Eurex Membership Overview 13 Aug09

Name, place, date

Membership Overview

August 2009

2Name, place, date

Eurex – The International Derivatives Exchange | Membership

Contractual Relationships at Eurex Clearing AG

Non-ClearingMember

General ClearingMember

Direct ClearingMember

Company-AffiliatedNon-Clearing Member

Can execute:● proprietary business● customer business

Can clear:● business of Non-

Clearing Memberswith whom theyhave a clearingagreement

Can executeand clear:● proprietary business● customer business

Can clear:● business of a

100% affiliatedNon-ClearingMember

Can executeand clear:● proprietary business● customer business

Can execute:● proprietary business● customer business

Customer Customer Customer Customer

Derivatives ClearingMember Only

Can clear:● business of Non-

Clearing Memberswith whom theyhave a clearingagreement

Customer

Eurex Clearing AG

3Name, place, date

Concrete Outline of Membership Incentive 2009 (1/2)

Three fix components and a fourth component of choice

No MTF during the first year of membership

Reimbursement for up to 10 trader or QBO exam fees and

10 GUI training fees

Choice between three packages with different levels

of connection fee and transaction fee incentives*

For new members without own connection or with internet

connection to Eurex

For new members with standard connection to Eurex

For new members with enhanced ETS/Enhanced Broadcast

Solution connection to Eurex

* The 4th component will be explained in detail on the next slide

or or

Access to Enhanced Broadcast Solution/ETS Simulation. Up to six months for free

retroactively upon membership

4.1 4.2 4.3

Eurex – The International Derivatives Exchange | Special Incentives and Initiatives

For new members admitted from 1. January until 31. December 2009

4Name, place, date

Concrete Outline of Membership Incentive 2009 (2/2)

1,500 1,500

4.2 Standard Connection Package

4.3 Enhanced Connection Package

If trading volume within first 6 months exceeds 0.3 mn contracts

1,500

Otherwise

Month 1-6 of membership Month 7-12 of membership

3,000 1,500 If trading volume within first 6 months exceeds 1 mn contracts

Otherwise

3,000 1,500

Monthly Standard

Connection

Fee Waiver

Monthly Transaction Fee Waiver

1,500

Monthly ETS/Enh.Broadc.Sol.

Connection Fee Waiver


=> Up to EUR 36,000 total incentive p.a.



1,500

1,500

4.1 Minimum Connection Package

3,000

1,500

If trading volume within first 6 months exceeds 0.3 mn contracts

3,000

Otherwise




Eurex – The International Derivatives Exchange | Special Incentives and Initiatives


5Name, place, date


● Direct and high-performance access to a broad product range without systems restrictions

● Lower transaction fee compared to indirect access

● Real-time data feed with market depth free of charge for the members

● Elimination of counterparty risk due to the central counterparty Eurex Clearing AG

● First-hand information on new products, functionalities and services

The Advantages of Non Clearing Membership at a Glance

6Name, place, date


Requirements for Becoming a Non-Clearing Member

Registration of Individuals

The applicant must

● Conduct of derivatives trading in a commercial manner

● Evidence that the respective applicant is subject to proper banking or exchange regulation in its country of origin

● Minimum liable Equity Capital of EUR 50,000, unless the applicant is a bank

● Admission and registration of at least one Exchange Trader (Trader Admission)

● Registration of at least one qualified a Back Office Staff member

● appoint at least one Nominated Person who is entrusted with the management and authorized to represent the company; has professional experience and is personally reliable.

● Participation in the clearing process - either by signing a NCM-Clearing Member Agreement with a General Clearing Member (GCM) or with a Direct Clearing Member (DCM) and Eurex Clearing AG. A DCM may act as clearer for a NCM provided the companies are 100 percent affiliated.

● Compliance with mandatory technical requirements for connection to the Eurex® system (connection alternatives)

● National requirements

7Name, place, date


Additional Requirements for Becoming a General/Direct Clearing Member (1/3)

Legal Requirements

The applicant● is domiciled in the EU or Switzerland and is licensed by the local authority to operate and

conduct safe custody business, lending operations and the receipt of collateral.● is under surveillance of responsible local authority.

Capital Requirements

● The applicant has a minimum liable equity capital of

● Irrespective of the minimum amounts of liable equity capital specified above, the actual amount of liable equity capital to be guaranteed and maintained shall be: 10% of the 30-day average of the total margin or 10% of the 250-day average of the total margin requirements.

