Introduction of new Service Fee for SMP Functionality

1.    Introduction

The Executive Board of Eurex Clearing AG has decided to introduce a new fixed Service Fee for the Self-Match Prevention functionality (SMP) and to amend the Price List of Eurex Clearing AG accordingly, effective as of 1 December 2025.

2.    Required action

Trading Participants are advised to review their internal processes and/or technical interfaces to ensure readiness for the processing of the fixed Service Fee for SMP events.

3.    Details of the initiative

A.    Current SMP Functionality

Under the current "Netting" model, both sides of a prevented trade are reduced by the same quantity and are subject to the applicable order book/account fees. These transactions are currently eligible for Liquidity Providers and Volume Rebates. 

B.    New SMP Functionality

With the upcoming T7 Release 14.0 in November 2025, Eurex will introduce a redesigned SMP model offering three deletion instructions:

• Cancel Aggressive and Passive (Netting, existing model)
• Cancel Passive
• Cancel Aggressive

In line with this enhancement, a new fixed Service Fee will be introduced with the following key elements:

• A fixed Service Fee per contract and currency will apply only to deleted resting (passive) quantities; incoming (aggressive) quantities will not be charged,
• The fee applies exclusively to proprietary accounts (P and M); agent account transactions are excluded,
• The new Service Fee will not be eligible for rebates.

The fee will be charged per currency as detailed in the following table:

In conjunction with the introduction of the new fixed Service Fee, the previous order book/account fee applied to SMP events under the “Netting” model will be discontinued.

To reflect the decision to introduce aforementioned measures in the legal framework of Eurex Clearing AG, the following provisions will be amended as outlined in the Attachment:

• Number 3.13 of the Price List of Eurex Clearing AG

As of the effective date, the full version of the amended Price List 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 > 3. Price List

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:

• Amended sections of the Price List of Eurex Clearing AG

Further information