eurexotc clear dubai april 2015

EurexOTC Clear – Segregation, Collateral & Capital and Margin Efficiencies

Dubai, 1 April 2015

www.eurexclearing.com

EurexOTC Clear - Segregation, Collateral & Capital & Margin Efficiencies Dubai, 01 April 2015

• Eurex Clearing – Overview

• Segregation

• Collateral

• Capital & Margin Efficiencies

Agenda

2

http://www.eurexclearing.com



Continued product and service development and integration across Eurex, Eurex Clearing and Clearstream will provide our members with sustainable capital and operational efficiencies

• €6.7m contracts €285bn notional cleared every day

• 333 clearing licenses in 17 European countries

• 545 NCM‘s

• €205bn notional outstanding in ETD

• €100bn OTC IRS

• 115 GCP members €203.7bn daily volume, €153.8bn Outstanding

• X-product clearing under a single legal netting set lowers capital and lowers funding costs

• Integration of Derivatives and Securities Financing

• Collateral demand and supply equilibrium

• Large spectrum of eligible collateral and access to central-bank

Lower risk Lower costs and capital Greater efficiency

The single legal netting structure across asset class results in lower risks, lower costs and greater efficiency

3




Key operational differentiators exist between CCP’s

• Early return of cash removes double funding

• Early return of cash reduces counterparty risk

• Central bank access provides liquidity in a crisis, reduces systemic risk

Eurex Clearing Operational Differentiators

• Direct delivery of cash and securities removes CM operational cost

• Over 25,000 eligible securities lowers funding costs of IM and DF

• Single netted margin call across all asset classes

• Direct delivery of cash and securities means no transit risk

• No mutualisation of client excess allows pre-funding at no risk

• Protection of clients own assets. No liquidation and replacement risk

Ope

ratio

nal e

ffici

enci

es

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: porting, close-out netting, asset protection at fund level

Protection and Segregation

4




Key cost differentiators exist between CCP’s

• 5 day MPOR applied to OTC IRS for both house and client accounts

• 0% capital risk weight for house collateral

• 2% capital risk weight for individual segregation

• Lower DF and IM means lower funding costs

• Over 30,000 eligible securities lowers funding costs of IM and DF

• GC Pooling allows re-use of securities

• Real-time margin and intraday return of cash removes double funding

Eurex Clearing Cost Differentiators

• Cross asset class CCP , single legal netting lowers EaD and capital

• Cross product margins in Liquidation Groups

• Payment netting across asset class with a single margin call

• 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

Cap

ital a

nd fu

ndin

g ef

ficie

ncie

s

Capital Costs

Netting

Default Fund

Funding Costs

5




Approx. € 289 m, Eurex Clearingthus fully EMIR compliant

Clearing fund contribution of member in default (€ 151 m average for Top 10 CMs)* Minimum € 1 m (DCM) or € 5 m (GCM)

Collateral of member in default (€ 2.23 bn average for Top 10 CMs)**

Close-out of all positions

Clearing fund contribution of other membersApprox. € 3.32 bn

€ 50 m

Position NettingCoverage in normal market

conditions (Lehman/

MF Global)

Coverage in extreme

market conditions

** Values as of 22/09/2014Total collateral held at Eurex Clearing approx. € 56.36 bn

Max 2 assessment limit liability of CM to 3x prefunded clearing fund contribution

Lines of Defense waterfall ensures loss coverage in normal and extreme market conditionsEurex Clearing’s Lines of Defense are crisis proven – default fund has never been employed.

€ 700 m guaranteed by Deutsche Börse AG

Lines of Defense before Eurex

Clearings Capital sum up to more

than € 9 bn

Eurex Clearing Lines of Defense

Remaining equity of EurexClearing

Parental Guarantee

Dedicated amount of EurexClearing

CM in default CMn…*CM1

(€ 215 m)

CM in default CMn…*CM1

(€ 3.5 bn)

Position Netting

Assessments to the clearing fund

Clearing fund contributionof other members

*largest member)





• Segregation

• Collateral

• Margin & Capital Efficiencies

Agenda

7




FM FM

Standard Omnibus Segregated Account (N-OSA) Multiple Gross Omnibus Account (G-OSA)

Segregated multiple omnibus collateral pool for FM only

One collateral pool for all OSA by asset clients

CCP MR per

RC/NCM

Agency position accounts

…

CCP MR per

FN

Fund N

CCP MR per

F1

CCP MR per

F2

F1 F2

…

CCP MR per

F1

CCP MR per

F2

CCP MR per

FN…

… Fund NF2F1

RC/NCMposition

accounts

CCP MR per A

account

FM

…

F1SegPool

F2SegPool

FNSegPool

Individual Segregated Accounts (ISA)

CCP MR per

F1

CCP MR per

F2

CCP MR per

FN…

F1 F2 Fund N

Mar

gin

calc

ulat

ion

Posi

tion

acco

unts

Eure

x C

lear

ing

Col

late

ral p

ools

Fund position individually segregated

Each fund has its own collateral pool

Asset Tagging available per client.

