0
Clearing services EurexOTC Clear for IRS – EMIR QCCP 
June 2014
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
•Eurex Clearing – Overview 
•EurexOTC Clear for IRS 
•Risk managemen...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Core competencies 
Eurex Clearing – Central component of the silo st...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
We will continue to integrate our products and services, not only ac...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
5 
© Oliver Wyman 
Netting efficiency 
Default fund efficiency 
Coll...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Sell-side cost savings of clearing over bilateral with initial margi...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
7 
© Oliver Wyman 
The benefits of an integrated CCP become much mor...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Value proposition 
Integrated full asset class offering 
•Breadth of...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
The safety of the CCP through its lines of defense is a key criteria...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Key operational differentiators to be assessed between CCP’s 
•Early...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Key operational differentiators to be assessed between CCP’s 
•5 day...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
•Eurex Clearing – Overview 
•EurexOTC Clear for IRS 
•Risk managemen...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
13 
© Oliver Wyman 
We have seen a significant increase in new CM’s ...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
14 
© Oliver Wyman 
CRD IV 
Clearing demand 
Liquidity 
Collateral 
...
www.eurexclearing.com 
EurexOTC Clear IRS June 2014 
Currencies: 
Types: 
• Vanilla IRS (Fix vs Float) 
• Basis swap (Floa...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Initiative 
Description 
Planned launch 
Products enhancements 
Infl...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
More than 1.9bn contracts were cleared on Eurex Clearing in 2013 
Ce...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Deal submitted 
Eligibility Check 
CM take-up trade? 
Risk 
Check 
C...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Eurex OTC IRS Clear netting / accumulation functionality 
•O – Eligi...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
•Registered Customers can change the Clearing Member to which a trad...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Netting/ 
accumulation 
Trade rejection 
Termination 
Clearer change...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
With release 2.1, EurexOTC Clear Members have several options for ba...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Bulk backloading processing (1/2) 
•Market participants (Executing B...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Bulk backloading processing (2/2) 
Bulk backloading will enable Memb...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Access to the service for Clearing Members 
General Clearing Members...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Access type 
Access to the service for clients 
Eurex Clearing will ...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
•Eurex Clearing – Overview 
•EurexOTC Clear for IRS 
•Risk managemen...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
The Eurex Clearing Prisma portfolio risk management module delivers ...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Eurex Clearing 
LCH.Clearnet 
ICE Clear Europe 
Long-term ETD 
(Bund...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Cross-margining determines optimal allocation of products considerin...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
•Calculated initial margin results for 
–Single position fixed incom...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Margin Calculator EurexOTC Clear for IRS 
•Prisma margin calculation...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
•Eurex Clearing – Overview 
•EurexOTC Clear for IRS 
•Risk managemen...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Eurex Clearing qualified as a CCP under EMIR on 10 April 2014 and pr...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Overview of segregation models permitted under EMIR 
Tagged asset 
I...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
NCM – Non-Clearing Member RC – Registered Customer 
MR – Margin Requ...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Affiliate positions (agency or disclosed) 
RC/NCM (xn) collateral po...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
In addition to the standard client omnibus segregation accounts, Cle...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Client individual segregation accounts 
ICM ensures maximum portabil...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Eurex Clearing Documentation (ECD) 
Your own documentation 
Market S...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Jurisdiction fund forms 
Jurisdiction fund segments 
…in combination...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
•Eurex Clearing – Overview 
•EurexOTC Clear for IRS 
•Risk managemen...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Eurex Clearing offers a variety of services to guarantee an optimal ...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Clearing Members are able to provide collateral through a number of ...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Eurex Clearing offers a variety of services to guarantee optimal usa...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
GC Pooling − take advantage of secured funding 
•GC Pooling Market h...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Reuse of GC Pooling® collateral for margining 
Increase the efficien...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Reuse of GC Pooling® collateral for Eurex Clearing margins 
Claim ba...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
•Eurex Clearing – Overview 
•EurexOTC Clear for IRS 
•Risk managemen...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Market Participant 
Name 
Phone 
Email 
ABN Amro 
Alexander Jacobs 
...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Deutsche Bank 
Stephen Ingle 
+44 (0)20 7545 8200 
stephen.ingle@db....
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Market Participant 
Name 
Phone 
Email 
JP Morgan 
Brian Oliver (Eur...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Market Participant 
Name 
Phone 
Email 
Rabobank 
Sytse Dotinga 
+31...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Eurex Clearing Business Development 
Head of Section 
Risk managemen...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
Eurex Clearing Sales & Relationship 
Head of Section 
UK + Netherlan...
www.eurexclearing.com 
EurexOTC Clear IRS 
June 2014 
© Eurex 2014 Deutsche Börse AG (DBAG), Clearstream Banking AG (Clear...
Upcoming SlideShare
Loading in...5
×

Eurex otc clear services irs _july 2013_vs3

963

Published on

Find out more about our unique EurexOTC Clear service for Interest Rate Swap clearing.

Published in: Business, Economy & Finance
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
963
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
31
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Transcript of "Eurex otc clear services irs _july 2013_vs3"

  1. 1. Clearing services EurexOTC Clear for IRS – EMIR QCCP June 2014
  2. 2. www.eurexclearing.com EurexOTC Clear IRS June 2014 •Eurex Clearing – Overview •EurexOTC Clear for IRS •Risk management •Client Asset Protection •Collateral management •Key contacts Agenda 2
  3. 3. www.eurexclearing.com EurexOTC Clear IRS June 2014 Core competencies Eurex Clearing – Central component of the silo structure of Deutsche Börse Group *OTC: Over The Counter, FWB: Frankfurter Wertpapierbörse, ISE: Irish Stock Exchange, EEX: European Energy Exchange Information •Streaming data feeds •Physical terminals •Indices Trading •Operate open electronic books •Connectivity to international trading members Clearing •Verification of trade- related information •Margining •Risk management •Collateral management •Position & trade management incl. give- up/take-up •Exercise & assignment/notification & allocation •Netting services •Delivery management Settlement •Delivery of securities •Financing services •Securities lending & borrowing Custody •New issues services •Income & redemption payments •Tax services for both release at source and claims •Corporate action notification & processing •Proxy voting service Information Services Eurex/OTC* FWB/ISE Eurex Bonds Eurex Repo Eurex Clearing Clearstream Banking (Frankfurt and Luxembourg) IT services and software development (Deutsche Börse MD&S) 3
  4. 4. www.eurexclearing.com EurexOTC Clear IRS June 2014 We will continue to integrate our products and services, not only across Eurex Clearing but across Eurex and Clearstream to provide sustainable capital and operational efficiencies •European leader in long- term interest rate futures and options – 2.2mn contracts with EUR 285bn notional cleared every day •333 clearing licenses in 17 European countries •545 Non-Clearing Members •More than 6.7 million cleared derivatives contracts daily •EUR 205bn notional outstanding in January 2014 •Clearing of different products under a single legal netting set and liquidation structure can lower capital and funding requirements •Integrated cross-product structures and significant existing exposures can lower default fund capital requirements •Large spectrum of eligible collateral, re-use of other assets (e.g. GC pooling) and access to central-bank accounts can mitigate funding requirements Lower risk Lower costs and capital Greater efficiency Eurex Clearing is the only fully integrated CCP across asset classes with a single legal netting structure 4
