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29 Sep 2022

Eurex Clearing

CCP Securities Services: Decommissioning of service for Eurex Repo Business

Eurex Clearing Circular 073/22 CCP Securities Services: Decommissioning of service for Eurex Repo Business

1.  Introduction   

With this circular, Eurex Clearing announces the migration of clearing services for transactions concluded at Eurex Repo from Securities CCP system to C7 Securities Clearing Service (C7 SCS) on Saturday, 22 October 2022 where the launch of C7 SCS service is foreseen for Monday, 24 October 2022

Eurex Repo Business Migration: 20 October 2022 – 22 October 2022

Launch of new Service on C7 SCS for Eurex Repo Business: 24 October 2022

2.  Required action

The Securities  CCP system will still be available for clearing of physical deliveries resulting out of exercise and assignments of Eurex UK and Irish derivatives settled at Euroclear UK (CREST), for which clients will continue to use the existing processing, i.e. Securities CCP reports, Securities clearing GUI.

Please note: migration from Securities CCP to C7 SCS will be performed for transactions concluded at Eurex Repo cleared via Eurex Clearing AG. 

Collateral provided towards ECAG via Collateral Management System (CBF) Xemac, either as Margin collateral, Clearing Fund contribution or Company capital will be migrated to Collateral Management System (CBL) CmaX. 

3.  Details of the initiative

As announced in Eurex Clearing Circular 036/21, