EUREX Clearing Aktiengesellschaft products, services and reviews

About EUREX Clearing Aktiengesellschaft

Eurex Clearing Aktiengesellschaft (Eurex Clearing AG) is the central counterparty of Deutsche Börse Group, based in Frankfurt am Main, Germany, providing clearing and risk management for a range of asset classes including listed derivatives on Eurex Exchange, cash equities and ETFs on Xetra and the Frankfurt Stock Exchange, repurchase agreements and GC Pooling on Eurex Repo, securities lending, and selected OTC derivatives such as euro-denominated interest rate swaps. The CCP novates eligible trades, nets exposures, calculates margin using its portfolio-based Prisma methodology, conducts daily and intraday risk checks and margin calls, and manages collateral in cash and high-quality securities, with triparty arrangements and eligibility schedules. It operates a multi-layer default waterfall with dedicated default funds, “skin in the game,” and auction-based default management procedures, and supports portability of client positions. Cross-margining between listed fixed income derivatives and OTC interest rate derivatives is available, alongside client asset protection through omnibus and individually segregated accounts and direct access options for buy-side institutions (ISA Direct and ISA Direct Indemnified). Eurex Clearing is authorized under the EU’s European Market Infrastructure Regulation (EMIR), aligns with the CPMI-IOSCO Principles for Financial Market Infrastructures, and publishes regular quantitative disclosures covering margin, liquidity, and default fund resources. Membership is open to qualifying credit institutions and investment firms subject to capital, operational, and risk criteria, with roles such as General Clearing Member and Direct Clearing Member and support for client clearing via clearing agents. The platform architecture centers on the C7 clearing system with standardized interfaces and connectivity for members and vendors, integrates settlement and collateral flows with Clearstream and TARGET2-Securities, and supports multiple eligible currencies for margin and settlement. Within euro interest rate swaps, its clearing service and related market initiatives have been used to develop EU-based clearing capacity alongside other global venues.