Securities Clearing: C7 Securities Clearing Service (C7 SCS) Release 5.0 – Production launch announcement

1.  Introduction

With this circular, Eurex Clearing announces the production launch of Release 5.0 of the C7 Securities Clearing Service (C7 SCS) on 24 November 2025. 

The rollout will occur in three distinct phases: Initially, the activation of Eurex Repo Reports on 24 November 2025; followed by the activation of Home Market Settlement Italy on 1 December 2025; and concluding with the introduction of the new Payment Free of Delivery functionality, planned for 19 January 2026.

Production start:

• 24 November 2025: Enhancement of the Eurex Repo Reports

• 1 December 2025: Activation of Home Market Settlement Italy for Eurex physical deliveries in equities

• 19 January 2026: Introduction of the Payment Free of Delivery (PFoD) functionality

The following document will be published on the Eurex Clearing website www.eurex.com/ec-en/ under the following path: Support > Initiatives & Releases > C7 SCS Releases > C7 SCS Release 5.0 > System Documentation:

• Member SWIFT interface C7-SCS 5.0

Learn now more about C7 SCS Release 5.0 on our dedicated initiative page on the Eurex Clearing website under the following link: Support > Initiatives & Releases > C7 SCS Releases > C7 SCS Release 5.0​.

System documentation, circulars, timeline and much more information is available there for you.

2.  Required action

Clearing Members, who want to benefit from the Home Market Settlement (HMS) extension to Eurex physical deliveries in Italian equities issued by Euronext Securities Milan (MOT), are requested to provide the MOT settlement account information and the related Power of Attorney to Eurex Clearing.

The report CI870 will be enhanced to indicate whether the settled quantity is from the Offset or Surplus block, and CE880 will now include details on securities used as collateral for GC Pooling. Therefore, Clients who use these reports are asked to review the processing and consider the additional information provided in these reports.

3.  Details of the updates introduced with C7 SCS Release 5.0

• With the enhancement of Home Market Settlement (HMS) service to Euronext Securities Milan (MOT) for Eurex physical deliveries in equities, Eurex Clearing extends its range of supported settlement locations in C7 SCS for physically settled equity derivatives traded at Eurex Exchange. This offers clients more flexibility with their account setup and infrastructure. The CCP eligible instruments file will include the value “Euronext Sec. Milan in field [Alternative Home CSD]” for ISINs, which will be newly eligible for HMS from the production launch date on. The list with the CCP eligible ISINs can be found on the Eurex Clearing website under this link: CCP eligible instruments.

• The Eurex Repo reports CI870 and CE880 will be enhanced:
  Report CI870 will be enhanced to indicate whether the settled quantity is from the Offset or Surplus block. Report CE880 will now include details on securities used as collateral for GC Pooling.

• A new functionality enabling the possibility to instruct the offset payment using Payment Free of Delivery (PFoD) instruction to Euroclear Bank (EOC) instead of a standard cash instruction will be introduced for Special Repo trades. The information about the delivery references of Payment Free of Delivery instruction and related repo transactions will be made available in a new report named “Repo PFOD Instruction Report” (CE875/876/877). 

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