No fellow customer risk

The fund’s positions are individually segregated

Margin is called gross per fund

Co-mingled collateral pool across all position a/c’s

Client exposed to fellow customer risk

Positions remain individually segregated

Margin is called gross per fund

Collateral sits in its own omnibus pool.

Fellow customer risk between own funds

Client Asset Segregation - options for the Fund ManagerReduced operational and documentation effort for fund managers allows the asset management company to sign on behalf of underlying funds




9

Asset tagging reduces overhead & operational effort

Multiple CBF accounts Eurex collateral pools Single CBF account Eurex collateral pools

Ref. ID 2

Full Physical Segregation Asset Tagging

Account: 61111

Account: 62222

Account: 63333

Pool ID: 1111

Pool ID: 2222

Pool ID: 3333

Pool ID: 1111

Pool ID: 2222

Pool ID: 3333

Account: 61111

• Security collateral for ISA clients is delivered to Eurex Clearing on a double-title (direct-transfer) basis

• At the CSD*, individual (sub)accounts can be opened per collateral pool providing physical segregation

• Pools can be linked to the same (sub)account and security collateral allocated to the client pool by asset tagging

• Tagged security collateral is held in one CSD account but the legal model and protection remains exactly the same• CM tags assets using the predefined 4 digit ‘Client Reference ID’** to the SWIFT message

• Upon settlement, the CSD confirms settlement via SWIFT message incl. the Client Reference ID

• Asset tagging is also available for multiple omnibus collateral pools under the Standard OSA and/or CASS OSA.

* So far, only Clearstream Banking Frankfurt (incl. 6 series creation accounts) is an approved collateral location for ICM

** If a Client Ref ID is missing, the transfer will not be processed; CM will be informed. If the Client Ref ID is valid, the transfer will be processed accordingly, even if it is erroneous




Disclosed Client (NCM / RC)

No

Undisclosed clientUndisclosed client

Only to known clients

ValueValueAssetAsset

Yes

Individual Segregation Account (ISA)

Multiple Omnibus Segregation

Account (OSA)

Standard Omnibus

Segregation Account (OSA)

Type of client position account?

ustomer riskFellow customer risk acceptable?

ollateralType of collateral protection?

Type of segregation

10

Client Asset Protection Decision TreeEMIR segregation and porting requirements provide different levels of protection.

Our Clearing models Individual Clearing Model

Elementary Clearing models

*Net Omnibus Clearing model

*Offers CASS Protection

Non-Disclosed / Agency Client

• The RC legal entity needs a tripartite agreement with a CM/ECAG

• Have access to the Common Report Engine for transparencyRegistered Customer (RC)

• No direct relationship with Eurex Clearing AG

• Eurex Clearing only knows the Clearing Member





• Segregation

• Collateral


Agenda

11




Eurex Clearing Eligible Collateral & HaircutsYield Shift =

Yield ShiftMarket

Price RiskCredit Risk

Liquidity Risk

Government and Short Term Issues (Bubills) Bonds BBUN 3.1% 3.1% 0.8% 0.80% 0.0% 1.00

State Issues BLAN 3.1% 3.1% 0.8% 0.80% 0.0% 1.00

City and Municipality Bonds BSTA 4.4% 4.3% 1.1% 0.80% 0.2% 1.12

State Agencies BAGE 4.2% 4.2% 1.1% 0.80% 0.2% 1.07

Corporates & Other Bonds BIND, BOTH 8.8% 9.2% 2.4% 0.80% 1.2% 1.18

Bank Bonds BBAK 10.8% 11.9% 2.8% 0.80% 1.4% 1.27

Federal Bonds and Bills (GMBF), Loan obligations BCNF 2.7% 2.7% 0.8% 0.80% 0.0% 1.00