  5. 5. www.eurexclearing.com EurexOTC Clear IRS June 2014 5 © Oliver Wyman Netting efficiency Default fund efficiency Collateral efficiency 1 2 3 •Multilateral risk netting may be complemented by cross- product netting between OTC, exchange-traded and cleared repo transactions •Balance sheet netting of exposure at default under a single legal CCP construct and netting of positions in Liquidation Groups for initial margin Higher netting efficiency lowers capital and funding requirements Higher Default Fund efficiency lowers capital and funding requirements Higher collateral efficiency lowers funding requirements •Required default fund contributions depend on the risk characteristics of the CCP •CCPs with significant existing exposures across products under a single netting agreement and reflecting segregation tend to lead to lower Default Fund contribution and capital requirements •CCPs with a large spectrum of eligible collateral and re-use of other assets (e.g. GC pooling) mitigate funding issues for clients •CCPs with access to central bank accounts remove double funding requirement for individual clearing brokers Source: Eurex Clearing, Oliver Wyman analysis An integrated cross-product CCP for all EUR-denominated products under a single netting agreement with a large eligible collateral spectrum offers the highest efficiency In light of tightening global regulation, an integrated CCP model can increase cost efficiencies for clients Cost of clearing may vary substantially across CCPs along 3 key drivers….. 5
  6. 6. www.eurexclearing.com EurexOTC Clear IRS June 2014 Sell-side cost savings of clearing over bilateral with initial margin Bps of notional Global dealer Savings on a baseline CCP Additional cost efficiencies Savings on Eurex Clearing Savings on a baseline CCP Additional cost efficiencies Savings on Eurex Clearing +50-75% ~0.3-0.35 bps ~0.2 bps 3 2 1 Regional bank ~0.25-0.3 bps +65-100% ~0.15 bps 1 2 3 Savings on a baseline CCP Additional cost efficiencies Savings on Eurex Clearing Fixed income mutual fund ~2.0-2.4 bps +45-70% ~1.4 bps 1 2 3 Savings on a baseline CCP Additional cost efficiencies Savings on Eurex Clearing ~20-35 bps -10 bps 2 3 Fixed income hedge fund Buy-side cost savings of clearing over bilateral with initial margin Bps of AuM Netting efficiency Cross-product exposure netting and cross-margining Default fund efficiency Integrated, segmented default fund structure Collateral efficiency Large eligible collateral spectrum, re-use of assets & central bank acc. 1 2 3 Banks can improve cost efficiencies of central clearing substantially on a diversified CCP such as Eurex Clearing 6
  7. 7. www.eurexclearing.com EurexOTC Clear IRS June 2014 7 © Oliver Wyman The benefits of an integrated CCP become much more pronounced for leveraged buy-side firms 0.1 1.5 0.1 2.5 1.5 100 150 10 35 Savings of cleared vs. bilateral trades with IM in bps of assets under management Leverage (notional interest rate derivatives over assets under management) Non-leveraged buy-side firm savings on Eurex Clearing Insurer Mutual fund Hedge fund Perspectives •Differences on the buy-side are primarily driven by –Leverage in the portfolio –CCP netting efficiencies •Differences in efficiencies between CCPs become more pronounced the higher the leverage •For buy-side firms with a relative small OTC interest rate portfolio (e.g. insurers), cost differentials are less relevant •For a more leveraged buy-side firm like a fixed income hedge fund with a large OTC portfolio, CCP efficiencies can have a substantial impact on returns Eurex Clearing Baseline CCP Source: Eurex Clearing, Oliver Wyman analysis Leveraged buy-side firm savings on Eurex Clearing Hedge fund Relationship of buy-side savings to leverage 7
  8. 8. www.eurexclearing.com EurexOTC Clear IRS June 2014 Value proposition Integrated full asset class offering •Breadth of the CCP service offering is key prerequisite to deliver efficiencies! •Can existing business be leveraged for operational and capital efficiency? •What are the differences in costs between CCP’s? •Can I fulfil my margin requirements with assets in my investment portfolio? •What is my clearing fund contribution and what is my capitalization factor? •How does the buy side client benefit from the capital efficiencies? Capital efficiency Efficient collateral management Major aspects to be assessed Protection and portability of client assets •The central counterparty is your counterpart. How safe is the CCP to withstand defaults and crisis situations? •Are my assets protected? What is the risk if another counterparty fails? •Is portability possible? What is ported and when? What are the conditions? •Is the segregation service operationally viable? What are the costs? Safety Efficiency Proven and robust CCP risk manager Level of safety plus cost and capital efficiency are key differentiators between the CCP’s 8
  9. 9. www.eurexclearing.com EurexOTC Clear IRS June 2014 The safety of the CCP through its lines of defense is a key criteria deciding where to clear Values as of May, 2014 * Monthly average collateral value after haircut Eurex Clearing’s lines of defense are crisis proven – default fund has never been employed. Lines of Defence before Eurex Clearing’s capital sum up to more than € 7.5 bn Remaining equity of Eurex Clearing AG Assessments to the Clearing Fund Approx. € 249 m, Eurex Clearing thus fully EMIR compliant Min. € 1.0 m (DCM) or € 5.0 m (GCM) Total collateral held at Eurex Clearing approx. € 48.35 * bn Close-out of all positions Approx. € 2.84 bn € 50 m Position netting Collaterals of Member in default Clearing Fund contribution of Member in default Dedicated amount of Eurex Clearing AG Clearing fund contribution of other Members Coverage in normal market conditions (Lehman/ MF Global) Coverage in extreme market conditions Max 2 assessment limit liability of CM to 3x prefunded clearing fund contribution Eurex Clearing lines of defense Parental Guarantee € 700 m guaranteed by Deutsche Börse AG 9
  10. 10. www.eurexclearing.com EurexOTC Clear IRS June 2014 Key operational differentiators to be assessed between CCP’s •Early return of cash removes double funding •Early return of cash reduces counterparty risk and funding costs to the CCP •Central bank access provides liquidity in a crisis and reduces systemic risk Major aspects to be assessed •Direct delivery of cash and securities removes operational cost / burden for CM •Approx. 30,000 eligible securities lowers funding costs of IM and DF •GC Pooling allows re-use of securities to cover IM requirements •Intraday return of cash •Single margin call across all asset classes •Direct delivery of cash and securities means no transit risk •Full protection of client excess allows pre-funding at no risk •Full protection of clients own assets means no liquidation risk / no replacement risk •No mutualization of risks with fellow customers Operational efficiencies Efficient collateral management Portability and legal certainty Central Bank access •Portability of clients actual / own assets in CM default •Ability to become Interim Participant allows 5 + days for porting •Legal certainty for clients and Clearing Members domiciled in EU •Legal certainty for porting, close-out netting and protection of assets at fund level Protection and segregation 10
  11. 11. www.eurexclearing.com EurexOTC Clear IRS June 2014 Key operational differentiators to be assessed between CCP’s •5 day MPOR applied to OTC IRS for both house and client accounts lowers margin requirement, which lowers DF and funding costs •which lowers DF contribution which lowers capital cost and lowers funding cost •0% capital risk weight for house collateral •2% capital risk weight for individual segregation Efficiencies •Lower DF means lower funding costs •Lower IM means lower funding costs •30,000 eligible securities lowers funding costs of IM and DF •GC Pooling allows re-use of securities •Near real-time margins and intraday return of cash removes double funding for clients and reduces funding costs on risk reducing positions Major aspects to be assessed •Cross asset class CCP with single legal netting lower EaD which lowers capital costs •Cross product margins in Liquidation Groups •Payment netting across asset class with a single margin call •CRR opinions •DF segmentation decreases total size of CF by 40% •DF allocated as 7% of IM. •Cross margins lowers IM by 20 – 40% and hence DF contribution Capital and funding Lower capital costs Netting efficiencies Efficient Default Fund Lower funding costs 11
  12. 12. www.eurexclearing.com EurexOTC Clear IRS June 2014 •Eurex Clearing – Overview •EurexOTC Clear for IRS •Risk management •Client Asset Protection •Collateral management •Key contacts Agenda 12
  13. 13. www.eurexclearing.com EurexOTC Clear IRS June 2014 13 © Oliver Wyman We have seen a significant increase in new CM’s & RC’s •33 OTC IRS Clearing Members admitted and over 141 Registered Customers onboarding •Union Invest first major KVG live in Individual Segregation with approx. 100 underlying funds Admitted Clearing Members: 13
