Eurex Enhances Efficiency In Clearing - More Efficient Netting Of Margin Deposits - Definite Cost-Related Advantages For Eurex Customers

Eurex, the international derivatives market, wants to improve the efficiency of its margining procedure based on the netting of positions for derivatives transactions, so-called cross margining, as the world's Number One derivatives market announced on Thursday. As of September 23, positions in the products on DAX, SMI Euro DJ STOXX 50 and DJ STOXX 50 will be netted for the calculation of margin requirements. The bundling of margin collateral will result in a distinct reduction of the margin requirements for Eurex customers, and thus in the costs for provision of collateral, by as much as 50 percent, Eurex said.

The Eurex risk-based margining method upon which the realigned Margin Groups are based takes into account the risk-reducing effect of combinations to avoid excess cover for clearing transactions by netting offsetting risks. This is done by dividing up the products into Margin Classes and Margin Groups. A Margin Class comprises all products that have the same underlying instrument. The positions are netted 100 percent here. A Margin Group comprises several Margin Classes whose underlying instruments are largely subject to the same kind of price risks.

Via Eurex Clearing AG, Eurex makes available to the market all clearing services for derivatives transactions, bonds and repos, in addition to trading. In the first quarter of 2003, Eurex Clearing will also function as the Central Counterparty for equities trading at the Frankfurt Stock Exchange (FWB Frankfurter Wertpapier Börse). With over 670 million futures and option contracts settled in 2001, as well as bonds and repos, Eurex Clearing AG is the world's Number Two clearing organization.

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