Kantonal Obligations, Bonds, Bills (GMBF) BCAN 3.0% 2.9% 0.8% 0.80% 0.0% 1.00

City and Municipality Bonds BSTA 4.4% 4.3% 1.1% 0.80% 0.2% 1.12

State Agencies BAGE 4.2% 4.2% 1.1% 0.80% 0.2% 1.07

Corporates & Other Bonds BIND, BOTH 8.8% 9.2% 2.4% 0.80% 1.2% 1.18

Bank Bonds, Mortgage Bonds (Pfandbriefzentralen) BBAN 10.2% 11.4% 3.5% 0.80% 1.4% 1.59

USD, GBP, DKK, NOK, SEK, AUD, CAD, JPY

1) Exchange listing2) Admissible proportion of the issued capital is 25%3) High credit quality - investment grade

Government Bonds

BAUS, BABP, BADK, BANK, BASK, BAAD, BACD, BAJY

3.1% 3.1% 0.8% 0.80% 0.0% 1.00

EUR, CHF, USD, GBP, DKK, NOK, SEK, AUD, CAD, JPY

1) Marketable assets as announced by ECB2) ECB Liquidity Classes I-IV3) Exchange listing4) Admissible proportion of the issued capital is 25%5) High credit quality - investment grade

High Yield Government Bonds BBSL 9.6% 10.4% 2.6% 0.80% 1.4% 1.17



Italian Government Bonds BABS 10.6% 12.5% 2.8% 0.80% 1.6% 1.17



Irish Bonds BPOS 7.0% 7.9% 2.0% 0.80% 0.9% 1.16

DAX, EuroStoxx 50, SMI constituents SAKT, SHDX 23.1% 20.0% - - - 1.00

Eligible equities for GC Pooling Equity Basket SHDX 23.1% 20.0% - - - 1.00

Specific Equity Collateral SECA 100% 100.0% - - - 1.00

Security Sub-GroupSecurity Type

Code New Minimum Haircut

Old Minimum

Haircut

Equities EUR, CHF1) Issuer <> Clearer or seg. NCM if applicable2) Admissible proportion of the free float is 5% 3) maximum 30% of required daily collateral

Yield Shift(Market Price Risk + Credit Risk) x Liquidity Risk

Bond Collateral

EUR, DEM

1) Marketable assets as announced by ECB2) ECB Liquidity Classes I-IV3) Issuer <> Clearer or seg. NCM if applicable4) Exchange listing & price (except Bubills)5) Admissible proportion of the issued capital is 25% 6) High credit quality - investment g

CHF

1) SNB Repo eligible2) Issuer <> Clearer or seg. NCM if applicable3) Exchange listing & price4) Admissible proportion of the issued capital is 25%5) High credit quality - investment grade

Collateral Type Currency Admission Criteria




Eurex Clearing offers a variety of services to guarantee an optimal usage of provided collateral

13

Transparency• Intraday monitoring (online processing, real time up date of collateral balances)• Daily publication of admissible securities list *

• Timely margin requirements against the collateral deposited intraday and end of day

• Automatic balancing through the reuse of GC Pooling® Basket Collateral **

• Efficient cash handling using optional auto-repay and Permanent Cash Balance (PCB) functionality to reduce operational effort and cash balances to a minimum

• Manage collateral in real-time and to deposit and release securities online

• Margin and Clearing Fund requirements using cash in Euro and CHF• Eurex Clearing accepts approx 30,000 ISINs based on liquidity categories of European

Central Bank Eligible Asset Database as well as Swiss National Bank• Eligible securities are validated on a daily basis• Late cash cut offs: Withdraw prefunded cash for ISA segregated collateral pools same

day until late afternoon (CHF 1:30, EUR 2:30pm CET) upon receipt of client collateral

Efficiency

Flexibility

* The full list of eligible securities is distributed via CRE (.txt & .csv) and published on our webpage http://www.eurexchange.com/exchange-en/market-data/clearing-data/risk-parameters/** Presentation “Reuse GCP `Collateral for Eurex Margining” 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 and CmaX is the collateral management system of Clearstream Banking Luxembourg


http://www.eurexchange.com/exchange-en/market-data/clearing-data/risk-parameters/

http://www.eurexclearing.com/blob/clearing-en/46792/149090/2/data/reuse_gcp_service_description.pdf



§ Overview of the Client Custodian Gateway§ A solution whereby Clearstream Banking Luxembourg and Eurex Clearing jointly offer, in

collaboration with Global Custodians, a collateralization model that:§ Allows Registered Customers and NCM’s to satisfy margin requirements for their segregated

collateral business under the Individual Clearing Model (ISA/ICM) while keeping securities at their existing Custodian

§ Reduces operational effort for all involved parties in the margining process by providing a high-degree of automation for the collateral allocation, withdrawal and substitution process

