevant.

Clearing of Commodity Index Options Contracts

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Final Settlement Price

The final settlement price of Commodity Index Options Contracts shall be determined by
Eurex Clearing AG at the latest on the final settlement day (Number 2.10.5 of the Eurex
Contract Specifications) of a contract.

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(3) Extraordinary circumstances that entitle Eurex Clearing AG to determine the final
settlement price at its reasonable discretion (billiges Ermessen) pursuant to Part 3
Number 3.1 paragraph (6) shall include, without limitation, circumstances where {A

Lextraorcinar et h in-particular if-due to technical problems,
trading_of the commodity futures combined in the relevant commodity index on the
relevant commodity trading platfrom -is suspended (beyond the final settlement day)
or if, due to other reasons, a price determination in one or more components of the
index does not take place.-& Clearing AG may determine the final sett! t

pec in-anetsetpraceaitee

(4) If the determination of the final settlement price according to Paragraph (1) and (2)
cannot be made until the final settlement day, a subsequent adjustment of the final
settlement price may be made. Such adjustment results in subsequent obligations
to pay. The provisions fo Number 2.1.4 paragraph (1) apply.

Clearing of Options Contracts on FX Futures Contracts

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Final Settlement Price

The final settlement price of an Options Contract on FX Futures Contracts shall be
determined by Eurex Clearing AG on the final settlement day (Number 2.12.5 of the
Eurex Contract Specifications) of the contract on the basis of the daily settlement price of

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Clearing Conditions of Eurex Clearing AG

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2.21.2

2.23

2.23.2

Final Settlement Price
(1) [ed
In case ofa-market disruption-event disrupted market conditions or any other

disruption in orderly exchange trading have occurred or continue to exist on a trading
day, the realized variance according to Number 1.20.7.2.2.1 of the Eurex Contract
Specifications is calculated using

LJ

(2) According to Number 1.20.78, disrupted market conditions for Variance Futures

contracts shall be deemed to have occurred in the following situations: Amarket
disrupti a th ist atleast the foll

i ig

Clearing of Index Total Return Futures Contracts

Extraordinary Handling

An extraordinary event in relation to Index Total Return Futures Contracts means any
occurrence on a Business Day of any atleast yf thi ket disrupti
eventsdisrupted market conditions as specified in Number 1.22.9 of the Eurex Contract
Specifications or distribution recovery events; as specified in-Number+.22.9-1-and
Number 1.22.10 of the Eurex Contract Specifications.

In such extraordinary events, the management board of Eurex Clearing AG may decide
to adjust the daily settlement prices or to apply an adjustment, as specified in

Number 1.22.9.12 and Number 1.22.10 of the Eurex Contract Specifications, which apply
mutatis mutandis. The decisions needs to be aligned with the management board
(Geschaftsftihrung) of the Eurex Exchange.

Clearing of Bond Index Futures Contracts

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Final Settlement Price

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Chapter II of the Clearing Conditions of Eurex Clearing AG

Transactions Concluded at
Eurex Deutschland

(Eurex Exchange)

As of 27.12.2023

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Clearing Conditions of Eurex Clearing AG

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3.13

3.13.2

3.14

3.14.2

the underlying FX Futures Contract on such day. In-extraordinary-cireumstancesin

ticular if trading is int ted-due_to technical prob! ifth tb
gs iP

i PI

Pi
determined-due-to-oth E Clearing AG determine-the-final-sett! t

tit ble-diseretion-(billiges-E) )
OHHGH -

Pp

Clearing of Options Contracts on Volatility Index Futures Contracts

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Option Premium

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(2) Part 3 Number 3.1 ¢4)(8) shall apply on the balance of the final option premiums (net
premium) to be paid by the Clearing Member or Eurex Clearing AG, as applicable,
upon exercise of the option or expiration of the option position, as applicable,
pursuant to Number 2.13.4 of the Eurex Contract Specifications.

