Eurex Clearing’s Securities CCP: Changes to the Securities CCP system due to the introduction of C7 SCS 1.0

1.    Introduction

With this circular, Eurex Clearing informs its Clearing Members about the changes to the Securities CCP system due to the introduction of C7 SCS.

Settlement instructions for trades concluded on trading venues T7 Xetra and T7 Börse Frankfurt (XETR, XFRA) and deliveries out of physical settled Eurex derivatives (XEUR) with settlement at Clearstream or SIX SIS will be processed by C7 SCS starting as of Monday, 27 September 2021.

Eurex Repo trades and physical settlement of Eurex derivatives with underlying settled at Euroclear UK and Ireland will remain unchanged and will continue to be processed via the existing Securities CCP.

System documentation, circulars, timeline and much more information about C7 SCS Release 1.0 is available on our dedicated initiative page on the Eurex Clearing website under the following link: Support > Initiatives & Releases > C7 SCS Releases.

2.  Required action

• From 27 September 2021, the existing Securities CCP system will still be available for the clearing of Eurex Repo trades and physical settlement of Eurex derivatives with underlying settled at Euroclear UK and Ireland. Therefore, clients can continue to use the current processing, i.e. CCP reports, the Securities clearing GUI and the Member Settlement Instruction File interface.
• Please note: Trades from T7 Xetra/T7 Börse Frankfurt or physical settled Eurex Derivative concluded at trading venues XETR, XFRA and XEUR that are processed via the existing Securities CCP system until 24 September 2021 end of business will not be migrated into the new C7 SCS system and will remain in the existing Securities CCP system until the pertaining settlement obligations are fulfilled (e.g. T+2 = 28 September 2021).The CCP reports CE295/6/7 and CE395/6/7 can be de-selected from the Securities Clearing GUI effective 27 September 2021, since they will be empty as of the start of C7 SCS.

3.  Details

Eurex Clearing circulars 034/20 and 084/20 provided information on business and processing which will be migrated to C7 SCS. After 27 September 2021, the Securities CCP system will still be available for the clearing of Eurex Repo business as well as for the part of Eurex Derivative delivery positions resulting from Euroclear UK and Ireland business. 

The current CCP reports and their timings stay as today without changes.

Billing reports (CB225, CB320, CB325 and CB350) were amended as part of C7 SCS Release 1.0 and will be available in the Production environment as of 27 September 2021. As those reports have been part of the C7 Release 8.0 documentation, please check the C7 Release 8.0 report documentation for amendments.

The documentation related to the Securities CCP and the new C7 SCS system is available on the Eurex Clearing website www.eurex.com/ec-en/ under the following links:

• Support > Releases & Initiatives > CCP Releases
• Support > Releases & Initiatives > C7 SCS Releases

Unless the context requires otherwise, terms used and not otherwise defined in this circular shall have the meaning ascribed to them in the Clearing Conditions or FCM Clearing Conditions of Eurex Clearing AG, as applicable.
 

Further information