  14. 14. www.eurexclearing.com EurexOTC Clear IRS June 2014 14 © Oliver Wyman CRD IV Clearing demand Liquidity Collateral End clients New capital requirements introduced in Jan 2014 Mid tier European banks becoming direct CM’s and increasing Eurex activity Liquidity provided by all major broker dealers GC pooling collateral re- use and late return of Central Bank cash Over 140 RC’s have qualified for the fee waiver and many starting to actively clear Fee waiver No OTC IRS clearing fees until Jan 2016 Eurex Clearing volumes have increased significantly since the beginning of 2014 0 5,000,000,000 10,000,000,000 15,000,000,000 20,000,000,000 25,000,000,000 Sep Oct Nov Dec Jan Feb Mar Apr CHF EUR Total (EUR) Outstanding Total turnover EUR 11,557,000,000 14,457,000,000 CHF 14,156,100,000 17,056,100,000 Total (EUR) 21,420,949,281 28,470,721,062 14
  15. 15. www.eurexclearing.com EurexOTC Clear IRS June 2014 Currencies: Types: • Vanilla IRS (Fix vs Float) • Basis swap (Float vs Float) • OIS, FRA • Zero coupon • Compounding • Variable notional Structures: • Spot, forward start & stub periods, linear interpolation • EUR (EURIBOR) and GBP (LIBOR), 1m, 3m, 6m, 12m • USD and CHF (LIBON) 1m, 3m, 6m EUR USD GBP CHF Product description JPY OTC derivative classes Derivative classes Current Product classes Asset-class Type Underlying 1 Notional Currency Settlement Currency Maturity/Range of maturities/Tenor Settlement conditions Range of payment frequency Interest Rate Fixed to Float EURIBOR EUR EUR 2D-50Y Cash 1M, 3M, 6M, 1Y Interest Rate Fixed to Float LIBOR CHF CHF 2D-30Y Cash 1M, 3M, 6M Interest Rate Fixed to Float LIBOR USD USD 2D-50Y Cash 1M, 3M, 6M Interest Rate Fixed to Float LIBOR GBP GBP 2D-50Y Cash 1M, 3M, 6M, 1Y Interest Rate Fixed to Float EURIBOR EUR EUR 2D-50Y Cash 1M, 3M, 6M, 1Y Interest Rate Fixed to Float LIBOR CHF CHF 2D-30Y Cash 1M, 3M, 6M Interest Rate Fixed to Float LIBOR USD USD 2D-50Y Cash 1M, 3M, 6M Interest Rate Fixed to Float LIBOR GBP GBP 2D-50Y Cash 1M, 3M, 6M, 1Y Interest Rate Basis EURIBOR EUR EUR 2D-50Y Cash 1M, 3M, 6M, 1Y Interest Rate Basis LIBOR CHF CHF 2D-30Y Cash 1M, 3M, 6M Interest Rate Basis LIBOR USD USD 2D-50Y Cash 1M, 3M, 6M Interest Rate Basis LIBOR GBP GBP 2D-50Y Cash 1M, 3M, 6M, 1Y Interest Rate Basis EURIBOR EUR EUR 2D-50Y Cash 1M, 3M, 6M, 1Y Interest Rate Basis LIBOR CHF CHF 2D-30Y Cash 1M, 3M, 6M Interest Rate Basis LIBOR USD USD 2D-50Y Cash 1M, 3M, 6M Interest Rate Basis LIBOR GBP GBP 2D-50Y Cash 1M, 3M, 6M, 1Y Interest Rate OIS EONIA EUR EUR 2D-3Y Cash 1M, 3M, 6M, 1Y Interest Rate OIS TOIS CHF CHF 2D-3Y Cash 1M, 3M, 6M Interest Rate OIS Fed Fund USD USD 2D-3Y Cash 1M, 3M, 6M Interest Rate OIS SONIA GBP GBP 2D-3Y Cash 1M, 3M, 6M, 1Y Interest Rate FRA EURIBOR EUR EUR 28D-2Y Cash 1M, 3M, 6M, 1Y Interest Rate FRA LIBOR CHF CHF 28D-2Y Cash 1M, 3M, 6M Interest Rate FRA LIBOR USD USD 28D-2Y Cash 1M, 3M, 6M Interest Rate FRA LIBOR GBP GBP 28D-2Y Cash 1M, 3M, 6M, 1Y Interest Rate Fixed to Float LIBOR JPY JPY 2D-50Y Cash 1M, 3M, 6M, 1Y Interest Rate Fixed to Float LIBOR JPY JPY 2D-50Y Cash 1M, 3M, 6M, 1Y EurexOTC Clear for IRS was launched in Nov. 2012 and was authorized as a QCCP on 10 April 2014 15
  16. 16. www.eurexclearing.com EurexOTC Clear IRS June 2014 Initiative Description Planned launch Products enhancements Inflation swaps Nov 2014 Swap futures Jun 2014 Swaptions N/A IRS CCY expansion – Nordics Planned 2015 Extension of OIS maturities Nov 2014 Combination of stub periods Nov 2014 Introduction of OIS for JPY Nov 2014 Service enhancements ECAG advanced netting Nov 2014 TriOptima D2d linked compression N/A TriOptima D2d/ client unlinked compression Nov-14/ Q1-2015 Bloomberg VCON connectivity (Trade Source/ Capture) Q2 2014 OTC Margin Calculator enhancements May 2014 Cross Margining – Prisma May 2014 Fund level cross margining Sep 2014 Product/ service roadmap 16
  17. 17. www.eurexclearing.com EurexOTC Clear IRS June 2014 More than 1.9bn contracts were cleared on Eurex Clearing in 2013 Central Bank TARGET2 / SNB Trade Warehouse Central Depository Confirmed Trade MarkitSERV/VCON Affirmation/Confirmation platforms Affirmation/ confirmation Margin payments Collateral Risk Management Position Management Risk management Position management Eurex Clearing CCP Trade execution Executing Broker Client Execution Trade Submission Existing market infrastructure Front to back processing Near time clearing Direct access via affirmation/ confirmation platforms Real time risk Manage your risk and positions intra-day Secure payment networks Utilisation of Central Bank money Trade confirmation Collateral & trade warehouse Eurex Clearing provides a flexible solution via existing market infrastructure 17
  18. 18. www.eurexclearing.com EurexOTC Clear IRS June 2014 Deal submitted Eligibility Check CM take-up trade? Risk Check Collateral to Novate? Update to MarkitWire Legal CCP Novation ‘OTC Trade Novation’ Report CI201 n y n Process Repeat y MarkitWire Eurex Clearing CM •MarkitWire submits allocated, affirmed and released eligible deals for clearing •Eurex Clearing checks if the trade is eligible •Clearing Member takes-up the trade for clearing •ECAG performs a incremental risk check i.e. calculates margin requirements and incremental portfolio increase •Eurex Clearing verifies if pending deals can be covered by available collateral •If sufficient collateral is available ECAG will novate the trade: –Trade novated immediately via ‘OTC Trade Novation’ CI200 report distributed –Trades updated to “Cleared” Status in MarkitWire •If sufficient collateral is not available, the trade returns to incremental ‘risk check’. •After clearing cut-off, remaining pending as well as new deals submitted during closure from MarkitWire are queued for processing next day •Eurex Clearing issues daily overnight margin call covering the entire portfolio risk. Three times a day, ECAG will issue a margin call for any trades that have not novated due to missing collateral: 12:00, 14:00 & 18:00. A direct debit will take place 1h after the call. Any trades not novated by closure (22:00) are included in the End-Of-Day overnight Margin calls Take-up Accept/ Reject Novation flow - (Near) real-time clearing Eurex Clearing will continuously novate trades during opening hours: 08:00-22:00 CET. 18
  19. 19. www.eurexclearing.com EurexOTC Clear IRS June 2014 Eurex OTC IRS Clear netting / accumulation functionality •O – Eligible trades marked with the same netting string will be netted together (default) •Y – Eligible trades marked with the same netting string will be netted together Also, eligible trades without a netting string will be netted together (i.e. blank is a value) •N – No netting will be performed on this account Netting parameters – Set per account •Eligible netting strings are a list of alphanumeric strings. Only these pre-defined eligible netting strings can be assigned as netting strings on trade level for a particular Member. •Eligible netting strings can be defined via the data reference sheet as well as in the EurexOTC Clear GUI. Updates and changes to eligible netting strings can be done in the EurexOTC Clear GUI. •Netting strings are assigned on a trade basis (MarkitWire upon affirmation, EurexOTC Clear GUI or API). Eligible netting strings – Set per Member (CM,RC) Identical parameters to allow netting/accumulation •Product type •Account •Currency •Rate index •Rate index tenor •All future coupon dates •Maturity date •Current applicable fixed floating rate •Spread over floating rate •Day count convention (per leg) •Reset lag •Payment lag •Fixed rate 19
  20. 20. www.eurexclearing.com EurexOTC Clear IRS June 2014 •Registered Customers can change the Clearing Member to which a trade is assigned to if: –Both have accepted the change via the GUI. –A risk check has been performed to ensure sufficient margin is in place. •Trades can be transferred to another account within the same Clearing Member, providing there is sufficient margin available. •Registered Customers and Clearing Members can transfer trades, fully or partially, across their accounts. •The Clearing Member or Registered Customers can change internal references or split trades into smaller notional. No risk check will be required. In case of Registered Customer initiation the Clearing Member has to agree. •Clearing Member‘s or Registered Customer‘s can request that an inter dealer or client clearing trade is de-cleared from Eurex Clearing to reverse an error trade. –The original bi-lateral counterparty must accept it. –A risk check has to be performed to ensure sufficient margin is in place. –The de-clear option is only available until end of the business day following the novation day. Account transfer/ re- allocations Trade amendment Trade transfer De-clear Supported lifecycle events Once trades have been successfully cleared and registered with Eurex Clearing, they can be managed and amended. 20
  21. 21. www.eurexclearing.com EurexOTC Clear IRS June 2014 Netting/ accumulation Trade rejection Termination Clearer change •Clearing Members and Registered Customers can request a full or partial trade termination –The other party has to accept the change. –Risk checks for sufficiency of margin have to be made. •The Clearing Member or Registered Customer can mark two or more offsetting trades (fully or partially) for netting in order to close out two identical trades opposite or reversing trades. •It is also possible to add up the notional of two or more risk neutral trades (accumulation of trades). •A new trade will be created with the outstanding notional of the original trades. •The Clearing Member or Registered Customer can request a trade rejection for trades that are pending for novation due to missing collateral. This allows members to reduce the risk emerging from OTC margin calls. Both Clearing Members need to accept the rejection. •Registered Customer‘s have the possibility to change their Clearing Member and to transfer all open transactions to a new Clearing Member. –Before the open transactions can be moved an official transfer agreement has to be signed by the old Clearing Member, the Registered Customer, the new Clearing Member and Eurex Clearing. Supported lifecycle events 21