Clearing of Options Contracts on Crypto Index Futures Contracts
[J

Option Premium

Ll

(2) Part 3 Number 3.1 ¢4)(8) shall apply on the balance of the final option premiums (net
premium) to be paid by the Clearing Member or Eurex Clearing AG, as applicable,
upon exercise of the option or expiration of the option position, as applicable,
pursuant to Number 2.14.4 of the Eurex Contract Specifications.

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Clearing Conditions of Eurex Clearing AG

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3.3

3.4.3

upon exercise of the option position or expiration of the option position, as
applicable, pursuant to Number 2.2.4 of the Eurex Contract Specifications.

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Clearing of Options Contracts on Fixed Income Futures Contracts

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Option Premium

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(2) Part 3 Number 3.1 €4)(8) shall apply on the balance of the final option premiums (net
premium) to be paid by the Clearing Member or Eurex Clearing AG, as applicable,
upon exercise of the option position or expiration of the option position, as
applicable, pursuant to Number 2.3.4 of the Eurex Contract Specifications.

Clearing of Index Options Contracts

Final Settlement Price

Le]

(4) With respect to the EURO STOXX® 50 Index, EURO STOXX® Select Dividend 30
Index, EURO STOXX 50® ex. Financials Index, STOXX® Europe 50 Index, STOXX®
Europe 600 Index, STOXX® Europe Large 200 Index, STOXX® Europe Mid 200
Index, STOXX® Europe Small 200 Index and EURO STOXX® Sector Index and
STOXX® Europe 600 Sector Index, EURO STOXX® Index, EURO STOXX® Large
Index, EURO STOXX® Mid Index, EURO STOXX® Small Index, STOXX® Europe
Select 50 Index, STOXX® Europe ESG Leaders Select 30 Index, STOXX® Europe
600 ESG-X Index and EURO STOXX® 50 ESG Index Options Contracts, the value of
the respective index is based on the average of the respective STOXX indices
calculations at that day from 11:50 a.m. until 12:00 p.m. CE(S)T. For Options
Contracts on the Euro STOXX® index (Eurex ID: OESX), in case of any trading
interruption in at least one index constituent, which must have had at least one
uninterrupted minute overlap with the time period the calculation of the average of
the EURO STOXX® 50 index takes place, the respective index calculations used for
the calculation of the average will be corrected in a way that only the respective first
tradable price after the interruption will be used for the affected components and
time period. Such a correction will not take place if no tradable price has been
determined until 17:45 CET. Such a correction will also apply in all STOXX® equity
index options which comprise the respective Euro STOXX® 50 index constituent.

(5) With respect to the STOXX® Global Select Dividend 100 Index Options Contracts,
the closing value of the underlying index on the last trading day shall be decisive,

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2.7.2

29

2.9.2

Final Settlement Price

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(3) Extraordinary circumstances that entitle Eurex Clearing AG to determine the final
settlement price at its reasonable discretion (billiges Ermessen) pursuant to Number
2.1.4 paragraph (1) shall include, without limitation, iff three prices in the underlying

security are not effected i in the electronic trading system of the respective reference

Clearing of Index Dividend Futures Contracts
[J

Final Settlement Price

[J

(1) [el

dn-case-of extraordinary Extraordinary circumstances that entitle Eurex Clearing AG
to determine the final settlement price at its reasonable discretion (billiges
Ermessen) pursuant to Number 2.1.4 paragraph (1) shall include, without limitation,
circumstances where -especiallyifno data of STOXX Limited are-is unavailable due

to technical problems,
STOXX-50®, the EURO STOXX® Select Divid 130-th EURO. TOXX® Sect

yf ther pi dure. Such pi dure-shall as far as possible correspond to

the procedure of STOXX Limited.

