Chapter | of the Clearing Conditions of Eurex Clearing AG

General Provisions

As of 13.06.2023

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Clearing Conditions of Eurex Clearing AG
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Form 1042-S, which the U.S. Clearing Member submits to the U.S. Internal Revenue
Service, by no later than 15 March of each calendar year.

(ii) U.S. Clearing Members are only entitled to clear Repo Transactions as Own
Transactions.

(iii) An U.S. Clearing Member shall be a broker-dealer registered with the U.S. Securities
and Exchange Commission under Section 15 (b) of the U.S. Securities Exchange
Act.

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Clearing Conditions of Eurex Clearing AG

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Part 1

AMENDMENTS ARE MARKED AS FOLLOWS:
INSERTIONS ARE UNDERLINED,
DELETIONS ARE CROSSED OUT.

General Clearing Provisions

General Rules

Limitations regarding the Clearing of Repo Transactions by U.S. Clearing Members

1.476
1,176.1

1.176.2

1.176.3

In relation to Repo Transactions, the U.S. Clearing Member represents and warrants by
way of an independent guarantee and irrespective of fault (se/bstandiges,
verschuldensunabhangiges Garantieversprechen) to Eurex Clearing AG that it will not
clear Repo Transactions relating to a underlying security which the U.S. Securities and
Exchange Commission (“SEC”) considers to be a “U.S. security” for purposes of Section
17A of the U.S. Securities Exchange Act of 1934 in accordance with any applicable U.S.
law or decisions, orders or publications by the SEC.

FIC Board Advisory Committee

Eurex Clearing AG will establish a FIC board advisory committee (the “FIC Board
Advisory Committee”) for the purpose of consulting with and making recommendations
to the executive boards of Eurex Clearing AG, Eurex Frankfurt AG and Eurex

Repo GmbH (together the “Eurex Group”) with respect to the FIC Matters (as defined in
Number 1.156.2), provided that this would not constitute a breach of law, a breach of an
order of a court of a competent jurisdiction or of an applicable governmental, quasi-
governmental or regulatory body.

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Price List of Eurex Clearing AG

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9.1

FEE ES IIE IE EIA SIDES S IASI A III IAAI IAAI

AMENDMENTS ARE MARKED AS FOLLOWS:
INSERTIONS ARE UNDERLINED;
DELETIONS ARE CROSSED OUT

FEISS IIASA IIIS IIIS II ISIS IIIS IIS III IO III II

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

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Service Fees for Eligible Margin Assets in the Form of cash
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(6) If the Clearing Member has chosen to use a Settlement Bank for payments in EUR
or CHF pursuant to Chapter | Part 1 Number 2.1.2 (4) (b) (ff) of the Clearing
Conditions, an additional settlement bank fee of 0.001 % will be charged on a
monthly basis per Clearing Member on the amounts settled through the Settlement
Bank to cover cash obligations according to Chapter | Part 1 Number 1.4.1 of the
Clearing Conditions (“Settlement Bank Fee”). The Settlement Bank Fee is
determined according to the applicable Clearing Currency. A monthly minimum
Settlement Bank Fee (Floor) of EUR 3,000 or CHF 3,300, depending on the
applicable Clearing Currency, shall apply per Clearing Member and shall be charged
if a Settlement Bank is used for one or more currencies at least for one day of the
respective calendar month.

The Settlement Bank Fee shall not be charged to FCM Clearing Members.

The Settlement Bank Fee shall not be charged to U.S. Clearing Members clearing
Repo Transaktions.

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17 May 2023
Eurex Clearing

Repo Transactions: Admission of U.S.
Broker-Dealers as Direct Clearing
Members for the clearing of Repo
Transactions

Eurex Clearing Circular 029/23 Repo Transactions: Admission of U.S.
Broker-Dealers as Direct Clearing Members for the clearing of Repo
Transactions

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) and the Price List of
Eurex Clearing AG (Price List) regarding the admission of U.S. Broker-Dealers
as Direct Clearing Members for the clearing of Repo Transactions.

The amendments shall become effective on 13 June 2023.