  22. 22. www.eurexclearing.com EurexOTC Clear IRS June 2014 With release 2.1, EurexOTC Clear Members have several options for backloading trades •Standard MarkitWire GUI –Historical trades can be entered through the standard MarkitWire GUI •Internally developed API connection to MarkitWire –Variable functionality, depending on system –Requires an internal build on the part of the customer against the EurexOTC FpML Interface •MarkitWire Bulk Action Tool –Option for Members who do not wish to build against the FpML interface –MarkitWire offers support for new users of the MarkitWire Bulk Action Tool 22
  23. 23. www.eurexclearing.com EurexOTC Clear IRS June 2014 Bulk backloading processing (1/2) •Market participants (Executing Brokers and Clients) select trades with a trade date in the past (older than 10 business days) and upload them •These trades are sent to EurexOTC Clear and will be processed separately from new trades. These trades will need to pass the initial validations and need to be taken up by the Clearing Member (client clearing only) and will then be placed in the status BS_BACKLOADED •Every two hours starting at 09:00 CET a report including all trades in status BS_BACKLOADED will be generated (CI218) •At 17:00 CET there is a cut-off time, all trades delivered to the system after 17:00 CET will not be considered in that days novation cycle, but will stay in that status until the next day •Starting 17:00 CET an incremental risk check for the backloaded portfolio will be performed and a report (CI217 Preliminary Backloading Margin Report) will be created notifying the clearing member of the incremental risk (= forecasted margin requirement) of the portfolio. The incremental risk in only calculated on a portfolio basis No trades will be cleared based on this calculation Bulk backloading will enable Members to load historic deals on block and clear them without interfering with the intraday novation process T-1 T 08:00 17:00 Members submit trades for bulk backloading EurexOTC processes trades and CMs perform take-up Trades with trade date -10 bus days are moved to BS_BACKLOADED Portfolio risk check is performed on trades in BS_BACKLOADED and Preliminary Backloading Margin Report is distributed Times in CET 23
  24. 24. www.eurexclearing.com EurexOTC Clear IRS June 2014 Bulk backloading processing (2/2) Bulk backloading will enable Members to load a huge number of historic deals and clear them without interfering with the intraday novation process T 22:30 09:00 Portfolio risk check is performed on trades in BS_BACKLOADED which serves as basis for novation and Preliminary Backloading Margin Report is distributed 21:00 Times in CET T+1 Trades are legally novated or Members with shortfalls are included in the EOD OTC Margin Call EOD OTC Margin Call needs to be fulfilled •The Clearing Member and client have the possibility to post additional securities collateral if required or to reject the trades until 21:00 CET. •At 21:00 CET a second incremental risk check for the backloaded portfolio will be performed and the Preliminary Backloading Margin Report (CC217) will be sent again. The clearing decision is based on the 21:00 CET calculation. •The trades to be backloaded can be uploaded at any time of the day until 22:00h but only trades accepted by 17:00 CET will be included in the bulk backloading run on that day. •In case sufficient collateral is available at 22:00 CET the trades will be novated and will appear as such in the EOD reports. •In case the collateral is not sufficient the backloaded trades will be included in the regular EOD OTC Margin Call process. 24
  25. 25. www.eurexclearing.com EurexOTC Clear IRS June 2014 Access to the service for Clearing Members General Clearing Members (GCM) may clear their own transactions and those of their Registered Customers and clients that do not hold a clearing license Membership criteria Liable equity •Access to the clearing system infrastructure of Eurex Clearing as well as being a user of an approved trade source (ATS). •Default management obligations. •Cash accounts, EUR or CHF, USD and JPY cash accounts are required, also a GBP account if clearing swaps in GBP. •Evidence of a pledge account at CBF or SIX SIS for deposit of securities collateral. •Each IRS OTC GCM must meet the minimum liable equity capital requirements of ECAG, being the largest of the following amounts; •20 percent of the 30-day average of additional margin plus futures spread margin •20 percent of the 250-day average of additional margin plus futures spread margin •EUR 30 million Requirements Clearing Fund Description •Each IRS OTC GCM must make a contribution to the Clearing Fund of ECAG, being the largest of the following amounts; •7% of the 30-day average of the initial margin requirement •7% of the 250-day average of the initial margin requirement •EUR 5 million 25
  26. 26. www.eurexclearing.com EurexOTC Clear IRS June 2014 Access type Access to the service for clients Eurex Clearing will provide a variety of options for clients to connect indirectly Requirements •To become a Registered Customer, the legal entity must have concluded a tripartite agreement with a Clearing Member and Eurex Clearing AG. •A Member/user of an approved trade source (MarkitWire for Phase 1). •Access to the Common Report Engine. •As such, the primary relationship is between the client and the Clearing Member. Clearing Members are entitled to set their own eligibility criteria for clients. •No direct relationship with Eurex Clearing AG. •The primary relationship is between the client and the GCM, therefore GCMs are entitled to set their own eligibility criteria for clients. •A Member / user of an approved trade source (MarkitWire for Phase 1). •Volume incentives on transaction fees. •Zero collateral fee for Individually segregated accounts. •Lowest capital costs of any CCP due to c-factor of 0.5%. Cost Registered Customer (CR) Client 26
  27. 27. www.eurexclearing.com EurexOTC Clear IRS June 2014 •Eurex Clearing – Overview •EurexOTC Clear for IRS •Risk management •Client Asset Protection •Collateral management •Key contacts Agenda 27
  28. 28. www.eurexclearing.com EurexOTC Clear IRS June 2014 The Eurex Clearing Prisma portfolio risk management module delivers significant benefits…. Margin efficiencies of Eurex Clearing Prisma highly depend on the size and structure of a portfolio, but show up to 80 percent reductions in individual margin requirements. •Aligned Default Management process between listed and OTC. •Positions deemed suitable for simultaneous liquidation are assigned to the same Liquidation Group. •Risk offsets are only granted within the same Liquidation Group (e.g. equity, commodity or fixed income). Consistency 4 2 3 Central benefits •Adjustments to enable stable margin requirements: concentration, uncertainty in correlations, model error adjustments if compression is used. •Flooring for stability: stressed period scenarios and dynamic volatility scaling to at least long-run volatility percentiles. Robustness •More accurate risk-netting effects for listed, and also between listed and OTC positions. •Higher capital efficiency for customers through risk calculation on portfolio basis. Capital efficiency •Reduced time-to-market for new products. Flexibility 1 5 •Cross-product scenarios enable consistent way to account for portfolio correlation and diversification effects. •Risk covered at 99 percent through margin calculation consisting of − a mark-to-market component − a forward-looking component − an adequate liquidation time horizon Accuracy 28
  29. 29. www.eurexclearing.com EurexOTC Clear IRS June 2014 Eurex Clearing LCH.Clearnet ICE Clear Europe Long-term ETD (Bund, Bobl, Schatz) OTC / Swaps Inefficient for participants from a margin & DF perspective •Plain vanilla IRS •Zero coupons •Overnight index swap •Variable notional swaps •Compounding swaps •FRAs •Euro-Bund, Bobl, Schatz, Buxl Futures •Long-, Mid, and Short-Term Euro-BTP Futures •Mid-,Long-Term Euro-OAT Futures •Options on Euro-Bund, Bobl, Schatz and Euro-OAT Futures EURO IRS Fixed Income •Three-Month Euribor Futures & Options •1-4 year Euribor Mid-Curve Options •One-Month EONIA Futures MM Additional efficiency from new products being delivered in 2014 •EURO Deliverable Swap Futures, 2-, 5-, 10- and 30 year •Cash settled One-Month Euro Secured funding (Repo) Futures Eurex Clearing – PRISMA margin optimiser for Euro Derivatives Short-term ETD (Euribor) Clearing IR Derivatives is Fragmented Across 3 CCPs… 29