(2) Ld

Extraordinary circumstances that entitle Eurex Clearing AG to determine the final
settlement price at its reasonable discretion (billiges Ermessen) pursuant to Number
2.1.4 paragraph (1) shall include, without limitation, circumstances where Hp-case-of
traordinary cit ti especially ifno data of Deutsche Bérse AG are
available due to technical problems, or if a determination of the final settlement price
for the DAX® Kursindex (Price Index) or the DivDAX® by Deutsche Bérse AG is not

possible due to other reasons_& Ch gAG y-det inethe-final
tH it price-by another procedure. The procedure applied by Eurex

Clearing AG for the determination of the final settlement prices Such-procedure-shall
as far as possible correspond to the procedure of Deutsche Bérse AG.

(3) Ld

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Part 2

241

embargos, fire, flood, explosion, war, terrorism, pandemics, sanctions, cyber attacks,
closing of reference markets, actions of a government of any nation, state or territory
or any governmental entity, agency or authority, actions of the EU or any
international organisations, or any institution or agency or any other event.

(3)_Any decision by Eurex Clearing AG to exercis any of the rights pursuant to

paragraph (1), shall be based on risk considerations, taken with a view to maintain or
reinstate an orderly clearing and shall be non-discriminatory. Before taking any
action pursuant to Paragraph (1) , Eurex Clearing AG shall

(i) ___ if reasonable in the circumstances considering the nature of the relevant
circumstances, consult with the relevant Clearing Member(s) to find a mutual
solution with respect to the relevant circumstances, and

(ii) ___use best efforts to exercise its rights under Paragraph (1) in a way which is
proportionate (verhaltnismaBig) taking into account the interests of the
relevant Clearing Member(s). Where alternative measures are available to
Eurex Clearing AG that are appear equally effective and that have a
foreseeable lesser negative impact on Clearing Members, Eurex Clearing
AG shall apply those alternative measures instead.

Prior to exercising these rights, Eurex Clearing AG shall attempt to consult and align

(4)

with Eurex Exchange on any measures that Eurex Exchange may take (if any) to
address the extraordinary events and the effects the exerxice of the rights by Eurex
Clearing AG may haven for the trading of the affected Futures Contracts and/or
Options Contracts at Eurex Exchange.

Where Eurex Exchange makes any determinations with respect to any Futures

Contracts or Options Contracts in particular on the basis of any provisions in the
Eurex Exchange Rules, Eurex Trading Conditions and/or the Eurex Contract
Specifications relating to disrupted market conditions or any other disruption in
orderly exchange trading, Eurex Clearing AG shall, save in case of obvious errors.
be entitled to rely on such determinations and apply them in the Clearing of the
respective Futures Contracts and/or Options Contracts without any liability for any of
the effects such determinations may have on the Futures Contracts and/or Options
Contracts.

Clearing of Futures Contracts

Le.

]

General Provisions

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Clearing Conditions of Eurex Clearing AG

Page 1

AMENDMENTS ARE MARKED AS FOLLOWS:
INSERTIONS ARE UNDERLINED;
DELETIONS ARE CROSED OUT
Part 1 General Provisions

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1.11 Extraordinary Events, Disruption in orderly exchange trading

(1) In case of extraordinary events as specified in paragraph (2) below, Eurex Clearing
AG shall, without any obligation to do so and in addition to any other rights Eurex
Clearing AG may have, be entitled to

{i)__ terminate affected Futures Contracts and/or Options Contracts early and
process an early settlement of the affected contracts.

(ii) postpone the expiry date of affected Futures Contracts and/or Options
Contracts.

(iii)_for Futures Contracts and/or Options Contracts with physical delivery, exclude
the physical delivery of the affected affected Futures Contracts and/or Options
Contracts and instead cash settle the affected contracts,

(iv) for Futures Contracts and/or Options Contracts denominated in any currency
other than Euro, adjust the currency of the affected contracts to Euro.

(v)_ suspend the clearing of new affected Futures Contracts and/or Options
Contracts,

(vi)_require Clearing Members to close any positions they may clear in affected
Futures Contracts and/or Options Contracts and/or

(vii

take any other measures and/or make any binding determinations within its
reasonable discretion that may be necessary or expedient in connection with
the aforementioned measures.