In addition, Eurex Clearing introduces a fee waiver with respect to the Clearing
License fees for U.S. Broker-Dealers from 13 June 2023 until 13 June 2024.

2. Required action

Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients, FCM
Clearing Members, vendors and other affected contractual parties should take
the amendments to the Clearing Conditions into consideration.

3. Details of the initiative

Eurex Clearing will extend the clearing offering with respect to Eurex Repo
Transactions to U.S.-based entities, which are registered with the U.S.
Securities and Exchange Commission (SEC) as broker-dealers in accordance
with Section 15 (b) of the U.S. Securities Exchange Act.

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2 Clearing Members

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2.5 Specific provisions and additional continuing obligations for
U.S. Clearing Members with respect to Eurex Transactions

An applicant legally organised and with its principal place of business in the United States
of America (or any state thereof) intending to clear Eurex Transactions needs to comply

with the following additional requirements: For applicants legally organised ane with thelr

2.5.1 Special prerequisites and provisions for U.S. Clearing Members with respect to
Eurex Transactions

(1) An applicant legally organised and with its principal place of business in the United
States of America (or any state thereof) can-only-applying for a Clearing Licence for

Eurex Transactions as-determined-fronttimetotime by Eurex Clearing AG.can only

clear those Futures Contracts and Options Contracts as specified by Eurex Clearing
AG. -Eurex Clearing AG will publish a list of all fut tractt ti id

eptions-contracttransactionsFutures Contracts and Options Contracts which can be
cleared through Eurex Clearing AG by U.S. Clearing Members on the Eurex Clearing

Website.

2.5.2 Additional continuing obligations for U.S. Clearing Members with respect to Eurex
Transactions

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2.6 Specific provisions and additional continuing obligations for U.S. Clearing

Members with respect to Repo Transactions

An applicant legally organised and with its principal place of business in the United States
of America (or any state thereof) intending to clear Repo Transactions needs to comply
with the following additional requirements:

(i) An U.S. Clearing Member admitted for trading at Eurex Repo shall provide Eurex
Clearing AG — without any further request by Eurex Clearing AG - with a copy of

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The clearing offering for U.S. Broker-Dealers is limited to clearing of
proprietary transactions. Further, U.S. Broker-Dealers shall not be allowed to
clear Repo Transactions relating to an underlying security, which the SEC
considers to be a "U.S. security" for purposes of Section 17A of the U.S.
Securities Exchange Act.

With respect to entering into Eurex Repo Transactions via Eurex Repo GmbH
by U.S. Broker-Dealers, such Eurex Repo Transactions can only be executed via
the so-called “pre-arranged functionality” or the “request-for-quote"
functionality with “view-only access” to Eurex Repo GmbH’s Central Limit
Orderbook (CLOB). A direct market access for U.S. Broker-Dealers to Eurex
Repo GmbH’s CLOB cannot be offered.

Initial Margin as well as the Default Fund Contribution can only be provided in
the form of cash.

To promote the admission of U.S. Broker-Dealers for Repo Transactions, Eurex
Clearing will offer a temporary fee waiver with respect to the Clearing Licenses
fees. The temporary fee waiver will be effective from 13 June 2023 until 13 June
2024. In addition, Eurex Clearing waives the Settlement Bank Fee with respect
to U.S. Broker-Dealers.

To reflect the changes, the following provisions will be amended as outlined in
the Attachments 1 and 2:

@ Chapter I Part 1 Numbers 1.16, 2.5 and 2.6 of the Clearing Conditions;
@ Number 9.1 (6) of the Price List.

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

Rules and Regulations > Eurex Clearing Rules and Regulations

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.

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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-Chapter I Part 1 Numbers 1.16, 2.5 and 2.6 of the Clearing Conditions
of Eurex Clearing AG
 2-Number 9.1 (6) of the Price List of Eurex Clearing AG

Further information

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

vendors
Target Front Office/Trading, Middle + Back Office
groups:
Contact: client.services@eurex.com
Web: www.eurex.com/ec-en/
futhorized Matthias Graulich
yy:

Further information

, Attachment 1 to Eurex Clearing Circular 029/23

, Attachment 2 to Eurex Clearing Circular 029/23

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