● If the applicant does not have sufficient liable equity capital, it may compensate for the difference by submitting a guarantee from another bank or depositing collateral in cash or securities. The guarantee has to be provided by a credit institution based in Europe or Switzerland. The credit institution and the applicant have to be different legal entities.

Derivatives Clearing LicenseGCM EUR

125,000,000

DCM EUR 12,500,000

8Name, place, date


Requirements for Becoming a General/Direct Clearing Member (2/3)

Contribution to the Clearing Fund

The applicant provides a contribution to the Clearing Fund:

● The Clearing Fund contribution can be submitted in the form of a guarantee and/or collateral in securities and/or cash. The guarantee has to be provided by a credit institution based in Europe or Switzerland. This credit institution has to be a different legal entity than the applicant.

● Clearing Members have to deposit the largest amount of either: 2% of the 30-day average of total margin requirement, or 2% of the 250-day average of total margin requirement

Contribution to Clearing Fund

GCM EUR 5,000,000

DCM EUR 1,000,000

NCM n/a

9Name, place, date


Requirements for Becoming a General/Direct Clearing Member (3/3)

Accounts

The applicant

● needs to have or open an account at the Deutsche Bundesbank (BUBA), the Schweizerische Nationalbank (SNB) and Clearstream Banking AG (CBF).

● needs to provide evidence of a securities and a pledged securities account – which is a securities sub-account – with the central custodian Clearstream Banking AG (CBF) or SIX SIS AG (SIS).

Clearing License

Cash Account Securities AccountPledged Securities Account

Derivatives Clearing License

Deutsche Bundesbank (BUBA)

Clearstream Banking (CBF)


Schweizerische Nationalbank (SNB)

and/or or


SIX SIS AG (SIS) SIX SIS AG(SIS)

10Name, place, date

Clearing Status: Derivatives Clearing Member Only


Companies wishing to apply for a Clearing License may choose between a Clearing License which entitles its holder to clear derivatives transactions and is conditional for the applicant being admitted as exchange participant at the Eurex Exchanges, and a Clearing License which makes the holder a “Derivatives Clearing Member Only” (“CM Only”) without the condition that the applicant must be an exchange participant at the Eurex Exchanges.

Benefits of the new “CM Only” status are:

● Application for admission as a trading member at theEurex Exchanges is not required.

● Nomination of a dedicated natural person holding a tradinglicense is not required.

● No minimum transaction fees will be charged.

Information about costs can be found on the Eurex website:www.eurexchange.com > Clearing > Clearing Fees & Pricing

11Name, place, date


Technical Connection/Client Server Architecture

* A Clearing Member must be connected with at least one leased line and one internet connection

.

Workstation

Workstation

Workstation

Member Responsibility

Host Access Point

Exchange Responsibility

LAN

Router

Technical Connection/Standard Member Configuration

● 2 member-integrated system servers (MISSes) in a MISS group

● MISSes function as mutual back-ups with automated failover

MISS

MISS

Gateway AP ClientETS

12Name, place, date

Eurex – The International Derivatives Exchange | Additional Services

Equinix and COLT Deutschland are preferred housing partner of Eurex’s IT service provider, Deutsche Börse Systems (DBS)

Benefit from our Proximity Services by connecting viaEquinix or COLT Deutschland and enjoy

Advantages of Proximity Housing

● ultra low latency access

● prompt connection possibility

● lowest round-trip times due to the shorter distance to Deutsche Börse Group’s execution venues

● actual availability of more than 99.999%

13Name, place, date

125,000,000


Cost at a Glance

Fees include trading and clearing and vary by product/product group

Average all products EUR 0.22

Fixed income futures EUR 0.20

Equity index futures EUR 0.38

Minimum transaction fee per quarter EUR 9,000

9,000EUR9,000EUR9,000EURMinimum transaction fee per quarter

n/a25,000EUR25,000EURAnnual clearing fee

Capital requirements, Clearing Fund & Admission Fees

50,000

5,000,000

EUR

EUR

EUR

GCM

50,000

1,000,000

12,500,000

EUR

EUR

EUR

DCM NCM

n/aOne-time clearing admission fee

EUR

n/aContribution to Clearing Fund

Capital requirements 50,000

Please find the most current version of the trading fees on our website: www.eurexchange.com > Trading > Trading Fees & Pricing (the fees include trading and clearing.)

