On Sep. 26, 2025, EUREX Clear issued new Circular 081/25 entitled as Amendments to the default management auction rules of Eurex Clearing AG - End of consultation.
EUREX Clear confirmed it had received no comments that led to further changes or amendments of the special provisions of the clearing conditions and no requests for the application of prolonged notification period, as mentioned within Circular 070/25.
Therefore, all changes and amendments regarding the above-mentioned topic, as notified in the EUREX Clear Circular 070/25, and will come into effect on Nov. 3, 2025.
Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients, FCM Clearing Members, vendors and other parties should take changes to conditions into account.
A tracked changes version of the updated rules is provided in the circular attachment.
EUREX Clear published its new Circular 070/2025 entitled Amendments to the Default Management Auction Rules of Eurex Clearing AG - Consultation, on service offerings.
Consultation Basis
Circular contains information with respect to the service offering of EUREX Clear.
Introduced amendments to Default Management (DM) Auction Rules on amendments to current DM Auction Rules regarding both pre-auction, as well as participation rules.
Some of the main changes relate to incorporation of existing procedure of disclosure in hedging auctions from within the Eurex Clearing AG website, to the DM Auction Rules.
Also, enhancement of provisions relating to outsourcing of bidding obligations, as well as extension of product types that hedging auction participant can commit to bid for.
EUREX Clear therefore invites all of the affected customers to submit comments on the proposed changes and the various amendments within the current consultation period.
Attachment shows amendments with insertions underlined, and deletions crossed out
The planned effective date of the amendments is Nov. 3, 2025, depending on outcome of the consultation, which will be communicated in a separate EUREX Clear circular.
Effectiveness
Response to and comments on the consultation can now be made until Sep. 22, 2025.
Sep. 1, 2025 EUREX Clear CFTC Certification
On Sep. 1, 2025, EUREX Clear submitted for CFTC certification proposed amendments to Default Management Auction Rules regarding pre-auction and participation rules.
CFTC published confirmation of 10 day review; intended implementation Nov. 3, 2025.
Sep. 12, 2025, CFTC Certification
On Sep. 12, 2025, CFTC certified to Eurex Clear amendments on default management.
Sep. 26, 2025 End of Consultation
On Sep. 26, 2025, EUREX Clear issued new Circular 081/25 entitled as Amendments to the default management auction rules of Eurex Clearing AG - End of consultation.
EUREX Clear confirmed it had received no comments that led to further changes or amendments of the special provisions of the clearing conditions and no requests for the application of prolonged notification period, as mentioned within Circular 070/25.
Therefore, all changes and amendments regarding the above-mentioned topic, as notified in the EUREX Clear Circular 070/25, and will come into effect on Nov. 3, 2025.
Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients, FCM Clearing Members, vendors and other parties should take changes to conditions into account.
A tracked changes version of the updated rules is provided in the circular attachment.