(2) Extraordinary events pursuant to paragraph (1) above shall comprise, the
occurrence of circumstances that are beyond Eurex Clearing AG's reasonable
control and that have a material adverse impact on the orderly clearing of Futures
Contracts and/or Options Contracts at Eurex Clearing AG, in particular but not
limited to the risk managment and/or , the fulfilment of any obligations under any
affected contracts or technical availability of the System of Eurex Cleairng AG. Such
circumstances may result from, without limitation, natural disaster, riots, insurrection.

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Clearing Conditions of Eurex Clearing AG

subject to a correction in accordance with the last sentence of the paragraph (4)
above.

(6) With respect to the MSCI Index Options Contracts, the closing value of the index on
the last trading day shall be decisive. For MSCI Index Options Contracts, Eurex
Clearing AG can change the final settlement prices based on a retrospectively
announced correction by the index provider MSCI.

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(12) With respect to the Euro STOXX 50® Index EoD Options Contracts (OEXP) and
DAX® Index EoD Options Contracts (ODAP), the value of the index is based on the
closing auction prices calculated by means of the respective electronic trading
system for the securities and book-entry securities contained in the index, subject to
acorrection in accordance with the last sentence of the paragraph (4) above..

For MSCHadex-Options-Contracts-E: Clearing AG iso-ch the-final
iP 7 ig g
th t based c tive d tion_by-the ind:
P P y

provider MSCI.
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3.8 Clearing of Index Dividend Options Contracts

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3.8.3 Final Settlement Price

The final settlement price of Index Dividend Options Contracts shall be determined
by Eurex Clearing AG on the final settlement day (Number 2.8.5 of the Eurex Contract
Specifications) of a contract.

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2.6

2.6.2

27

(6) With respect to the Futures Contracts on MSCI Indices, the closing value of the
respective index on the last trading day shall be decisive. For Futures Contracts on
MSCI Indices, Eurex Clearing AG can also change the final settlement prices based
on a retrospectively announced correction by the index provider MSCI. Such
correction is not foreseen for Daily Futures on MSCI Indices as specified in
chapter 1.3.3 of the Eurex Contract Specifications.

Clearing of Volatility Index Futures Contracts

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Final Settlement Price

Clearing of Single Stock Futures Contracts
[-

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01 Dec 2023
Eurex Clearing

Amendments to the Clearing
Conditions: Market Disruption
at Eurex Exchange

Eurex Clearing Circular 084/23 Amendments to the Clearing Conditions:
Market Disruption at Eurex Exchange

1. Introduction

The Executive Board of Eurex Clearing AG decided with effect from 27
December 2023:

@ Amendments to the Clearing Conditions of Eurex Clearing AG (Clearing
Conditions)

in order to reflect corresponding changes made in the Exchange Rules of
Eurex Deutschland (Exchange Rules), Conditions for Trading at Eurex
Deutschland and Contract Specifications for Futures Contracts and Options
Contracts at Eurex Deutschland (Contract Specifications) for regulations
dealing with disruption of exchange trading on Eurex Exchange.

Please refer to Eurex Circular 101/23 for detailed trading-related information,
including fee classification and the related amendments to the Rules and
Regulations of Eurex Deutschland.

2. Required action

Attention is drawn to the possibility that the Management Board of Eurex
Deutschland and the Executive Board of Eurex Clearing may postpone the
expiration date of Contracts. This measure will technically change the contract
expiration date that is available in the reference data feed. Participants need
to be prepared for changes in the contract expiration date during the lifetime
of the contract.