14Name, place, date

Fees for Eurex Benchmark Products

Product Price/EUR

Single Stock Futures (example German shares) 0,20

Equity Options (example German shares) 0,20

DAX® Future 0,50

DAX® Option 0,75

DJ EURO STOXX 50 Futures 0,30

DJ EURO STOXX 50 Options 0,30

Fixed Income Derivatives (Futures and Options on Bund, Bobl, Schatz) 0,20


15Name, place, date


Connection Costs (1/2)

Location dependant Pricing

Tier 10 MB 20 MB 30 MB 50 MB 60 MB 70 MB Lcations

0 EUR 2,000 EUR 2,000 EUR 2,000EUR 2,000

EUR 2,000 EUR 2,000 Proximity Service (regardless of bandwidth)

1 EUR 3,500 EUR 4,250 EUR 4,750EUR 5,500

EUR 6,000 EUR 6,500 Amsterdam, Chicago, Dublin, Frankfurt, London, Mailand,

New York City, Paris, Zurich

2 EUR 3,500 on request on request on request on request on request Helsinki, Madrid Vienna

3 EUR 6,000EUR 7,500

EUR 8,500 EUR 9,500

on request on requestBelgium, Denmark, France, Germany, Italy, Luxembourg,

Netherlannds, Switzerland, United Kingdom, USA

4 EUR 6,000 on request on request on request on request on request Austria, Finland, Portugal, Singapore, Spain, Sweden

5EUR

10,000EUR

13,200EUR

16,300EUR

21,600on request on request Australia

6EUR

20,000EUR

27,600EUR

27,600EUR

55,800on request on request Greece

7EUR

30,000on request on request on request on request on request Gibraltar

8not

availablenot

availablenot

availablenot

availablenot

availablenot

availableDubai

16Name, place, date


Connection Costs (2/2)

Non-Location dependent Pricing

Category Item Price per item & month Special arrangements

VALUES API

1 MB line EUR 750

Only for

the first 2 lines

per member

1 MB line EUR 2,000 for each additional line

1 MB internet EUR 500

new 1 MB Channel or higher Bandwidth EUR 700

new 10 MB Channel or higher Bandwidth EUR 1,400

Enhanced Broadcast Solution & Enhanced Transaction Solution

new Multi-Member MISS EUR 500 per connected member

new 1 MB ETS-Channel EUR 700

new 10 MB ETS-Channel EUR 1,400

new ETS-Session EUR 700 First 2 sessions are for free

17Name, place, date


Volume Thresholds & Rebates

30%20%10%600,000200,000100,000Options

Equity Products

30%20%10%240,00080,00040,000Options

30%20%10%1,200,000400,000200,000Futures

Equity Index Products

30%20%10%60,00020,00010,000Options

30%20%10%2,400,000800,000400,000Futures

Interest Rate Products

Rebate Band 3

Rebate Band 2

Rebate Band 1

Threshold 3(# Contracts)



Product Group

● Volume rebates will be calculated for P- and M-accounts excluding Market Maker rebates. The volume with Market Maker rebates will not be taken into consideration for calculating thresholds.

● Volume rebates are calculated on a monthly basis.

● Rebates are granted only for trading volume exceeding the respective thresholds.

● No Give-up or Take-up from other accounts

18Name, place, date


● Intraday Risk Information Services (IRIS) enable risk assessment during the whole trading day by

sending reports risk management information broadcast approximately every 10 minutes distribution to the MISS architecture

● This service is specifically aimed at Eurex Clearing Members.

● It is free of charge.

● The Theorectical price files (Theo File) is available twice a day (intraday as well as end of day) on our website eurexchange.com (member section) and will be

distributed to the MISS architecture (during end of day and approx. 24.00h)

Intraday Risk Information Services

19Name, place, date


IRIS: Advantages (1/2)

● Intraday risk assessment possible

High performance of the Eurex risk management engine allows for continuous risk assessment.

Intraday risk monitoring:

- Aggregated for Clearing Member

- of every Non-Clearing Member

Intraday management reporting is possible.

Pro-active Margin-call management as intraday monitoring provided.

!

20Name, place, date


IRIS: Advantages (2/2)

!

● Risk is calculated externally by the Clearing House.

● Collateral management can be improved.

Results can be compared with overnight batch calculation.