§ Assumes compliance with EMIR requirements for Omnibus and Individual Segregation Model (Article 39) as well as safekeeping of collateral assets (Article 47.3)

§ Offering is currently focused on OTC IRS but will be extended across all asset classes cleared

§ Creation of an attractive value proposition to market actors through § Leveraging the Buy-Side clients’ existing infrastructure and business relationships with Clearing

Members, (I)CSDs and Global Custodians in the design of the joint solution§ Extension of the Client Custodian Gateway to include additional service offerings such as

Securities Lending and Tri-Party Repo

14

Solution Concept: Client Custodian Gateway




Solution Concept: CCP-enabled Direct Buy Side Repo Clearing

Trusted Bank (TB)

Eurex Clearing

CM

BSSpecific

Repo License Holder (SRLH)

Eurex RepoGC Pooling

CollateralSecurities

Non-CashVariation Margin

3Eurex Clearing as single CCPfor IRS and GC Pooling repomarkets allows for reducedcapital requirements andbalance sheet netting forback-to-back repo andreverse repo transactions.

BSRegistered Customer

(RC)

TB IRSClearing Member

(CM)

EurexOTCClear IRS

Net Position

Initial Margin

EurexOTC Clear – Interest Rate Swap – Clearing Service

Eurex Repo GC Pooling – GC Pooling Select Finance – Clearing Service

Trusted Bank (TB) actingpotentially in dual capacityas IRS and GC Pooling.Clearing members areallowed to offer CCP-clearedrepo and reverse repotrading with BS in GCPooling repo market.

Buy Side Institution (BS):Registered Customer (RC) entersinto complementary SpecificRepo License Holder (SRLH)agreement. Account setup forcash and collateral based onintegrated Clearstream offering.

15

GCPSF Dealer Bank

(BDB)Eurex Repo

GCM

Cash

CollateralSecurities

Cash

SM

ICFC

Subject to chosen trading model,counterparty to a GCPSF GCPooling repo / reverse repo tradewould always be a GCPSFdealer bank (BDB), i.e., tradingwill only be allowed with a EurexRepo GCM / DCM.

1 42





• Segregation

• Collateral


Agenda

16




Money Market futures:

German government futures:

Bund

Bobl

Schatz

8.5-10.5

1M Eonia3M Euribor

24-35

correlation across

maturities

Buxl

EUR IRS interest rate risk:

~ 10y rate

~ 5y rate

~ 2y rate

FRAs

Bond / swap correlation

French government futures:

Long term

Mid term

short rate correlation

~ 30y rate

Cross-margining enhances Eurex Clearing’s portfolio margining by taking government futures, Euro-Swap futures and interest rate swap (IRS) links into account.

Euro yield curve coverage across listed and OTC productsHedging relations for cross-margining based upon correlation

24-35

1.75-2.25

4.5-5.5

Bond / swap correlation

correlation across

maturities

17

Euro-Swap futures:

FSWL

FSWM

FSWS

10y

correlation across

maturities

FSWX 30y

2y

5y




18

Overall initial margins for cross-margined portfolios might be lower which reflects risk reduction.

Prisma Cross-Margining Went Live in May 2014 –Portfolio Simulations Available Optimal allocation of positions delivers lowest cost through cross-margining of OTC and ETD

Without cross-margining With cross-margining

IRS and fixed income futures / futures-style options are margined separately:

IRS with a 5 day liquidation horizonFutures and futures-style options 2 day liquidation horizon

OTC IRSFI listed products

IR SwapsFI futures / futures-

style options

2 day horizon 5 day horizon

Margin requirements:

Futures / future-style options

OTC IRS

Tota

l

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-marginedportfolio

* Depending on portfolio diversity

Total




1919© Oliver Wyman

Benefits for the sell side of clearing EURIBOR, Fixed Income Futures & EUR IRS through Eurex Clearing

19

Comments• Cross-product

netting benefits result in reduction of funding requirements

• RWA for DF reduced mainly due to lower DF contribution on Eurex Clearing & low c-factor

• Significant capital cost reduction driven by lower DF contribution/ c-factor & cross-margining benefits for the portfolio