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2.15

2.15.2

2417

2.17.2

bel

(3) Extraordinary circumstances that entitle Eurex Clearing AG to determine the final
settlement price at its reasonable discretion (billiges Ermessen) pursuant to Number

2.1.4 paragraph (1) shall include, without limitation, circumstances where !n-case-of

traordi i a rticular,if-due-to-technical-probl tradi
¥ mula Pi a '¢

suspended_or if, due to otherreasons,a price determination in one or more
components of the index does not take place. ..-Eurex-Clearing AG may determine

the-final-settl thi
tp 1

Clearing of Eurex Daily Futures Contracts On KOSPI 200 Derivatives of the Korea
Exchange (KRX)

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Final Settlement Price

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(2) Extraordinary circumstances that entitle Eurex Clearing AG to determine the final
settlement price at its reasonable discretion (billiges Ermessen) pursuant to Number
2.1.4 paragraph (1) shall include, without limitation, circumstances where t»-case-of

traordinary-ci a ~in-particular if-due-te technical_problems_trading

perdecen_cietc oth. -a price determination by KRX of the
respective underlying KOSPI 200 derivatives does not take place., Eurex

Clearing of Futures Contracts on Exchange Traded Commodities Securities
[J
Final Settlement Price

[el

Extraordinary circumstances that entitle Eurex Clearing AG to determine the final
settlement price at its reasonable discretion (billiges Ermessen) pursuant to Number 2.1.4
paragraph (1) shall include, without limitation, circumstances where {fthree prices in the
underlying security are not effected in the electronic trading system of the respective

reference market or if the price does not reflect the true market conditions. Eurex

Ch AG-may_determine the-ref ice-atit ble-discretion (billig
ig PI

Ermessen).

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Clearing Conditions of Eurex Clearing AG
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Extraordinary circumstances that entitle Eurex Clearing AG to determine the final
settlement price at its reasonable discretion (billiges Ermessen) pursuant to Number
2.1.4 paragraph (1) shall include, without limitation, circumstances where !n-case-of

traordi i i especially ifno data of SIX Swiss Exchange are
available due to technical problems, or if a determination of the final settlement price
for the SMI@ Dividend Points by SWX Swiss Exchange is not possible due to other
reasons,-£ Sh g-AG-may-determine-the final sett! t-price-by f
another procedure. The procedure applied by Eurex Clearing AG for the
determination of the final settlement prices Such-procedure-shall as far as possible
correspond to the procedure of SIX Swiss Exchange.

(4) Cd

Extraordinary circumstances that entitle Eurex Clearing AG to determine the final

settlement price at its reasonable discretion (billiges Ermessen) pursuant to Number

2.1.4 paragraph (1) shall include, without limitation, circumstances where tn-case-of
traordinary ch ti especially ino data of MSCI Inc. are available due to

technical problems, or if a determination of the final settlement price for the MSCI
Emerging Markets Index, the MSCI EAFE Index or the MSCI World Index by MSCI

Inc. is not possible due to other reasons.;-& Sh ig AG-may-determine-the-final
tt Ht price-b Lanother procedure. Such procedure The procedure

applied by Eurex Clearing AG for the determination of the final settlement prices
shall as far as possible correspond to the procedure of MSCI Inc.

(5) [J

Extraordinary circumstances that entitle Eurex Clearing AG to determine the final
settlement price at its reasonable discretion (billiges Ermessen) pursuant to Number
2.1.4 paragraph (1) shall include, without limitation, circumstances where!n-case-of

traardinasced 7 especially if no data of FTSE International Limited are
available due to technical problems, or if a determination of the final settlement price
for FTSE® 100 Index by FTSE International Limited is not possible due to other
reasons. fal g AG-may determine the-final sett price by 3
another procedure. The procedure applied by Eurex Clearing AG for the
determination of the final settlement prices Such-procedure-shall as far as possible
correspond to the procedure of FTSE International Limited.

2.11 Clearing of Commodity Index Futures Contracts

L.]

2.11.2 Final Settlement Price

The final settlement price of Commodity Index Futures Contracts shall be determined
by Eurex Clearing AG at the latest on the final settlement day (Number 1.10.4 of the
Eurex Contract Specifications) of a contract.

