Eurex Clearing Readiness Newsflash | C7 SCS Release 2.0: Changes in the technical processing within C7 CMS for Clearing Members using CmaX for provision of collateral

Dear Clearing Member,

With this Newsflash, Eurex Clearing wants to draw your attention to the upcoming changes in the technical processing of CmaX Triparty Collateral within C7 CMS which is a part of the C7 SCS Release 2.0.

Change of Eurex Clearing BIC branch code

On Thursday, 29 September 2022, Eurex Clearing will change the BIC branch code from EUXCDEFFCOL to EUXDEFFCMS for the collateral transfers via Clearstream’s triparty collateral management system CmaX.

Clearing Members using the BIC of Eurex Clearing for instructing CmaX exposure amounts are requested to amend the BIC code to EUXDEFFCMS for instructions with value date of 29 September 2022 onwards.

Instruction until 28 September 2022
:16R:COLLPRTY
:95P::PTYB//EUXCDEFFCOL
:16S:COLLPRTY

Instruction from 29 September 2022
:16R:COLLPRTY
:95P::PTYB//EUXCDEFFCMS
:16S:COLLPRTY

Clearing Members using the short code do not have to amend the instruction.

:16R:COLLPRTY
:95R::PTYB/CEDE/ECAGMAR1
:16S:COLLPRTY

Usage of one (I)CSD account for multiple C7 CMS collateral pools

With the introduction of the collateral location CmaX for provision of margin collateral, collateral in case of insufficient Own Funds and Default Fund contributions in 2012, the mapping from a CmaX exposure to a collateral pool in the systems of Eurex Clearing was processed on the level of collateral account. Each CmaX exposure ID had to be assigned to exactly one (I)CSD account.

Thanks to the recent developments within Eurex Clearing collateral management service system C7 CMS, multiple exposure IDs for different collateral pools can be linked to one (I)CSD account now.

This means that only one (I)CSD account per collateral location (CBF or CBL) needs to be maintained for multiple exposure IDs under the same legal regime and usage via CmaX. Every exposure ID is linked to a dedicated collateral pool in Eurex Clearing System.

To reduce the efforts and costs related to double funding for the clients, the existing mapping of CmaX collateral accounts to respective C7 CMS collateral pools will be switched by Eurex Clearing to exposure IDs and will be shown in the C7 CMS GUI in the column “Collateral Account”.

Please also be aware that Eurex Clearing will change the said mapping from the CmaX account to the exposure ID by reducing the current value of position on CmaX account to zero and increasing the value of exposure ID position to the value of the "old" CmaX account position. The movements will be visible in the C7 CMS GUI and reports accordingly.

There will be no change for the exposure increase/decrease instructions.

The change for C7 CMS production environment is scheduled for the weekend of 8 October 2022 to 10 October 2022.

Please contact your Key Account Manager in case you require any further information.

Learn now more about C7 SCS Release 2.0 on our dedicated initiative page under the following link: Support > Initiatives & Releases > C7 SCS Releases > C7 SCS Release 2.0. System documentation, circulars, timeline and much more information is available there for you.

If you have questions or require further information, please contact us via e-mail: client.services@eurex.com.

Kind regards,
Your Client Services Team

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