  30. 30. www.eurexclearing.com EurexOTC Clear IRS June 2014 Cross-margining determines optimal allocation of products considering liquidation horizon + margin offsets * Depending on portfolio diversity Overall initial margins for cross-margined portfolios might be lower which reflects risk reduction. Without cross-margining With cross-margining IRS and fixed income futures / futures-style options are margined separately: IRS with a 5 day liquidation horizon Futures and futures-style options with a proposed two day liquidation horizon OTC IRS FI listed products IR swaps FI futures / futures-style options 2 day horizon 5 day horizon Margin requirements: Futures / future -style options OTC IRS Total If IRS and futures positions are hedged: Futures are transferred to the IRS split such that the reduced risk is reflected in lower margins* IRS+FI IR swaps FI futures / opt. Allocation of FI listed products that hedge IRS exposure FI-only FI futures / futures-style options 2 day horizon 5 day horizon Margin reduction by cross-margining: Cross-margined portfolio Total Lower costs through cross-margining OTC and listed positions 30
  31. 31. www.eurexclearing.com EurexOTC Clear IRS June 2014 •Calculated initial margin results for –Single position fixed income portfolios consisting of futures (long positions) –Compared with EUR single position swap portfolios (paying) •IM saving of portfolio margining is defined as 100% minus the initial margin of the portfolio divided by the sum of the initial margins of the single positions. •The underlying swaps start at 4 July 2013 •Valuation date is 4 July 2013 •Initial margins for Prima OTC IRS Swaps and Prisma Cross FI OTC IRS margin calculated by means of robust VaR mean 99% with correlation break including liquidity adjustment. Significant margin reduction for fixed income portfolios - 500 1,000 1,500 2,000 2,500 3,000 3,500 Thousands EUR Prisma OTC IRS Margin RBM FI Margin Prisma Cross FI OTC IRS Margin* Portfolio 1 Portfolio 3 FI portfolios Portfolio Position Quantity IM savings in case of Cross Margining Portfolio 1 FGBL_201309 359 70% Portfolio 3 FGBM_201309 1000 62% Swap portfolios Portfolio Maturity Direction Notional Portfolio 1 9Y Pay fix 50 Mio. Portfolio 3 5Y Pay fix 119 Mio. Comparison Savings 60-70% * Liquidity Adjustment calculated for aligned DMP excluding options Eurex Clearing creates margin efficiency for strategy trades such as the futures asset swap of up to 70% 31
  32. 32. www.eurexclearing.com EurexOTC Clear IRS June 2014 Margin Calculator EurexOTC Clear for IRS •Prisma margin calculation for test portfolios allows Clearing Members and Registered Customers to evaluate the indicative margin requirements that would be attributed to a portfolio of positions or trades. •The margin calculator supports the whole product scope of EurexOTC Clear, in particular IRS, basis, OIS, FRAs, VNSs, compounding and zero coupon swaps. The tool is implemented as an on-line service. •The following functionalities are available in the Margin Calculator: –Download of a trade template –Trade/ portfolio upload and trade validation –Display and download of the result summary –What-if trade scenarios •Margin Calculator is a web-based tool used to calculate margins for OTC IRS products. •Outputs in GUI and for download include portfolio MtM, IM (including the breakdown of components), and per trade MtM. •Access to the Margin Calculator via the OTC GUI, save portfolios in the GUI to re-run/edit in the future. •Utilization of an API (IRS only) to allow Members to submit portfolio for calculation. Online tool for margin simulation to calculate test portfolios 32
  33. 33. www.eurexclearing.com EurexOTC Clear IRS June 2014 •Eurex Clearing – Overview •EurexOTC Clear for IRS •Risk management •Client Asset Protection •Collateral management •Key contacts Agenda 33
  34. 34. www.eurexclearing.com EurexOTC Clear IRS June 2014 Eurex Clearing qualified as a CCP under EMIR on 10 April 2014 and provides full segregation and portability EMIR article 39 requires CCPs and Clearing Members to offer at a minimum omnibus and individual segregation models. After the Lehman and MF Global defaults, the demand for segregation increased as clients have faced issues around uncertainty of porting, double funding, mutualization of client and CM risks from co-mingling of assets and potential misuse of client collateral. Individual models are intended to secure the positions and the collateral assets at all times in the event of default of a Clearing Member or other clients of the clearing member. Some local investment laws require asset managers to segregate assets at the fund level to prevent co-mingling of positions and assets between the clearing broker, other clients and funds of the same fund company. The Eurex Clearing EMIR disclosure document is available on our website: http://www.eurexclearing.com/blob/clearing-en/51546/284984/6/data/EMIR_disclosure_document_39.pdf ESMA finally provided clarity that individual client segregation requires that the actual assets of the client are segregated and available for porting. Models which merely segregate the value of collateral due to the accounts of clients, 'do not meet the requirement to offer individual client segregation’ (ESMA Q&A 5 August 2013). 34
  35. 35. www.eurexclearing.com EurexOTC Clear IRS June 2014 Overview of segregation models permitted under EMIR Tagged asset Individual physical custodian account Disclosed RC Gross Allocated value Allocated asset Net Allocated value/asset Omnibus segregation EMIR 39(2) Pos Coll Margin Segregation Porting Risk Operational simplicity Capital charge Eurex Clearing services 4 % 4 % Individual segregation EMIR 39(3) 2 % 2 % Live Very likely Unlikely None High Easy Complex Fellow customer Liqui- dation Replace- ment Transit Gross Live Live* 35 *The ECM is live today and will be amended during December 2013 to implement legal changes to fulfil EMIR segregation and portability requirements. The UK CASS Net Omnibus Clearing Model is live.
  36. 36. www.eurexclearing.com EurexOTC Clear IRS June 2014 NCM – Non-Clearing Member RC – Registered Customer MR – Margin Requirements Overview of omnibus and individual client segregation models according to EMIR Article 39 RCs/NCMs collateral pool Clearing Member RC/NCM positions RC/NCM positions Collateral for Client omnibus segregated account (asset based)/ Collateral allocation in proprietary account (value based) Affiliated Agency position account Affiliated agency collateral pool RC/NCM positions RC/NCM collateral pool ECM collateral account (asset or value based) NOCM collateral account Multiple omnibus segregated collateral account (asset tagging available per pool) ISA tagged or individual account Net Net Net or gross Gross Gross Gross Gross 36 Collateral pools CSD accounts Position accounts MR Margin requirement per position account or RC/NCM Margin requirement per RC/NCM Margin requirement per A account Margin requirement per A account Margin requirement per RC/NCM Margin requirement per RC/NCM Margin requirement per RC/NCM Affiliate positions (agency or disclosed) Agency position account RC/NCM positions Omnibus Segregation Accounts (OSA) Individual Segregation Accounts (ISA)
  37. 37. www.eurexclearing.com EurexOTC Clear IRS June 2014 Affiliate positions (agency or disclosed) RC/NCM (xn) collateral pool Agency position account Clearing Member RC/NCM positions RC/NCM positions Collateral for Client omnibus segregated account (asset based)/ Collateral allocation in proprietary account (value based) RC/NCM positions NCM – Non-Clearing Member RC – Registered Customer Client Individual Segregation Accounts Client Omnibus Segregation Accounts Affiliated Agency position account Affiliated agency collateral pool RC/NCM positions RC/NCM collateral pool Margin requirement per A account Margin requirement per RC/NCM Margin requirement per RC/NCM Margin requirement per RC/NCM Client omnibus segregation accounts Client omnibus segregation is available under the Elementary Clearing Model (ECM) or the Net Omnibus Model (NOCM), which offers UK CM’s the ability to comply with CASS. The omnibus models offer net or gross margining at a client level. Net omnibus segregation is available through Agency position accounts. The ECM allows separation of positions into A1 and six further position accounts (A2-A7). CM’s for example may wish to separate affiliate positions. The ECM has one collateral pool. The NOCM relies upon the same operational and functional infrastructure but segregates positions and collateral in compliance with the CASS rules. NOCM positions are segregated into A9, which has a segregated collateral pool. Gross omnibus segregation is available by disclosing the client to Eurex Clearing. Each disclosed client (RC or NCM) has their own position account and is therefore effectively gross margined. Each position account is held on a gross position keeping basis and is net initial margined. Legal agreements Eurex Clearing has no documentation requirements for Agency clients. Disclosed clients are required to sign a tripartite agreement to register with Eurex Clearing (Appendices 2 & 8) Collateral pools CSD accounts Margin requirement per position account or RC/NCM Margin requirement per A account 37 Position accounts MR Margin requirement per RC/NCM ECM collateral account (asset or value based) NOCM collateral account
