Amendments to the Price List of Eurex Clearing and further pricing measures

1.  Introduction

This circular contains information with respect to the service offering of Eurex Clearing AG (Eurex Clearing) and amendments to the Price List of Eurex Clearing AG (Price List) regarding the following topics:

A.  Introduction of an OTC IRD BASIC Pack Special Offer 2025

B.  Prolongation of a fee waiver on the OTC IRD Rate Blending fee until 31 March 2025

C.  Prolongation of fixed Booking Fee discount of 15 percent in Standard Pricing Model B

D.  Removal of the volume-dependent rebate scheme for Disclosed Direct Clients in Standard Pricing Model A

E.  Amendments to OTC IRD Rate Blending pricing model

F.  Prolongation of the temporary fee waiver for the Securities Concentration Add-on fee until 31 May 2025

G.  Introduction of a Securities Collateral Movement fee

Topic A. will come into effect as of 1 December 2024.

Topics B., C., D., F. and G. will come into effect as of 1 January 2025.

Topic E. will come into effect as of 1 April 2025.

2.  Required action

Regarding topic A.: Registration for the Discounted OTC IRD BASIC Pack Special Offer 2025: 

Clearing Members (including FCM Clearing Members) may register for the Discounted OTC IRD BASIC Pack Special Offer 2025 by way of submitting the corresponding registration form attached to this circular (Attachment 1). Please proceed with the following steps:

i.  Registration for the OTC IRD BASIC PACK Special Offer 2025: Complete the attached EurexOTC-Interest-Rate-Derivative-Registration-Form-for-CM-BASIC-Pack-Special-Offer-2025 and select the OTC IRD BASIC PACK Special Offer 2025; if desired, select “Registration of affiliated Clearing Members and Disclosed Clients for OTC IRD BASIC PACK Special Offer 2025” to apply the OTC IRD BASIC PACK Special Offer 2025 to a group of affiliates.

ii.  Submit the signed form to your Key Account Manager Clearing latest by the end of a month to apply the chosen OTC IRD Pricing Pack 2025 from the first calendar day of the month subsequent to the month of booking.

3.  Details of the initiative

A. Introduction of an OTC IRD BASIC Pack Special Offer 2025

The OTC IRD BASIC Pack Special Offer 2025 allows subscribers the clearing of own transactions (that are booked to the respective house account (i.e. P account) for all OTC IRD products including IRS, OIS, FRA, SCIS and ZCIS across all currencies without extra booking fees and maintenance fees up to the following volume thresholds:

• Booking Fees: no booking fees up to the following volume thresholds (cumulated cleared notional, measured for the subscription period from start to end):
  – IRS/OIS: EUR 300 bn (instead of EUR 200 bn as in the standard BASIC Pack according to the Price List)
  –  FRA: EUR 750 bn (instead of EUR 500 bn as in the standard BASIC Pack)
  –  SCIS/ZCIS: unlimited (not included in the standard BASIC Pack)
• Maintenance Fees: no maintenance fees up to the following thresholds (outstanding notional at the end of a month covered by the BASIC Pack Special Offer subscription):
  –  IRS/OIS: EUR 750bn (instead of EUR 500 bn as in the standard BASIC Pack)
  –  FRA: n/a
  –  SCIS/ZCIS: unlimited (not included in the standard BASIC Pack)

All transactions above these volume thresholds are billed according to the Standard Pricing Model A (as set out in the Price List) and will be charged in addition to the monthly fee for the OTC IRD BASIC Pack Special Offer 2025.

The OTC IRD BASIC Pack Special Offer 2025 is valid for 12 calendar months, starting from the first calendar day of the month subsequent to the month of booking, or in case of an ongoing rebate scheme subscription, on the first calendar day of the month subsequent to the expiry of a previous rebate scheme by Eurex Clearing. The Price for the OTC IRD Basic Pack Special Offer 2025 is EUR 125,000 per month (compared to the regular BASIC Pack and the SCIS & ZCIS GOLD Pack this offer is equal to an implied discount of 60 percent).

The OTC IRD BASIC Pack Special Offer 2025 is available for bookings until 31 March 2025.