Eurex FI F&O + Euribor Futures Optimised IRS Portfolio

EUR MM OTC IRS Eurex FI F&O Euribor On separate

CCPsCombined on

Eurex Clearing % Reduction

Initial margin posted 54.0 26.9 10.4 91.3 27.9 69%

Default fund 5.4 1.9 1.0 8.3 2.0 77%

Funding requirements 59.4 28.8 11.4 99.6 29.8 70%

EAD 25.2 12.5 4.9 42.6 13.0 69%

Trade exp. (RWA) 0.5 0.3 0.1 0.9 0.3 69%

Default fund (RWA) 13.5 0.1 2.6 16.2 0.1 99%

CVA VaR (RWA) - - - - - -

Total RWA 14.0 0.3 2.7 17.1 0.4 98%

Capital requirements 1.8 0.0 0.3 2.1 0.0 98%

Capital costs 0.2 0.0 0.0 0.2 0.0 98%

Funding costs 0.7 0.3 0.1 1.2 0.3 72%

CVA - - - - - -

Total costs 0.9 0.3 0.2 1.4 0.3 76%




Cross-Product Margining: Example – Futures Asset Swap

20

Inte

rest

R

ate

Sw

aps

Inte

rest

R

ate

Futu

reMaturity: 10YFixed Payer

Notional: 50MM

BUND Future364 contracts

Notional: 50MM

Initial MarginIn ‘000 EUR

Default FundIn ‘000 EUR

Total Costs1

In EURIn bps

of notional

1.100

850

110

60

17,000

11,000

2.8 bps28,000

Inte

rest

R

ate

Sw

aps

Inte

rest

R

ate

Futu

re

Maturity: 10YFixed Payer

Notional: 50MM

BUND Future364 contracts

Notional: 50MM

700 48 0.9 bps9,000

Bas

elin

eC

CP

Eur

ex C

lear

ing

PR

ISM

A

- 69%

Eur

ex

Cle

arin

g




21

TED Spread - Schatz Futures vs Euribor Strip – Example of the Benefits of Cross- Margining through one CCP

TED

Spr

ead

TED

Spr

ead

Euribor + Schatz

Euribor + Schatz

RBM

IM Euribor

48,750 + 25,200

48,750

TED

Spr

ead

Euribor

Schatz

Two

CC

Ps

Eur

ex C

lear

ing

PR

ISM

AE

urex

C

lear

ing

IM SchatzTE

D S

prea

d

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

1 2 3

PRISMAsaving

49%

RBM saving34%

RBM Margin

PRISMA Margin

EuriborMargin

SchatzMargin

37,614

73,650

Two CCPs Eurex RBM Prisma




IRS CCP SwitchA EUR 250 million 10 year fixed payer IRS position is switched from another CCP to EurexOTC Clear – what are the benefits?

Current position

Notional€ 250MM

IRS10 Year Fixed Payer

IM DFCCP

Current position

Notional € 250MM

IRS 10 Year Fixed Payer

IM DFECAG

Current position

IM DF

If there is already an existing position in Eurex Exchange’s Fixed Income Futures with Eurex Clearing:

€250 million 10 year fixed payerIM

€ 7.5m

€ 5.3m€ 4.2m* € 309,456*

€ 7.5m* € 529,563*

€ 787, 500*€ 7.875m*

2,500 long Eurex Exchange’s Bund Futures

* Calculated September 2014.




23

Enhanced netting functions deliver greater reductions in gross notional and lowers capital and leverage ratio cost

Apr 2015

2015

Live




24

© Eurex 2015Deutsche Börse AG (DBAG), Clearstream Banking AG (Clearstream), Eurex Frankfurt AG, Eurex Clearing AG (Eurex Clearing) as well as Eurex Bonds GmbH (Eurex Bonds) and EurexRepo 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 BankingS.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 andare 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 inthe 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) areowned by DBAG and its affiliates and subsidiaries including, without limitation, all patent, registered design, copyright, trademark and service mark rights. While reasonable care hasbeen 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, EurexBonds, 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 containedherein, 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 anycircumstances, 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 acquireor 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 productsavailable 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 theclearing process provided by Eurex Clearing, should consider legal and regulatory requirements of those jurisdictions relevant to them, as well as the risks associated with suchproducts, 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 50Index Futures, STOXX® Europe 600 Index Futures, STOXX® Europe 600 Banks/Industrial Goods & Services/Insurance/Media/Travel & Leisure/Utilities Futures, STOXX® EuropeLarge/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 MarksBuxl®, 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 EnergyExchange AG (EEX). All MSCI indexes are service marks and the exclusive property of MSCI Barra. ATX®, ATX® five, CECE® and RDX® are registered trademarks of Vienna StockExchange 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 theintellectual 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 itslicensors 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 andany 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 DowJones & 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 ofthe 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.


eurexotc clear dubai april 2015

Documents