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With the publication of the clearing framework agreement, the main associations of the German Banking Industry Committee (Deutsche Kreditwirtschaft – DK) have created an important legal framework for clearing standardized OTC derivatives in Germany. This new standard documentation can be used by banks and their customers with immediate effect.
The document offers users of a central counterparty a uniform, binding contractual basis in German and under German law, setting out the legal relationship between clearing members and their customers in OTC derivatives clearing.
Eurex expressly welcomes the approval and publication of the CRV. “We would like to express our thanks for the good, close cooperation in producing the German clearing framework agreement, which is tailored to the needs of market participants in Germany,” commented Thomas Book, CEO of Eurex Clearing. “With this framework agreement, Eurex Clearing can now offer an individual segregation solution complying with EMIR standards in a standard documentation. Eurex Clearing customers thereby benefit from an exclusively German legal framework for clearing their OTC derivatives and minimal paperwork.”
Further information:
The Individual Segregation Model offered by Eurex ensures that client positions and securities are separately booked at clearing house level (segregation). Client assets are portable and comprehensively protected. Eurex Clearing has been offering full legal and operational segregation of client positions (non-clearing members and registered customers) since August 2010. EMIR requires such a segregation solution in future for Europe.