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Clearing Conditions of Eurex Clearing AG

Page 3

2.1.4 Final Settlement Price; Disrupted Market Conditions or disruption in orderly
exchange trading

(1) Where in case of extraordinary circumstances, !7-case-the determination of the final
settlement price of a contract Futures Contract according to following regulations is
not possible or if the price so determined does not reflect the true market conditions,
including, without limitation where trading in the underlying or any other instruments
relevant for the determination of the final settlement price has been interrupted due
to technical problems, Eurex Clearing AG may determine the final settlement price at
its reasonable discretion (billiges Ermessen).

(2) Notwithstanding paragraph (1) or any other provision in these Clearing Conditions, to
the extent Eurex Exchange makes a determination relating to the final settlement
price of a Futures Contract on the basis of the Eurex Exchange Rules, Eurex
Trading Conditions and/or the Eurex Contract Specifications relating to disrupted
market conditions or any other disruption in orderly exchange trading, Eurex
Clearing AG shall, save in case of obvious errors, -be entitled to rely on such
determinations and apply them in the Clearing of the respective Futures Contracts
and/or Options-Contracts-without any liability for any of the effects such
determinations may have on the Futures Contracts

24 Clearing of Index Futures Contracts

Le]

2.4.2 Final Settlement Price
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(4) With respect to Futures Contracts on the EURO STOXX® 50 Indices, EURO
STOXX® Indices, iSTOXX® Europe Indices, STOXX® Europe Indices value of the
respective index is based on the average of the respective STOXX indices
calculations at that day from 11:50 a.m. until 12:00 noon CE(S)T. For Futures
Contracts on the Euro STOXX® 50 index, in case of trading interruptions in at least
one index constituent, which must have had at least one uninterrupted minute
overlap with the time period the calculation of the average of the EURO STOXX® 50
index takes place, the respective index calculations used for the calculation of the
average will be corrected in a way that only the respective first tradable price after
the interruption will be used for the affected components and time period. Such a
correction will not take place if no tradable price has been determined until
17:45 CET. Such a correction will also apply in all other STOXX® equity index futures
which comprise the respective Euro STOXX® 50 index constituent.

(5) With respect to Futures Contracts on the STOXX® Global Select Dividend 100 Index,
the STOXX® USA 500 Indices and the STOXX® Global Thematic Indices, the closing
value of the respective index on the last trading day shall be decisive, subject to a
correction in accordance with the last sentence of the paragraph (4) above.

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by:

Further information

, Attachment to Eurex Clearing circular 084/23

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

Disclaimer Privacy notice Imprint Eurex Clearing Rules & Regulations Sitemap


Eurex04e

Clearing Conditions of Eurex Clearing AG

As of 27.12.2023
Page 10

2.24

2.24.1

2.25

2.25.6

2.26

2.26.2

ble-discretion-(billi =
Ig

Clearing of Eurex Market-on-Close Futures Contracts

Ll

Tender Price and Final Settlement Price

d +t reflect-th: t ket conditions E Clearing AG-may-determine-th
tend the-final-setth " tively—atit ble-d i
PI price; resp: Yr

Clearing of Equity Total Return Futures Contracts

Lo]

Extraordinary Handling

An extraordinary event in relation to Equity Total Return Futures Contracts means any
occurrence on a Business Day of at least one of the disrupted market conditions market
disruption-events-or distribution recovery events, as specified in Number 1.26.9.1 and
Number 1.26.10 of the Eurex Contract Specifications.

Le]

Clearing of Stock Tracking Futures

[1

Final Settlement Price
Led

(3) Extraordinary circumstances that entitle Eurex Clearing AG to determine the final
settlement price at its reasonable discretion (billiges Ermessen) pursuant to Number
2.1.4 paragraph (1) shall include, without limitation, circumstances where ff three
prices in the underlying security are not effected in the electronic trading system of
the respective reference market erifthe-pt d treflectthe t ket

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Clearing Conditions of Eurex Clearing AG

Eurex04e
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Page 12

3.1

3.2

3.2.2

General Provisions

Le.

