The LSE Directory / Clearing houses
Eurex Clearing AG is the central counterparty clearing house of Deutsche Börse Group, headquartered in Eschborn near Frankfurt, Germany. It interposes itself between buyer and seller on every trade it clears, guaranteeing performance and managing counterparty risk across listed derivatives traded on Eurex Exchange (equity, index, interest rate, volatility, dividend and FX futures and options), over the counter interest rate derivatives cleared through EurexOTC Clear, repurchase agreements through Eurex Repo (including the GC Pooling triparty repo market), and cash equities and bonds traded on Xetra and Börse Frankfurt. Per its own site, it serves about 200 Clearing Members across 22 countries and clears trades with a monthly value exceeding EUR 11 trillion. Its principal differentiator in OTC rates clearing is that EurexOTC Clear positions itself as the only EU based CCP offering clearing of euro denominated interest rate swaps, overnight index swaps and inflation swaps, supporting interest rate derivatives in eleven currencies overall (EUR, USD, GBP, CHF, JPY, DKK, NOK, SEK, PLN, CZK and HUF). That EU domicile has commercial weight because EMIR 3.0's Active Account Requirement obliges EU counterparties to route a share of their clearing activity through an EU based CCP, making Eurex the main EU alternative to London based LCH for euro rates clearing. Its risk methodology, Prisma, calculates margin on a portfolio basis and supports cross margining between listed fixed income derivatives and OTC interest rate swaps within the same liquidation group, reducing collateral needs for members running both books. Membership is tiered, including an "ISA Direct" model built for pension funds and insurers to access clearing without a full clearing member relationship. Eurex itself was formed in 1998 through the merger of Germany's Deutsche Terminbörse and Switzerland's SOFFEX; Deutsche Börse and SIX Swiss Exchange jointly ran the exchange until Deutsche Börse bought out SIX's remaining stake in January 2012 to become sole owner. Eurex Clearing is licensed as a credit institution in Germany, supervised by BaFin, authorised as a CCP under EMIR since April 2014, and has been registered with the U.S. CFTC as a Derivatives Clearing Organization since February 2016. For full year 2025, Eurex reported average daily OTC cleared volumes of EUR 280 billion, up 35 percent year on year, and notional outstanding of EUR 43,668 billion, up 31 percent, with interest rate swap average daily cleared volumes up 77 percent; Eurex Repo posted a record average term adjusted volume of EUR 406.1 billion for the year, up 20 percent. In 2026 Eurex Clearing is extending Prisma's portfolio based margining to bonds and repos: an improved margin methodology becomes mandatory for in scope fixed income securities and repos from 18 May 2026, with Clearing Members able to opt into full Prisma bond portfolio margining from 1 June 2026 in individually assigned activation slots.
