Eurex, the European derivatives market co-owned by the German and Swiss exchanges, has backed down on a proposed scheme that would have increased clearing fees for certain over-the-counter equity contracts by as much as 50%, following pressure from its users.

Eurex had advised in March it would decrease the rebates offered to agent, principal and market makers on large OTC trades from April 1. It said at the time that revision of the existing fee cap model had become necessary in view of the "strong increase" in extremely large equity index option block trades over the last two years.