Eurex Clearing
1. Introduction
With this circular, Eurex Clearing announces the production launch of EurexOTC Clear Release 19.0 on Monday, 19 May 2025. In this context, functional, GUI, API, and report changes are expected as highlights of the release. Please see a detailed list of the changes that are part of EurexOTC Clear Release 19.0 in section 3 of this circular.
The timeline for the new release is as follows:
Simulation start: 9 April 2025
Production start: 19 May 2025
Learn more about EurexOTC Clear Release 19.0 on our dedicated initiative page on the Eurex Clearing website www.eurex.com/ec-en/ under the following link:
Support > Initiatives & Releases > EurexOTC Clear Releases > EurexOTC Clear Release 19.0.
Circulars, timeline, and additional information will be available there for you.
2. Required actions
Functions, services, and technical changes to be introduced with this release will have an impact on the internal processes of Clearing Members, FCM Clearing Members, and their clients who clear EurexOTC Clear products (hereafter: EurexOTC Clear Members).
Therefore, it might be necessary for EurexOTC Clear Members to update their internal processes and technical interfaces (e.g. XSDs for EurexOTC Clear Reports, Eurex Clearing FpML Interface).
3. Details of the initiative
A. Changes to be introduced with EurexOTC Clear Release 19.0
Eurex Clearing has provided a detailed description of the above-mentioned changes in the Functional Release Notes of EurexOTC Clear Release 19.0 that may be accessed via the Member Section of Deutsche Börse Group under the following path:
All changes will be reflected via documentation updates which will be published according to the Eurex Clearing Member Communication Calendar. The updated documents will be available in the Member Section under the above-mentioned path, under “System documentation”, as a part of EurexOTC Clear Release 19.0.
B. Overview of functional changes
US Cross-Product Margining
Eurex Clearing aims to extend the benefits of Cross-Product Margining (CPM) to the U.S.-based FCM Clearing Members and their clients, subject to CFTC approval. This initiative seeks to optimize and automate functionalities to maximize margin efficiencies under the LSOC clearing model.
By automating the identification of optimal positions for margin benefits and enabling automated position transfers between FCM and U.S. Clearing Memberships, Eurex Clearing intends to streamline the process.
In the initial phase, the scope will encompass EUR and CHF denominated IRS, OIS, and FRAs, as well as CFTC-approved ETD short, mid, and long-term interest rate futures.U.S. Members must opt-in via a submission form to benefit from the Cross-Margining functionality. Eurex Clearing will provide a separate announcement and communi cation on how Clearing Members are able to request Cross-Margining and how U.S. Members will be affected by reporting.
Enhancement of Package Trade and Linkage Trade Clearing functionalities
Package and Linkage Trade Clearing functionalities will be enhanced to allow a single trade take-up notification message to be sent to the Clearing Broker for client trades that are linked with a package ID or a linker ID, do not have an assigned credit limit token, are in BS_WAIT_TAKEUP status, and are waiting to be taken up by their corresponding Clearing Broker. Clearing Members will be required to provide a single Take-Up response (Accept/Reject) for all client trades that are linked together and included in a single take-up notification message.
Currently, individual trade take-up notification messages are sent to the Clearing Broker for each client trade that is linked with a package ID or a linker ID.
Direct Debit removal for certain PTEs
The existing Direct Debit functionality will not be triggered for Trade Transfer, Account Transfer, Termination, and Portfolio Transfer PTEs anymore, and pending PTEs will be rejected EoD, at 22:00 CET.
Enhancements to the Margin Calculator API for the future introduction of the Portfolio Margin Adjustment (PMA)
The Portfolio-Margining Adjustment (PMA) is technically introduced to the Prisma Initial Margin model as a general model adjustment. It will remain unused until further notice but does require minor technical changes. It is designed to directly incorporate requirements stemming from EMIR Article 27 in the core margin model.
As the first preparation step for this envisaged change, the technical layout of Margin Calculator (MC) API messages/files will be changed with EurexOTC Clear Release 19.0 for ETD portfolios and combined OTC/ETD portfolios.
Please note that any PMA results in MC API will be 0 by design for all portfolios until the PMA is introduced to the core Prisma model. The introduction of PMA will be communicated with sufficient lead time ahead of activation.
Change in the rejection time of pending portfolio transfer requests
The portfolio transfer requests, which are pending for the take-up by the target Clearing Member, will be unlocked and rejected at 16:00 CET/CEST instead of 22:00 CET/CEST.
Update of the trade attribute "NettingString" for residual trades for TriOptima Compression
Residual trades created out of TriOptima Compression will not anymore inherit the trade attribute "NettingString" from the parent trade, i.e., the trade attribute "NettingString" will be empty for this type of trades.
PTE not allowed for the trades with unsettled coupon payment on the same day
For the GBP SONIA OIS and EUR ESTR OIS trades with intraday coupon payment on the current date, PTEs will not be allowed until the coupon is settled. Only full termination and full amendment PTEs are exception and will be allowed if a trade has an unsettled coupon payment on the current date.
Report changes
The following changes will be made in the reports of EurexOTC Clear:
GUI changes
The following enhancements will be implemented in the OTC GUI:
The following enhancements will be implemented in the MC GUI:
API changes
The following enhancements will be implemented in API modules:
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.
Further information
Recipients: | All Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients of Eurex Clearing AG and vendors, all FCM Clearing Members and other affected contractual parties | |
Target groups: | Middle + Backoffice, IT/System Administration | |
| Related Circulars: | Eurex Clearing Circular 091/24: Introduction of C7 Release 11.1 Eurex Clearing Circular 094/24: Prisma Release 14.1: Release announcement | |
| Contact: | client.services@eurex.com | |
| Web: | Support > Initiatives & Releases > EurexOTC Clear Releases > EurexOTC Clear Release 19.0 | |
| Authorized by: | Dmitrij Senko |