(6)

Where in case of extraordinary circumstances, the determination of the final

(2)

settlement price of an Options Contract according to following regulations is not

possible or if the price so determined does not reflect the true market conditions.
including, without limitation where trading in the underlying or any other instruments
relevant for the determination of the final settlement price has been interrupted due
to technical problems, Eurex Clearing AG may determine the final settlement price at
its reasonable discretion (billiges Ermessen).

Notwithstanding paragraph (6) or any other provision in these Clearing Conditions, to

the extent Eurex Exchange makes a determination relating to the final settlement
price of an Options Contract on the basis of the Eurex Exchange Rules, Eurex
Trading Conditions and/or the Eurex Contract Specifications relating to disrupted
market conditions or any other disruption in orderly exchange trading, Eurex
Clearing AG shall, save in case of obvious errors, be entitled to rely on such
determinations and apply them in the Clearing of the respective Options Contracts
without any liability for any of the effects such determinations may have on the
Options Contracts.

(#8) With respect to Options Contracts without immediate premium payment obligations

and to the extent not provided otherwise in this Part 3, the holder of the long position
shall pay the final option premium to the holder of the short position on the day an
Options Contract is exercised, or, if an Options Contract expires without exercise, on
the expiration day. The respective claim shall immediately become due and payable
upon determination thereof by Eurex Clearing AG, but no earlier than on the date
indicated in Sentence 1. The price of the option premium for Options Contracts
without immediate premium payment obligations shall be (i) for European style
options and for non-exercised American style options the daily settlement price of
the expiration day and (ii) for American style options the daily settlement price of the
exercise day.

Clearing of Options Contracts on Money Market Index Futures Contracts

Le.

]

Option Premium

Le.
(2)

]

Part 3 Number 3.1 (87) shall apply on the balance of the final option premiums (net
premium) to be paid by the Clearing Member or Eurex Clearing AG, as applicable,

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following link:
Rules & Regs > Eurex Clearing Rules and Regulations > 1. Clearing Conditions

The amendments to the legal framework of Eurex Clearing AG published by
this circular are deemed accepted by each affected contractual party of Eurex
Clearing AG, unless the respective contractual party objects by written notice
to Eurex Clearing AG 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 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, as applicable.

Attachment:

@ Amended sections of the Clearing Conditions of Eurex Clearing AG,
effective as of 27 December 2023

Further information

Recipients: All Clearing Members, ISA Direct Clearing Members, Disclosed
Direct Clients of Eurex Clearing AG, vendors, all FCM Clearing
Members and other affected contractual parties

Target Front Office/Trading, Middle + Backoffice, IT/System
groups: Administration, Auditing/Security Coordination
Related Eurex Circular 101/23

circular:

Contact: client.services@eurex.com

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

Authorized Jens Janka


3. Details
A. Regulations for dealing with disruptions of Eurex Exchange

Eurex Deutschland has consulted on the handling of disorderly markets
(Market Disruptions) with a proposal to amend the Exchange Rules and the
Contract Specifications with rules that define “Disrupted Market Conditions”
and set out possible measures that the Management Board of Eurex
Deutschland may take in response after consultation with Eurex Clearing.

Not limited to the occurrence of Disrupted Market Conditions, the
Management Board may order one or a combination of the following
measures:

early termination and settlement of Contracts,

postponement of the expiry date of Contracts,

exclusion of physical delivery,

definition of an alternative currency for Contracts,

suspension or termination of trading of Contracts according to 825 of the
German Stock Exchange Act and 813 of the Exchange Rules,

f. determination of maximum and/or minimum prices for individual
Contracts.

epaooe

Consequently, Eurex Clearing is amending the Clearing Conditions to
adequately reference to the amended Contract Specifications and Exchange
Rules of Eurex Deutschland.

Under extraordinary circumstances, Eurex Clearing may likewise take certain
measures, in its own reasonable discretion.