  38. 38. www.eurexclearing.com EurexOTC Clear IRS June 2014 In addition to the standard client omnibus segregation accounts, Clearing Members can also offer multiple client omnibus segregation accounts under the ECM (and the NOCM in due course). Each multiple client omnibus segregation pool must have more than one client in the pool and the Clearing Member can allow Agency net omnibus pools or disclosed client pools. Additional Agency pools would utilise the A2-7 accounts. There is no limit on the number of disclosed clients per multiple client omnibus segregation pools. This model may be attractive to buy side firms or clients who are happy to share risk mutualisation within their group. NOCM multiple client omnibus segregation accounts would be made available when the proposed multiple client money rules are implemented by the FCA. Currently, Eurex Clearing will allow ten additional multiple client omnibus segregated pools. Each position account is held on a gross position keeping basis and is net initial margined. Legal agreements Eurex Clearing has no documentation requirements for Agency clients. Disclosed clients are required to sign a tripartite agreement to register with Eurex Clearing (due for publication in June 2014) Multiple client omnibus segregation accounts (target launch date, 1 July 2014) RC/NCM (xn) collateral pool Affiliated agency collateral pool Margin requirement per RC/NCM Multiple omnibus segregated collateral account (asset tagging available per pool) Clearing Member Multiple Client Omnibus Segregation Accounts RC/NCM positions RC/NCM positions Affiliated Agency position account Margin requirement per RC/NCM Margin requirement per A account 38 Collateral pools CSD accounts Position accounts MR NCM – Non-Clearing Member RC – Registered Customer
  39. 39. www.eurexclearing.com EurexOTC Clear IRS June 2014 Client individual segregation accounts ICM ensures maximum portability through individual position and collateral accounts CM collateral account for NCM1 NCM1 NCM Eurex Clearing CSD/Cnt B MR P1 MR A1 RC dedicated collateral under CMs account structure RC Margin calc. Collateral Accounts Positions RC A1 •Positions are held on segregated NCM/RC position accounts at the CCP level •Positions kept on gross basis •The margin requirement of an NCM/RC is covered by a dedicated collateral pool, which only holds collateral for the purpose of this NCM/RC P1 P1 A1 MR P1 MR A1 ICM for Registered Customers/ Non-Clearing Members Dedicated segregated collateral pool to cover MR of RC •Collateral is segregated from the proprietary collateral of the CM and all other clients •The securities collateral account is a sub-account of the CM and is clearly labelled: a) to hold collateral for the coverage of the segregated NCM/RC related transactions and b) that the ownership is with Eurex Clearing •Cash collateral is paid from the account of the CM with an identifier indicating the respective NCM/RC Collateral pool to cover MR of NCM1 ICM for Funds MR F1 FM Fund ZZ MR F2 MR ZZ F1* … … ZZ Seg Pool F1 Seg Pool F2 Seg Pool F2 CM Collateral Account for segregated Fund Managers/KAGs (F1, F2,… FZZ) •The Fund Manager acts as a technical RC umbrella for all its funds allowing aggregated reporting of individually segregated accounts •Unlimited number of accounts •Complete flexibility in setting up the account names •MR is calculated separately for every position account •One collateral pool at single fund/segment level (i.e. individual position account level) •Securities collateral is kept in the same sub-account but is individually segregated at single fund/segment level at Eurex Clearing. •Cash collateral is paid from the account of the CM. A unique reference is displayed in the reports indicating the respective client. 39
  40. 40. www.eurexclearing.com EurexOTC Clear IRS June 2014 Eurex Clearing Documentation (ECD) Your own documentation Market Standard Client Clearing Documentation (CCD) Any additional documentation can be used (e.g. CRV, FOA, ISDA, proprietary) Clearing Rahmenverein- barung (CRV) ISDA/FOA Client Clearing Addendum FOA Client Clearing Module Proprietary Clearing Member Documentation available available available to be created by CM, potentially based on Market Standard Client Clearing Documentation available available Clearing Agreement (ECD) Participation Agreement (CCD) Eurex Annex Terms available Eurex Annex Terms Eurex Annex Terms CRV Opinion available ISDA/FOA opinion available FOA opinion available Proprietary opinion for CM CRR purposes Ready for on-boarding Ready for on-boarding Ready for on-boarding 3 2 1 available ECAG Netting Opinion available Ready for on- boarding available available Client Clearing Documentation – what is needed to get started 40
  41. 41. www.eurexclearing.com EurexOTC Clear IRS June 2014 Jurisdiction fund forms Jurisdiction fund segments …in combination with CM from Mutual fund company (CC), unit trust (CUT) and limited partnership (LP) operating in compliance with the Mutual Fund Law (2013 Revision) of Cayman Islands Investment Gesellschaft mit variablem Kapital (Swiss SICAV) oder mit festem Kapital (Swiss SICAF), vertraglicher Anlagefonds (CF), Kommanditgesellschaft für kollektive Kapitalanlagen (SCPC) Open-Ended Investment Companies (OEIC), Authorised Unit Trust (AUT) x fonds communs de placement (FCP), sociétés d’investissement à capital variable (French SICAV) Sondervermögen within the meaning of the Investmentgesetz (InvG)/ Kapitalanlagengesetz (KAGB) managed by a KAG/KVG  Common Contractual Fund (CCF), Unit Trust (UT), Investment Company (IC), Investment Limited Partnership (ILP) fonds commune de placement (FCP) , société en commandite spéciale (SCP), sociétés d’investissement à capital variable (Lux SICAV) or à capital fixe (Lux SICAF)  Issuer country EN/ WA FR GER IE LU * No exchange traded products for Germany * BE FIN EN/ WA ES AT DK FR IE GER GR IT LU SC ML NL PO S CI CH 1. ICM jurisdictions for RC’s and Investment Funds The ICM is available for all RC’s and Funds in the EEA and for fund segments as below: 41
  42. 42. www.eurexclearing.com EurexOTC Clear IRS June 2014 •Eurex Clearing – Overview •EurexOTC Clear for IRS •Risk management •Client Asset Protection •Collateral management •Key contacts Agenda 42
  43. 43. www.eurexclearing.com EurexOTC Clear IRS June 2014 Eurex Clearing offers a variety of services to guarantee an optimal usage of provided collateral •Flexibility, due to broad range of eligible collateral –CMs can satisfy margin and Clearing Fund requirements by depositing cash and/or security collateral –Eurex Clearing sets the industry standard and accepts approximately 30,000 instruments based on liquidity categories of European Central Bank eligible asset database as well as Swiss National Bank and accepts cash collateral in multiple currencies –Eurex Clearing stipulates and publishes an admissible securities list on a daily basis* –Eligible securities are validated on a daily basis •Transparency, due to comprehensive reporting –Collateral processing takes place in a straightforward manner with transparency for CMs and their customers through intraday reports and monitoring functionalities (online processing, real time update of collateral balances) •Safety, due to the highest protection for positions and collateral –Eurex Clearing ensures the highest level of protection for clients by providing asset segregation and near-time portability in line with regulatory requirements •Efficiency, due to –Timely validation of collateral and margin requirements: Eurex Clearing’s margin requirements are balanced against the collateral deposited by CMs intraday or on a day-to-day basis, as well as through the reuse of GC Pooling® Basket Collateral ** –Efficient cash handling: the permanent cash balance (PCB) service offers an improved cash handling to reduce operational effort and cash balances to a minimum –Efficient processing: via Xemac***, CMs have the opportunity to manage collateral in real-time and to deposit and release securities online * The full list of eligible collateral can be found under http://www.eurexchange.com/exchange-en/market-data/clearing-data/risk-parameters/ ** Presentation “Reuse GCP Collateral for Eurex Margining” is published under http://www.eurexclearing.com/blob/clearing-en/46792/149090/2/data/reuse_gcp_service_description.pdf *** Xemac is the collateral management system of Clearstream Banking Frankfurt providing Global Securities Financing services 43
  44. 44. www.eurexclearing.com EurexOTC Clear IRS June 2014 Clearing Members are able to provide collateral through a number of standardized interfaces •CMs are required to have at least access to a cash account in one of the selected clearing currencies –Central bank EUR account (TARGET2) –SNB CHF account •CM must also have a USD cash account for margin calls outside of TARGET2 and SNB hours •A GBP account is only required if a CM intends to support clearing of GBP underlying products •CM can open accounts at Clearstream Banking AG Frankfurt (CBF) and/ or SegaInterSettle AG Zurich (SIS) and or Clearstream Banking Luxembourg (CBL) •Only CBF/CBF-I have been approved as settlement location for ICM Clearing Member Securities Collateral Locations GBP Payment Banks6 SNB – CHF4 USD Payment Banks5 Central Bank in TARGET 2 - EUR SIS1 Standardized Interfaces Eurex Clearing Collateral Module Provision of cash collateral through the correspondent banks Provision of securities collateral through the collateral locations Cash Collateral Locations CBF2 CBL3 1 SIX SIS (formerly SIS SegaInterSettle AG) 2 Clearstream Banking Frankfurt 3 Clearstream Banking Luxembourg 4 Schweizerische Nationalbank 5 The following payment banks are admitted for U.S. dollar (USD): Bank of America, Citibank N.A., Deutsche Bank Trust Company Americas (DBTCA), HSBC Bank USA N.A., JP Morgan Chase N.A 6 The following payment banks are admitted for British pound (GBP): Barclays plc, Citibank N.A. (London branch), Deutsche Bank AG (London branch), JP Morgan Chase N.A., HSBC Bank plc, Royal Bank of Scotland plc 44
