Monday September 4 2017
News Source: Global Exchanges
Focus: Other
Type: General
Country: European Union
Link: https://www.eurexclearing.com/clearing-en/resources/rules-and-regulations/Clearing-Conditions/136778
On the 4th of September 2017 EUREX published changes to its Clearing Conditions.
The changes apply to the General Provisions Schedule. Amendments have been made to part 2.1.2.,2.23, 2.23.1,2.23.3 which include the following amendments:
Clearing of Bond Index Futures Contracts
The following provisions shall apply to the Clearing of Bond Index futures contract transactions specified in Number 1.24 of the Eurex Contract Specifications.
Payment Procedures
All payments shall be made on the Business Day following the final settlement day (Number 1.24.4 of the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland and Eurex Zürich). All Clearing Members must ensure their ability to effect payments on the due date thereof by having sufficient credit balances in the RTGS Account or the euroSIC Account.
Final Settlement Price
The final settlement price of the Index Futures contracts will be determined by Eurex Clearing AG (pursuant to Number 1.24.4 of the Contract Specifications for Futures Contracts and Options Contracts at the Eurex Deutschland and Eurex Zürich) at the final payment day of a contract.
(1) With respect to the EURO STOXX 50® Corporate Bond Index Futures Contracts on Price Indices, the closing value of the price index on the last trading day shall be decisive.
(2) In case of extraordinary circumstances, especially (i) if the trading is interrupted due to technical problems, (ii) if the determined final settlement price does not reflect the true market conditions or (iii) if a price determination is not possible for other reasons, Eurex Clearing AG may determine the final settlement price at its equitable discretion.
Fulfilment, Delivery
Open positions from the last trading day of a contract shall be balanced on the final settlement day by means of a net payment credited to or debited from the internal cash account of the Clearing Member pursuant to Chapter I Part 1 Number 4.3. Such payment shall equal the difference between the final settlement price of such contract and such contract’s daily settlement price on the Business Day preceding the last trading day. For positions opened on the last trading day, the booking amount shall equal the difference between the final settlement price and the trading price.
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