Repo: Adjustments to Repo Transaction Fees for GC Pooling CTD Baskets

1.   Introduction

This circular contains information with respect to the service offering of Eurex Clearing AG (Eurex Clearing) and introduces amendments to the Price List of Eurex Clearing AG (Price List) and to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) regarding the following topics:

• A. Adjustments to the Repo Transaction Fees for GC Pooling CTD Basket Transactions
• B. Clarification regarding pledging securities by ISA Direct Light License Holders for GC Pooling CTD Basket Transactions

The effective date of the amendments is 1 October 2025.

2.   Required action

No action is required.

3.   Details of the initiative

A. Adjustments to the Repo Transaction Fees for GC Pooling CTD Basket Transactions

With the expansion of eligible GC Pooling CTD Basket collateral scope, more bonds will be made available from the respective issuer in each CTD basket. This step increases the usability of the CTD baskets from only Eurex FI Futures delivery-related activity to also regular trade flow outside of CTD delivery periods. Consequently, the repo transaction fees are reduced closer to other GC Pooling Transactions while considering the prevailing CTD use case, as ringfenced financing of CTD bonds remains a key benefit of the baskets.

The Executive Board of Eurex Clearing decided on the following measures with effect from 1 October 2025:

• Reduction of Transaction Fee for GC Pooling CTD Baskets to 0.425 basis points, Select Finance Repo Transactions respectively 0.85 basis points for ISA Direct Counterparty
• Transaction Fee and Minimum Fee for Select Invest Repo Transactions in CTD Baskets as for other GC Pooling Transactions

In this context, the following section of the Price List will be amended as outlined in Attachment 1:

• Number 5 of the Price List of Eurex Clearing AG

B. Clarification regarding pledging securities by ISA Direct Light License Holders for GC Pooling CTD Basket Transactions

Clarification that pledging of securities received for GC Pooling CTD Basket Transactions by ISA Direct Light License Holders to Eurex Clearing is not restricted has been added to the Clearing Conditions.

In this context, the following section will be amended as outlined in Attachment 2:

• Chapter IV Part 2 Number 2.10 (3) of the Clearing Conditions of Eurex Clearing AG

As of the effective date, the full versions of the amended Price List and Clearing Conditions will be available for download on the Eurex Clearing website www.eurex.com/ec-en/ under the following link:

Rules & Regs > Eurex Clearing Rules & Regulations

The amendments to the legal framework of Eurex Clearing AG published by this circular are deemed accepted by each affected contractual party of Eurex Clearing AG, unless the respective contractual party objects by written notice to Eurex Clearing AG prior to the relevant effective date(s) as stipulated in this circular. In case of an objection by the respective contractual party pursuant the preceding sentence, Eurex Clearing AG is entitled to terminate the respective contract (including a Clearing Agreement, if applicable). Instead of submitting an objection, the respective contractual party may submit in writing to Eurex Clearing AG comments to any amendments of the legal framework of Eurex Clearing AG within the first 10 Business Days after the publication of the amendments. Eurex Clearing AG shall assess whether these comments prevent the published amendments from becoming effective taking into account the interests of Eurex Clearing AG and all contractual parties. 

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.

Attachment: 

• 1 – Amended sections of the Price List of Eurex Clearing AG
• 2 – Amended sections of the Clearing Conditions of Eurex Clearing AG

Further information