  45. 45. www.eurexclearing.com EurexOTC Clear IRS June 2014 Eurex Clearing offers a variety of services to guarantee optimal usage of provided collateral Fixed income in EUR Fixed income in CHF Equities ECB eligible marketable assets ECB liquidity classes I-IV Swiss National Bank (SNB) Repo eligible EUR-denominated DAX®, EURO STOXX 50® constituents DAX® Ex products, iShares EURO STOXX 50 Other stocks as announced by ECAG Exchange listing and price (except bills) Exchange listing and price CHF-denominated SMI constituents XMTCH on SMI products Other stocks as announced by ECAG Types of securities •Government and short term issues (Bubills) bonds •State issues •City and municipality bonds •State agencies •Corporates and other bonds •Bank bonds Types of securities •Federal bonds and bills (GMBF), loan obligations •Kantonal obligations, bonds, bills (GMBF) •City and municipality bonds •State agencies •Corporates and other bonds •Bank bonds, mortgage bonds (Pfandbriefzentralen), no ABS Fixed Income in foreign currencies Cash Other Government Bonds in USD, GBP, DKK, NOK, SEK, AUD, CAD, JPY EUR, GBP, USD, CHF Xetra Gold Certificates denominated in EUR Exchange listing and price 45
  46. 46. www.eurexclearing.com EurexOTC Clear IRS June 2014 GC Pooling − take advantage of secured funding •GC Pooling Market has become the benchmark of electronic trading for secured funding transactions in Europe. •The GC Pooling Market ensures straight-through processing with automated connectivity to Eurex Clearing AG as central counterparty and the settlement organization Clearstream Banking. •Easily trade extremely large tickets and have deals seamlessly completed and then processed automatically without any issues over credit or security allocation. •The GC Pooling market provides real-time substitution of securities through the cash taker and creates one virtual collateral pool, by linking CBL and CBF assets. •Re-use of received collateral for the Eurex Clearing margining process allowing participants to use GC Pooling collateral to fulfil their overall Eurex Clearing margin obligations. •Re-use of received collateral to pledge to ECB / Bundesbank and refinance within the framework of European Central Bank open market operations*. Attributes and benefits Benefits of GC Pooling * Provided the bank has a German banking license 46
  47. 47. www.eurexclearing.com EurexOTC Clear IRS June 2014 Reuse of GC Pooling® collateral for margining Increase the efficiency of your collateral What is reuse? How to reuse GC Pooling® collateral? What are the Member benefits? •In light of the increasing demand for collateral, efficient usage of collateral is becoming increasingly important. •Therefore, Eurex Clearing accepts reuse of collateral which has been received from GC Pooling cash provider activities across all GC Pooling® Baskets1) covering the margin requirement from Clearstream Banking Frankfurt (CBF) and Clearstream Banking Luxemburg clients (CBL). •German clients acting as cash providers utilize the CBF collateral management system Xemac for the reuse facility. •For international clients using the collateral management service CmaX®, CBL acts as an agent on behalf of the Clearing Member to allocate reuse collateral via Clearstream Banking Frankfurt to Eurex Clearing. •The Reuse of GC Pooling collateral brings benefits by: –reducing margin collateral funding cost. –increasing the trading flexibility of own securities. –reducing the operational effort to manage collateral substitutions. –mobilizing less flexible security pools. –lowering securities handling fee (initially set to zero to encourage the reuse). 1) Eligible GC Pooling Baskets are: GC Pooling ECB Basket, GC Pooling ECB EXTended Basket, GC Pooling Equity Basket 47
  48. 48. www.eurexclearing.com EurexOTC Clear IRS June 2014 Reuse of GC Pooling® collateral for Eurex Clearing margins Claim based allocation and automatic substitution of basket securities •The cash provider gives cash – EUR or USD – in turn for collateral in scope of the respective GC Pooling® Basket •The cash taker collateralizes the cash amount with eligible securities and receives the cash amount in return •The transaction is processed anonymously via Eurex Clearing •Once the respective reuse contract for Eurex Clearing margining is concluded, the “transferred” collateral is automatically allocated •CBL acts as an agent on behalf of the CBL serviced Clearing Members using CmaX® to allocate reuse collateral via Clearstream Banking Frankfurt (Xemac®) to Eurex Clearing •Once a repo reaches the term leg settlement date, the allocated “transferred” securities will be automatically substituted by other “transferred” securities, if sufficiently available in Xemac®/CmaX® to ensure settlement of the GC Pooling® transactions in due time •Alternatively the Reuse amount should be reduced in time and replaced by other eligible collateral Reuse Automatic substitution GCP front leg Eurex Clearing Margining Xemac® Pool Cash CCP Clearing & Settlement A Cash provider B Cash taker Collateral Cash Collateral Cash Collateral Cash Collateral Settlement Front Leg Purchase Date Term Leg Repurchase Date Collateral Collateral 48
  49. 49. www.eurexclearing.com EurexOTC Clear IRS June 2014 •Eurex Clearing – Overview •EurexOTC Clear for IRS •Risk management •Client Asset Protection •Collateral management •Key contacts Agenda 49
  50. 50. www.eurexclearing.com EurexOTC Clear IRS June 2014 Market Participant Name Phone Email ABN Amro Alexander Jacobs +31 20 343 5137 Alexander.jacobs@nl.abnamro.com Banca IMI Katia Pellegrini +390272612821 Katia.Pellegrini@bancaimi.com Fabio Frigerio +390272615695 Fabio.Frigerio@Bancaimi.com Massimo Sinisi +390272615375 Massimo.Sinisi@Bancaimi.com Bank Of America / Merrill Lynch Samantha Page +44 (0)20 7995 3955 Samantha.page@baml.com Richard Clark +44 (0)20 7996 7100 richard.d.clark@baml.com Oliver W Blower +44 (0)20 7995 4253 oliver.w.blower@baml.com Barclays Stephen Li +44 203 134 8748 Stephen.li@barclays.com Ben Parker +44 20 3555 0224 ben.parker@barclays.com Basler Kantonalbank Gerhard Hartsleben +41 (0)61 2663 410 gerhard.hartsleben@bkb.ch BayernLB Bernhard Egger +49-89-2171-24177 bernhard.egger@bayernlb.de Berner Kantonalbank Dorothea Piczak +41 31 666 64 69 dorothea.piczak@bekb.ch Fiona Thalmann +41 31 666 64 32 fiona.thalmann@bekb.ch BNP Paribas Gavin Dixon +44 (0)20 7595 8417 gavin.dixon@uk.bnpparibas.com Sarah Walsh +44 (0)20 7595 1270 sarah.a.walsh@uk.bnpparibas.com Marco Baggioli +44 20 7595 8618 marco.baggioli@uk.bnpparibas.com EurexOTC Clearing Member contacts 50
  51. 51. www.eurexclearing.com EurexOTC Clear IRS June 2014 Deutsche Bank Stephen Ingle +44 (0)20 7545 8200 stephen.ingle@db.com Jason Vitale +44 20 7545 6358 Jason.Vitale@db.com DZ BANK Claus Schnee +49 69 7447 4903 Claus.schnee@dzbank.de Goldman Sachs Richard Pape +44 (0)20 7774 1075 richard.pape@gs.com Stuart Connolly +44 (0)20 7774 1191 stuart.connolly@gs.com HSBC Martin Taylor +44 (0)20 7991 5001 martin.taylor@hsbcgroup.com Neill Pattinson +44 (0)20 7991 5661 neill.pattinson@hsbcib.com Richard Ingram +44 (0)20 7991 9271 richard.ingram@hsbcib.com Market Participant Name Phone Email Citigroup Silas Findley +44 20 3569 4171 silas.j.findley@citi.com John Frewin +44 (0) 20 7986 0573 john.frewin@citi.com Commerzbank Nick Chaudhry +44 (0)20 7475 2510 nicholas.chaudhry@commerzbank.com Eugene Stanfield +44 (0)20 7475 4828 eugene.stanfield@commerzbank.com Stuart Abrahams +44 (0)20 7475 7811 stuart.abrahams@commerzbank.com Credit Suisse Neil Burke (US) +1 212 538 0761 neil.burke@credit-suisse.com Steve Plestis (Europe) +44 (0)20 7888 3053 stephen.plestis@credit-suisse.com Daniel Harding +44 20 7888 2131 daniel.harding@credit-suisse.com Yves Marcel (Asia) +65 6 212 2055 yves.marcel@credit-suisse.com EurexOTC Clearing Member contacts 51
  52. 52. www.eurexclearing.com EurexOTC Clear IRS June 2014 Market Participant Name Phone Email JP Morgan Brian Oliver (Europe) +44 207 134 8627 brian.r.oliver@jpmorgan.com Thomas Alterson (US) +1 212 622 0335 thomas.p.alterson@jpmorgan.com Jonathan Caldwell (Asia) +61 (2) 9220 1411 jonathan.caldwell@jpmorgan.com KAS Bank Raymond Van Putten +31 20 557 2060 raymond.van.putten@kasbank.com Morgan Stanley Andrew Ross +44 (0)20 7677 7865 andrew.ross@morganstanley.com Mark Bortnik +44 (0)20 7425 8465 Mark.Bortnik@morganstanley.com Owain Roberts +44 (0)20 7425 8465 Owain.Roberts@morganstanley.com National Bank of Greece SA Ekaterini Manoli +30 210 332 8766 emano@nbg.gr Newedge John Wilson + 44 20 7676 8913 john.d.wilson@newedge.com Laetitia Teuber +33 (0) 1 5507 2407 laetitia.teuber@newedge.com Will Davies +44 (0) 20 7550 2413 will.davies@newedge.com Nomura Mark Croxon +44 (0)20 7102 7191 mark.croxon@nomura.com Simon Weetman +44 (0)20 7102 2334 simon.weetman@nomura.com Michael Schneider +1 212 436 8009 Michael.Schneider1@nomura.com EurexOTC Clearing Member contacts 52
  53. 53. www.eurexclearing.com EurexOTC Clear IRS June 2014 Market Participant Name Phone Email Rabobank Sytse Dotinga +31 30 7123469 sytse.dotinga@rabobank.com Raiffeisen Patrick Chalverat +41 44 226 73 99 patrick.chalverat@raiffeisen.ch Royal Bank of Scotland Phil Hermon (EMEA) +44 20 7678 6865 phil.hermon@rbs.com Fred Matt +44 20 7085 1520 fred.matt@rbs.com Madlen Dorosh (US) +1 20 3897 9869 madlen.dorosh@rbs.com Societe Generale Mohamed Braham +44 (0)20 7676 7805 mohamed.braham@sgcib.com Ian Morgan +44 (0)20 7676 7889 ian.morgan@sgcib.com Philippe de Brossard +33 1 58 98 26 03 Philippe.de-brossard@sgcib.com Edouard Knipillaire +33 1 58 98 02 69 Edouard.knipillaire@scgibcom UBS Investment Bank Marco Stano +41 (0)44 239 1899 marco.stano@ubs.com Antonietta Toro +44 (0)20 7567 2102 antonietta.toro@ubs.com Mike Jansen +65 6495 3862 michael.jansen@ubs.com Scott Alpaugh +1 212 713 2549 scott.alpaugh@ubs.com Zurcher Kantonalbank Reto Ziltener +41 44 293 60 96 reto.ziltener@zkb.com EurexOTC Clearing Member contacts 53
