Clearing Members or Disclosed Clients (DCs) with System Access can mark two or more (fully or partially) offsetting trades for netting in order to reduce the number of trades in their portfolio and the notional outstanding. In case of two or more fully offsetting trades, all original trades involved will be terminated.
In case of partial netting, the original trades will be terminated as well and a new trade will be created with the remaining notional.
It is possible to add up the notional of two or more trades (accumulation of trades). The old trades are terminated and a new trade will be created with the outstanding notional of the original trades.
FAQ
Further information can be found in the Eurex Clearing Procedures Manual (within the Member Section).
Please find the details summarized in the table below:
The setting/modification of netting parameters can be performed by Clearing Members or DCs with system access via the Eurex OTC Clear GUI. The account level options for netting/accumulation are:
Trades are marked for netting using netting strings. Netting strings can be set up by the member during the onboarding process or via the Eurex OTC Clear GUI. In general, a netting string is a predefined alpha numeric (up to 255 characters) parameter.
There are two ways of assigning netting strings in the Eurex OTC Clear GUI:
Further information and a step-by-step manual (e.g., how to add, modify and delete netting strings) is available on Member Section (EUREX OTCCLEAR User Guide).
Reports CI242/CI262 and CI243/CI263 are generated at 10:00, 14:00, 18:00, 21:00 CET.
The Eurex OTC Clear GUI offers a Netting Forecast functionality. It provides the possibility to initiate ad hoc netting forecast runs from the new Netting Forecast window in the OTC GUI. Further information and a step-by-step manual is available via the (EUREX OTCCLEAR User Guide). Another option, to check the netting eligibility are the provided netting reports.
There are two ways to initiate a netting forecast in the Eurex OTC Clear GUI:
Cleared Trades window, button Netting Forecast, or
via the CSV File Upload within the Netting Forecast window.
Further information and a step-by-step manual is available (EUREX OTCCLEAR User Guide).
Netting Forecast Button:
CSV File Upload:
Eurex Clearing does not allow full netting if an upfront fee is still outstanding, only partial netting. In case of partial netting a remnant trade will be created to which the fees can be enclosed. Please note, that netting with pending upfront fee is only possible in netting level 2 (after the settlement of all outstanding fees, netting level 1 can be applied and full netting possible). The following table illustrates the netting behavior with pending upfront fees:
In netting level 2, the trades will be netted, even if they have different fees, or if some trades have fees and some not. However, only partial netting is possible.
You can find it in the Member Section or via the "Help" function in the OTC Clear GUI:
Member Section:
Login to the Member Section of Eurex Clearing
Go to Resources > EurexOTC Clear > System Documentation > GUIs
Help functionality in the OTC Clear GUI:
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