To the extent not provided otherwise in the attached registration form, the provision in the Eurex Clearing Price List in Number 10.4 on the BASIC Pack applies mutatis mutandis to the OTC IRD BASIC Pack Special Offer 2025.

B. Prolongation of OTC IRD Rate Blending Fee Waiver

Effective 1 January 2025, Eurex Clearing prolongs a fee waiver which applies to the trade netting fee for terminated trades in case of level 3 netting (“Rate Blending”), as specified in the Price List in Number 10.5.1. The fee waiver applies to all OTC Interest Rate Derivatives transactions terminated within the third netting level, i.e. Rate Blending until and including 31 March 2025.

Any transaction fees calculated for resulting trades generated in the process of netting level 3, however, are not affected by this fee waiver.

C. Prolongation of Booking Fee Discount in Standard Pricing Model B

Effective 1 January 2025, Eurex Clearing prolongs the fixed discount of 15 percent on the applicable booking fee for OTC IRD Transactions cleared under Standard Pricing Model B (Number 10.2.2 of the Price List) until 31 December 2025.

D. Removal of Rebate Scheme for Disclosed Direct Clients in Standard Pricing Model A

Effective 1 January 2025, the rebate scheme for Disclosed Direct Clients in Standard Pricing Model A will be removed from the Price List with effect from 1 January 2025 to allow for a comprehensive review and re-design.

The following provisions of the Price List will be amended as outlined in Attachment 2: 

• Numbers 10.1 (2), 10.2.1.5, and 10.2.1.7

E. Amendments to OTC IRD Rate Blending Pricing Model & Fee reduction

Effective 1 April 2025, Eurex Clearing will amend the trade netting fee for terminated trades in case of level 3 netting (“Rate Blending”) and differentiate between OTC FRA and OTC IRS, OIS, SCIS and ZCIS transactions. In addition, the Rate Blending fee for OTC FRA transactions will be reduced to 0.05 in trade currency per million trade notional terminated and the Rate Blending fee for OTC IRD, OIS, SCIS and ZCIS transactions will be reduced to 0.1 in trade currency per million trade notional terminated.

Lastly, the new OTC IRD Rate Blending pricing model will consist a fee cap of EUR 1 million per calendar year across all OTC FRA, IRS, OIS, SCIS and ZCIS transactions.

The following provision of the Price List will be amended as outlined in Attachment 3: 

• Number 10.5.1

F. Prolongation of the temporary fee waiver for the Securities Collateral Concentration Add-on Fee

As announced in Eurex Clearing Circular 024/24, Eurex Clearing currently grants a temporary fee waiver in the form of a rebate on the Securities Collateral Concentration Add-on Fee (pursuant to Number 9.2 of the Price List) to all Clearing Members on the days where their overall cash ratio is greater than or equal to 38 percent according to the Securities Collateral Concentration Add-on methodology. As the current fee waiver is set to expire on 31 December 2024, Eurex Clearing decided to prolong it until 31 May 2025. 

Please note that all standard collateral service fees pursuant to Number 9 of the Price List including the Securities Collateral Concentration Add-on Fee are still active and still apply.

G. Introduction of a Securities Collateral Movement Fee

Eurex Clearing will introduce a service fee for securities collateral movements with effective as of 1 January 2025.

The service fee for securities collateral movements is charged in the amount of 10 EUR per each collateral movement (deposit or withdrawal) exceeding the threshold number of 500 in a calendar month per collateral pool. The securities collateral movement fee will apply to all collateral movements relating to Eligible Margin Assets in the form of securities, i.e. to Margin Collateral, Default Fund Contributions and collateral to make up a shortfall in own funds, equivalent regulatory capital or assets under management. The calculation will not include CmaX internal collateral movements (substitutions).

The amendments to the Price List will become effective as of 1 January 2025.

The following provision of the Price List will be amended as outlined in Attachment 2:

• Number 9.5

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 of Eurex Clearing AG, as applicable.

Attachments:

• 1 – EurexOTC-Interest-Rate-Derivative-Registration-Form-for-CM-BASIC-Pack-Special-Offer
• 2 – Amended sections of the Price List of Eurex Clearing AG for topics D. and G.
• 3 – Amended sections of the Price List of Eurex Clearing AG for topic E.

Further information