  54. 54. www.eurexclearing.com EurexOTC Clear IRS June 2014 Eurex Clearing Business Development Head of Section Risk management Client Asset Protection Jens Quiram T +44 (0) 20 7862 7268 M +44 (0) 755 726 7009 E jens.quiram@eurexclearing.com Alexander Rose T +49 69 211 14975 E alexander.rose@eurexclearing.com Beth Jones-Williams T +44 (0) 20 7862 7277 M +44 (0) 788 131 4590 E beth.jones-williams@eurexclearing.com OTC IRS Collateral management Bonds and repos Eva Barber T +44 (0) 20 7862 7267 M +44 (0) 786 739 3423 E eva.barber@eurexclearing.com Ferdina Yarzada T +49 (0) 692 111 4162 M +49 (0) 172 191 3718 E ferdina.yarzada@eurexclearing.com Maximilian Dannheimer T +44 (0) 20 7862 7640 M +44 (0) 755 117 0286 E maximilian.dannheimer@eurexclearing.com Exchange traded derivatives Client Asset Protection Equity Cameron Teague T +44 (0) 20 7862 7233 M +44 (0) 786 739 2557 E cameron.teague@eurexclearing.com Richard Wilding T +44 (0) 20 7862 7279 M +44 (0) 782 414 2703 E richard.wilding@eurexclearing.com Krasimira Rayanova T +49 (0) 692 111 3021 M +44 (0) 172 106 3380 E krasimira.rayanova@eurexclearing.com Contacts at Eurex Clearing Business support Business support Product development Momcilo Stanic T +44 (0) 20 7862 7641 E Momcilo.stanic@eurexclearing.com Charmaine Newman T +44 (0) 20 7862 7276 M +44 (0) 787 688 3616 E charmaine.newman@eurexclearing.com Danny Chart T +44 (0) 20 7862 7257 M +44 (0) 755 117 3524 E danny.chart@eurexclearing.com 54
  55. 55. www.eurexclearing.com EurexOTC Clear IRS June 2014 Eurex Clearing Sales & Relationship Head of Section UK + Netherlands – Buy side UK – Sell side Philip Simons T +44 (0) 20 7862 7239 M +44 (0) 782 414 1618 E philip.simons@eurexclearing.com Ricky Maloney T +44 (0) 20 7862 7612 M +44 (0) 755 117 1212 E ricky.maloney@eurexclearing.com Byron Baldwin T +44 (0) 20 7862 7266 M +44 (0) 788 465 5089 E byron.baldwin@eurexchange.com Client solutions France, Luxembourg + Belgium Business support Afriyie Ola Dimeji T +44 (0) 20 7862 7218 M +44 (0) 782 724 0086 E afriyie.ola.dimeji@eurexclearing.com Florence Besnier T +33 (0) 1 55 27 67 70 M +33 (0) 6 10 32 74 20 E florence.besnier@eurexclearing.com Charmaine Newman T +44 (0) 20 7862 7276 M +44 (0) 787 688 3616 E charmaine.newman@eurexclearing.com Germany + Austria Scandinavia Securities lending Andreas Stadelmaier T +49 (0) 692 111 3859 M +49 (0) 172 614 7753 E andreas.stadelmaier@eurexclearing.com Deborah Garlick T +44 (0) 20 7862 7217 M +44 (0) 781 851 2101 E Deborah.garlick@eurexchange.com Gerard Denham T +44 (0) 20 7862 7634 M +44 (0) 787 688 5276 E gerard.denham@eurexclearing.com Contacts at Eurex Clearing 55
  56. 56. www.eurexclearing.com EurexOTC Clear IRS June 2014 © Eurex 2014 Deutsche Börse AG (DBAG), Clearstream Banking AG (Clearstream), Eurex Frankfurt AG, Eurex Clearing AG (Eurex Clearing) as well as Eurex Bonds GmbH (Eurex Bonds) and Eurex Repo GmbH (Eurex Repo) are corporate entities and are registered under German law. Eurex Zürich AG is a corporate entity and is registered under Swiss law. Clearstream Banking S.A. is a corporate entity and is registered under Luxembourg law. U.S. Exchange Holdings, Inc. and International Securities Exchange Holdings, Inc. (ISE) are corporate entities and are registered under U.S. American law. Eurex Frankfurt AG (Eurex) is the administrating and operating institution of Eurex Deutschland. Eurex Deutschland and Eurex Zürich AG are in the following referred to as the “Eurex Exchanges”. All intellectual property, proprietary and other rights and interests in this publication and the subject matter hereof (other than certain trademarks and service marks listed below) are owned by DBAG and its affiliates and subsidiaries including, without limitation, all patent, registered design, copyright, trademark and service mark rights. While reasonable care has been taken in the preparation of this publication to provide details that are accurate and not misleading at the time of publication DBAG, Clearstream, Eurex, Eurex Clearing, Eurex Bonds, Eurex Repo as well as the Eurex Exchanges and their respective servants and agents (a) do not make any representations or warranties regarding the information contained herein, whether express or implied, including without limitation any implied warranty of merchantability or fitness for a particular purpose or any warranty with respect to the accuracy, correctness, quality, completeness or timeliness of such information, and (b) shall not be responsible or liable for any third party’s use of any information contained herein under any circumstances, including, without limitation, in connection with actual trading or otherwise or for any errors or omissions contained in this publication. This publication is published for information purposes only and shall not constitute investment advice respectively does not constitute an offer, solicitation or recommendation to acquire or dispose of any investment or to engage in any other transaction. This publication is not intended for solicitation purposes but only for use as general information. All descriptions, examples and calculations contained in this publication are for illustrative purposes only. Eurex and Eurex Clearing offer services directly to members of the Eurex exchanges respectively to clearing members of Eurex Clearing. Those who desire to trade any products available on the Eurex market or who desire to offer and sell any such products to others or who desire to possess a clearing license of Eurex Clearing in order to participate in the clearing process provided by Eurex Clearing, should consider legal and regulatory requirements of those jurisdictions relevant to them, as well as the risks associated with such products, before doing so. Eurex derivatives are currently not available for offer, sale or trading in the United States or by United States persons (other than EURO STOXX 50® Index Futures, EURO STOXX 50® ex Financials Index Futures, EURO STOXX® Select Dividend 30 Index Futures, EURO STOXX® Index Futures, EURO STOXX® Large/Mid/Small Index Futures, STOXX® Europe 50 Index Futures, STOXX® Europe 600 Index Futures, STOXX® Europe 600 Banks/Industrial Goods & Services/Insurance/Media/Travel & Leisure/Utilities Futures, STOXX® Europe Large/Mid/Small 200 Index Futures, Dow Jones Global Titans 50 IndexSM Futures (EUR & USD), DAX®/MDAX®/TecDAX® Futures, SMIM® Futures, SLI Swiss Leader Index® Futures, MSCI World/Europe/Japan/AC Asia Pacific ex Japan Index Futures and VSTOXX® Futures as well as Eurex inflation/commodity/weather/property and interest rate derivatives). Trademarks and Service Marks Buxl®, DAX®, DivDAX®, eb.rexx®, Eurex®, Eurex Bonds®, Eurex Repo®, Eurex Strategy WizardSM, Euro GC Pooling®, FDAX®, FWB®, GC Pooling®,,GCPI®, MDAX®, ODAX®, SDAX®, TecDAX®, USD GC Pooling®, VDAX®, VDAX-NEW® and Xetra® are registered trademarks of DBAG. Phelix Base® and Phelix Peak® are registered trademarks of European Energy Exchange AG (EEX). All MSCI indexes are service marks and the exclusive property of MSCI Barra. RDX® is a registered trademark of Vienna Stock Exchange AG. IPD® UK Annual All Property Index is a registered trademark of Investment Property Databank Ltd. IPD and has been licensed for the use by Eurex for derivatives. SLI®, SMI® and SMIM® are registered trademarks of SIX Swiss Exchange AG. The STOXX® indexes, the data included therein and the trademarks used in the index names are the intellectual property of STOXX Limited and/or its licensors Eurex derivatives based on the STOXX® indexes are in no way sponsored, endorsed, sold or promoted by STOXX and its licensors and neither STOXX nor its licensors shall have any liability with respect thereto. Dow Jones, Dow Jones Global Titans 50 IndexSM and Dow Jones Sector Titans IndexesSM are service marks of Dow Jones & Company, Inc. Dow Jones-UBS Commodity IndexSM and any related sub-indexes are service marks of Dow Jones & Company, Inc. and UBS AG. All derivatives based on these indexes are not sponsored, endorsed, sold or promoted by Dow Jones & Company, Inc. or UBS AG, and neither party makes any representation regarding the advisability of trading or of investing in such products. All references to London Gold and Silver Fixing prices are used with the permission of The London Gold Market Fixing Limited as well as The London Silver Market Fixing Limited, which for the avoidance of doubt has no involvement with and accepts no responsibility whatsoever for the underlying product to which the Fixing prices may be referenced. PCS® and Property Claim Services® are registered trademarks of ISO Services, Inc. Korea Exchange, KRX, KOSPI and KOSPI 200 are registered trademarks of Korea Exchange Inc. BSE and SENSEX are trademarks/service marks of Bombay Stock Exchange (BSE) and all rights accruing from the same, statutory or otherwise, wholly vest with BSE. Any violation of the above would constitute an offence under the laws of India and international treaties governing the same. The names of other companies and third party products may be trademarks or service marks of their respective owners. 56
  1. A particular slide catching your eye?

    Clipping is a handy way to collect important slides you want to go back to later.

×