For measures taken by Eurex Clearing, the following guiding principles have
been defined in Chapter II Number 1.11 (3) of the Clearing Conditions:

g. based on risk considerations

h. to reinstate an orderly clearing

i. acting non-discriminatory

j. proportionate measures - no less severe measure available

k. consult Eurex Exchange

I. consult Clearing Members, if practical before taking actions in response to
Disrupted Market Conditions.

B. Amendments to the legal framework of Eurex Clearing AG

To reflect this decision in the legal framework of Eurex Clearing AG, the
following provisions will be amended as outlined in the Attachment:

@ Chapter II of the Clearing Conditions of Eurex Clearing AG

As of the effective date, the full versions of the amended Clearing Conditions
will be available for download on the Eurex Clearing website under the


Eurex04e

Clearing Conditions of Eurex Clearing AG ss
As of 27.12.2023

Page 8

2.18 Clearing of FX Futures Contracts
L-]

2.18.2 Final Settlement Price

(1) Physically settled FX Futures Contracts

The final settlement price for FX Futures Contracts with the group ID FX01 in Annex
J to the Eurex Contract Specifications is determined by Eurex Clearing AG on the
final settlement day (Number 1.18.4 of the Eurex Contract Specifications) at

15:00 CE(S)T. The final settlement price corresponds to the volume-weighted
average of the prices of all relevant Eurex Transactions executed during the final
trading minute, provided that in such period of time more than 5 transactions have
been executed. In all other cases, the final settlement price shall be determined on
the basis of the average mid-price of the last displayed bid ask spot prices over a
one minute interval ending at 15.00 CE(S)T as published by the data service provider
designated by Eurex Clearing AG. _Fa-detormination-of the final settlement price

t-to-the-af ti ib| if-th lated

(2) Cash-settled FX Futures Contracts

The final settlement price for FX Futures Contracts with the group ID FX02 in

Annex J to the Eurex Contract Specifications is determined by Eurex Clearing AG on
the final settlement day (Number 1.18.4. of the Eurex Contract Specifications) at
17:00 CE(S)T. The final settlement price corresponds to the WM/Refinitiv Fixing
Rate at 17:00 CE(S)T as published by the data service provider designated by Eurex

Clearing AG. ita-det ti £ the final sett! tprice-p t-to-th
fe tioned-rule-_is-not possibh ifthe-calculated-price-d +t reflect-thi I
Pi PI
ket situation _E: Clearing AG. determine the final sett! t-price-atits
r 'g ¥ PI
ble-diseretion-(billi Erm A).
{OHHGH F

iD)

If the Management Board of Eurex Deutschland orders the termination of trading
based on Number 1.18.74 of the Eurex Contract Specifications and determines a
price of the relevant FX rate, Eurex Clearing AG shall take into account any such
determination when determining the final settlement price.

2.21 Clearing of Variance Futures Contracts

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Clearing Conditions of Eurex Clearing AG

As of 27.12.2023
Page 11

2.28

2.28.2

Part 3

Clearing of Eurex Daily USD/KRW Futures Contracts on US Dollar Futures of the
Korea Exchange (KRX)

L.]

Final Settlement Price

Le]

(2) Extraordinary circumstances that entitle Eurex Clearing AG to determine the final
settlement price at its reasonable discretion (billiges Ermessen) pursuant to Number
2.1.4 paragraph (1) shall include, without limitation, circumstances where

trading pended or if- due tooth: a price determination by KRX of the
respective underlying US Dollar Future does not take place. Eurex-Clearing AG-may
determine-the final sett t price by oth -

Clearing of Crypto Index Futures Contracts

Final Settlement Price
[J

For Futures Contracts on FTSE Crypto Indices, the index value at 5 p.m. (CE(S)T) of the
respective index on the last trading day applies.

Extraordinary circumstances that entitle Eurex Clearing AG to determine the final
settlement price at its reasonable discretion (billiges Ermessen) pursuant to Number 2.1.4

paragraph (1) shall include, without limitation, circumstances where !n-case-of

problems-orif-a-price determination for one or more assets underlying the relevant index
Securities-and/or indices is not possible for other reasonsEurex-Glearing AG-may

determine the final settl t-price-b» f-anoth: ds
Pt yy Pi .

Clearing of Options Contracts

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