Eurex Clearing Services Clearstream Dubai Conference 22 October 2015

EurexOTC Clear – Generating Segregation, Margin, Capital & Collateral Efficiencies

Dubai, 22nd October 2015

www.eurexclearing.com

EurexOTC Clear - Segregation, Margin, Capital & Collateral Efficiencies Dubai, 22 October 2015

• Eurex Clearing – Overview

• Segregation

• Collateral

• Capital & Margin

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

• €200bn 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




Lines of defence waterfall ensures loss coverage in normal and extreme market conditions

Remaining equity of EurexClearing

Position Netting

Eurex Clearing Lines of Defence

Dedicated amount of EurexClearing

Assessments to the Clearing Fund

Clearing Fund contributionof other members

Coverage in normal market conditions

Lines of Defense before Eurex Clearings Capital sum up to more than EUR 11 bn

Close-out of all positions

EUR 265 m

Clearing Fund contribution of member in defaultMinimum EUR 1 m (DCM) or EUR 5 m (GCM)

Clearing Fund contribution of other membersapprox. EUR 3.31 bn

EUR 50 m EUR

Max 2 assessment limit liability of CM to 3x prefunded Clearing Fund contribution

Collateral of member in default

as of 31/03/2015

Position Netting

Margin of Clearing Member in default

Clearing Fund contribution of Clearing Member in

default




Default Fund Efficiency: An Integrated Default Fund reduces the risk and the size of the default fund by 30%

Ring-Fenced Default Funds Integrated Default Fund Eurex Clearing

Structure

Default Fund Size*

in % of Initial Margin

2.9 bn EUR

7% of Initial Margin

4.1 bn EUR

10% of Initial Margin

- 30%

• Integrated default fund structure benefits from portfolio effects between different products and asset classes

Equi

ty

Der

iv.

List

ed

IR D

eriv

.

OTC

IRS

Rep

os

Equi

ty

Der

iv.

List

ed

IR D

eriv

.

OTC

IRS

Rep

os

Reduced Funding AND Capital Costs

* Figures illustrative for Eurex Clearing





• Segregation

• Collateral

• Margin & Capital

Agenda

8




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




10

Master Fund Structure for Eurex OTC IRS

Fund Manager

MF1SegPool

CCP MR per

MF1

MF1

Mar

gin

calc

ulat

ion

Posi

tion

acco

unts

Eure

x C

lear

ing

Col

late

ral p

ools

MF2SegPool

CCP MR per

MF2

MF2

MF3SegPool

CCP MR per

MF3

MF3

MF4SegPool

CCP MR per

MF4

MF4

Master Fund 1 – Position Account

Segment 1 – MW BIC 123





• The master fund is the legal identity

• Individual segregation is not required on fund segment level but on the master fund level.

• Each master fund sits in it’s own position account with its own collateral pool i.e. each master fund has its own ISA

• Each segment has an individual MarkitWire ID (MW BIC) which is used by the respective segment asset manager for entering OTC IRS trades at MarkitWire. It is the MW BIC that is used to identify each segment within the master fund

• Initial margin is calculated net per position account i.e. on the master fund level. Therefore each master fund benefits from risk offsetting between different segments within one master fund. The master fund can however calculate hypothetical margin per MarkitWire BIC by using the CC208 report)

Master funds contain a number of segments which might be (externally) managed by different asset managers requiring separate management / performance reporting




11

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

12

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

• Capital & Margin Efficiencies

Agenda

13




14

Reuse of GC Pooling Collateral for MarginingIncrease 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, GC Pooling ® INT MXQ Basket




Eurex Clearing accepts the broadest range of eligible collateral across interest rate and equity instruments

• Eurex Clearing accepts approx. 30,000 ISINs based on liquidity categories of European Central Bank Eligible Asset Database as well as Swiss National Bank

• Additionally reuse of security collateral which has been received by GC Pooling® cash provider across all GC Pooling® Baskets

15

Eligible Initial

Margin Collateral

Range

Clearstream Triparty collateral services (CmaX)

• Efficient collateral management services for – Eurex Clearing initial margin collateral and– Eurex Clearing repo and securities lending transaction collateral

