 ECC Clearing Circular 24/2013 | 2013-10-03
News
ICE-Endex change of clearing house
Summary
ICE-Endex will change its clearing service provider from European
Commodity Clearing AG to ICE Clear Europe effective from 7 October
2013.
The timeline and organisation of the planned transition, as well as the
margin handling and delivery management of all contracts in delivery
are explained hereafter.
Physical
Settlement
Financial
Settlement
Risk
Management
Information
Technology
Contact
European Commodity Clearing AG
Clearing & Settlement
Phone: +49 341 24680-444
E-mail: [email protected]
ECC Clearing Circular 24/2013 | 2013-10-03
ICE-Endex change of clearing house
Timeline
With the transition of clearing services the transfer of the open positions in ICE-Endex products
which are cleared by ECC at present will be carried out. The transfer is scheduled for
Monday, 7th October 2013 from 8:30am and it is to be concluded by 10:00am at the latest.
The position transfer will be technically/ legally performed by closing of positions at ECC level using
the settlement price of the previous business day and simultaneous opening of corresponding
positions with ICE Clear Europe. The following explanations only refer to the closing of positions at
ECC level, ICE Clear Europe informed separately about the position opening procedure.
The transactions resulting from the position closing and the updated ECC positions are specified in
the corresponding EUREX reports. The corresponding transactions can be clearly identified on the
basis of the following information in the text fields:
custText:
userOrdrNum:
text:
EDX Transfer
ECCEDX_00001 (Transaction ID)
ECC OnBehalf
Non-Transitioning Contracts
Contracts which are currently in delivery (delivery month October 2013 and/or the current delivery
week) are not transferred. Physical delivery will be carried out by ECC until the end of the delivery
period.
Deed of Novation
The change of the clearing house and the transfer of the rights and obligations from the current
contractual agreements between ICE-Endex, ECC, the ECC Clearing Members and Non-Clearing
Members to the new clearing house are provided for in the Deed of Novation.
Legally binding signing of the Deed of Novation and approval by the NCMs involved constitute a
precondition for the transfer of the positions and have already taken place. In case you or
connected NCMs did not formally express your approval, please inform ECC at the latest until
Friday, 4th October 2013 6:00pm.
Margining
The Variation Margin for ICE-Endex products will be calculated for the last time in the batch run in
the evening of Friday, 4th October 2013 and then settled on the following Monday morning.
ECC will recalculate margin requirements after position closing on Monday morning. By default, the
margins deposited with ECC will be released or additional margins will be called during the morning
payment run on Tuesday, 8th October 2013, at approx. 8:15am.
Should payment of the cash margins be desired as early as on 7th October, we would like to ask
you to give us a call in advance and submit the form O05 Collateral Deposit and Release Intra to
us in a legally signed form by Monday, 12:00 noon.
European Commodity Clearing AG
Copyright 2013
– All rights reserved
Page 2|3
ECC Clearing Circular 24/2013 | 2013-10-03
ICE-Endex change of clearing house
Exemption from Fees for Position Transfer
ECC does not charge any clearing fees for transactions in connection with the position transfer.
Invoicing and Collection of Fees
The ECC clearing fees for ICE-Endex transactions will be invoiced as usual for the month of
October 2013 (transactions concluded until and including 4th October 2013 / contracts in delivery).
As a result, the fees will be collected for the last time at the beginning of November 2013.
Moreover, ICE-Endex exchange fees will also be collected through the ECC infrastructure for the
last time with the payment run at the beginning of November 2013 for the transactions concluded in
October.
European Commodity Clearing AG
Copyright 2013
– All rights reserved
Page 3|3