Payments for the next business day can be estimated:

- Margin calls

- Premium

- Variation margin

● Software adaptations are made by the Clearing House and not by users.

21Name, place, date

Eurex – The International Derivatives Exchange | Disclaimer

© Eurex 2009

Deutsche Börse AG (DBAG), Clearstream Banking AG (Clearstream), Eurex Frankfurt AG, Eurex Clearing AG (Eurex Clearing) as well as Eurex Bonds GmbH (Eurex Bonds) and Eurex Repo 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 Banking S.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 and are 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 in the 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) are owned by DBAG and its affiliates and subsidiaries including, without limitation, all patent, registered design, copyright, trademark and service mark rights. While reasonable care has been 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, Eurex Bonds, 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 contained herein, 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 any circumstances, 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 acquire or 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 products available 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 the clearing process provided by Eurex Clearing, should consider legal and regulatory requirements of those jurisdictions relevant to them, as well as the risks associated with such products, before doing so.

Eurex derivatives (other than Dow Jones EURO STOXX 50® Index Futures contracts, Dow Jones EURO STOXX® Select Dividend 30 Index Futures contracts, Dow Jones STOXX 50® Index Futures contracts, Dow Jones STOXX® 600 Index Futures contracts, Dow Jones STOXX® Large/Mid/Small 200 Index Futures contracts, Dow Jones EURO STOXX® Banks Futures contracts, Dow Jones STOXX® 600 Banks/Industrial Goods & Services/Insurance/Media/Personal & Household Goods/Travel & Leisure/Utilities Futures contracts, Dow Jones Global Titans 50 IndexSM Futures contracts, DAX® Futures contracts, MDAX® Futures contracts, TecDAX® Futures contracts, SMIM® Futures contracts, SLI Swiss Leader Index® Futures contracts, RDXxt® USD – RDX Extended Index Futures contracts, Eurex inflation derivatives, Eurex commodity derivatives, and Eurex interest rate derivatives) are currently not available for offer, sale or trading in the United States or by United States persons.

Trademarks and Service Marks

Buxl®, DAX®, DivDAX®, eb.rexx®, Eurex®, Eurex Bonds®, Eurex Repo®, Euro GC Pooling®, Eurex Strategy WizardSM, EXTF®, FDAX®, FWB®, MDAX®, ODAX®, TecDAX®, VDAX®, VDAX-NEW®, Xetra® and XTF Exchange Traded Funds® are registered trademarks of DBAG.

The service mark MSCI Russia is the exclusive property of Morgan Stanley Capital International, Inc.

RDXxt® is a registered trademark of Wiener Börse AG (Vienna Stock Exchange).

iTraxx® is a registered trademark of International Index Company Limited (IIC) and has been licensed for the use by Eurex. IIC does not approve, endorse or recommend Eurex or iTraxx® Europe 5-year Index Futures, iTraxx® Europe HiVol 5-year Index Futures and iTraxx® Europe Crossover 5-year Index Futures.

Eurex is solely responsible for the creation of the Eurex iTraxx® Credit Futures contracts, their trading and market surveillance. ISDA® neither sponsors nor endorses the product’s use. ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc.

SLI®, SMI®, SMIM®, and VSMI® are registered trademarks of SIX Swiss Exchange.

STOXX®, Dow Jones STOXX® 600 Index, Dow Jones STOXX® Large 200 Index, Dow Jones STOXX® Mid 200 Index, Dow Jones STOXX® Small 200 Index, Dow Jones STOXX® TMI Index, VSTOXX® Index, Dow Jones EURO STOXX 50® DVP, Dow Jones EURO STOXX® Select Dividend 30 Index, Dow Jones EURO STOXX®/STOXX® 600 Sector Indexes as well as the Dow Jones EURO STOXX 50® Index and Dow Jones STOXX 50® Index are service marks of STOXX Ltd. and/or Dow Jones & Company, Inc.

Dow Jones, Dow Jones Global Titans 50 IndexSM and Dow Jones Sector Titans IndexesSM are service marks of Dow Jones & Company, Inc. The derivatives based on these indexes are not sponsored, endorsed, sold or promoted by STOXX Ltd. or Dow Jones & Company, Inc., and neither party makes any representation regarding the advisability of trading or of investing in such products.

The names of other companies and third party products may be trademarks or service marks of their respective owners.

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Eurex Membership Overview 13 Aug09