• Active and automatic collateral management facilities

Core Services• Automatic allocation of securities based on pre-defined eligibility criteria set between the CM and Eurex

Clearing• Automatic substitution of securities subject to corporate action events and respective reporting• Daily mark-to-market and detailed daily valuation reports by transaction and by net exposure

Tri-Party Collateral Manage-

ment Services




1616© Oliver Wyman

Overview of ISA Direct modelDirect contractual relationship between RC/NCM Direct and CCP with Clearing Agent providing certain service functions on behalf of RC/NCM Direct

16

RC/NCM Direct

Clearing Agent

CCPDirect contractual relationship

Provision of operational services by Clearing Agent to RC/NCM Direct

• Default Fund contribution

• Bidding obligation

TransactionManagement

Cash Management

Collateral Management

New client model with a new principal client relationship

between buy-side clients and the CCP

Existing Clearing Member acts as Clearing Agent

RC/NCMs Direct have to meet admission criteria equivalent to regular Clearing Members with

extended servicing functions by the Clearing Agent




Rationale for ISA Direct modelMinimizes adverse impacts on client clearing and improves likelihood of finding a new Clearing Agent in case the existing Clearing Agent defaults

17

Challenges ISA Direct model

• In comparison to clients set up in omnibus accounts, porting of ISA clients has improved significantly

• However, operational challenges and significant obstacles due to capital constraints remain when porting ISA clients in a very short time frame

• In order to unlock the full benefits of central clearing, sell and buy-side participants need to look for superior capital, margin and collateral efficiencies, provided only by the most advanced CCP models

• Eurex Clearing has analyzed new direct clearing models across derivatives, repo and securities lending to eliminate bilateral and extra CCP leg exposures, thereby optimizing capital costs, resulting in higher capital efficiencies while maintaining the existing client clearing market structure

• This is achieved by making the buy-side organization a direct legal counterparty of the CCP

The ISA Direct model provides the best solution to achieve the targets of central clearing, including significantly improving market safety and integrity

• Client clearing for derivatives, repo and securities financing transactions is heavily impacted due to increasing regulatory pressure

– Basel III raises capital requirements significantly based on risk weighted assets (RWAs) and a new leverage ratio requirement against un-weighted on- and off-balance sheet exposure

– BCBS-IOSCO, EMIR and other regulations increase margin, haircut and collateral requirements whilst limiting re-use of collateral, particularly for bilateral transactions, with new Basel III liquidity rules putting additional strain on global collateral balances

• Compared to regular ISA clients, RC/NCMs Direct show greater independence with respect to their Clearing Member (Clearing Agent), therefore increasing the possibility of finding a new Clearing Agent




Derivatives: Capital costs for providing (client) clearing services are significantly higher than direct clearing models

Capital cost of clearing agent (bps of IM)

Clearing agent CCPClient

Exposure

IMDF

IM

Exposure

~80%+

Capital costs for providing default fund (only applies if clearing agent provides default fund, otherwise this is a direct

costs for the client)

18

Client clearing

Direct clearing

Leverageratio

RWA

Leverageratio

RWA

Banks can take on a range of roles, enabling them to retain and service client relationships

CCPClientExposure

IM

DF

Trading activityClearing

agent

Derivatives clearing models and corresponding annual capital costs for a clearing agentExample based on ~5 year duration, directional EUR IRS swap portfolio

~85%-95%+

~25-701

~14

~3

~3

1. Depends on final leverage ratio rule (use of SA-CCR with collateral offset leads to reduced costs of ~25 bps vs. ~70 bps based on current proposal with CEMNote: Requirements are foreseen to only allow direct access for clients of high credit quality (requiring credit assessments required for each new clearing license, discussed within the Eurex Clearing Credit Committee, signed-off by the Eurex Clearing Executive board)




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.

19

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

• Capital & Margin

Agenda

20




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

21

Euro-Swap futures:

FSWL

FSWM

FSWS

10y

correlation across

maturities

FSWX 30y

2y

5y




22

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




2323© Oliver Wyman

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

23

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

24

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




25

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.




27

© 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.


Documents

Eurex Clearing Services Clearstream Dubai Conference 22 October 2015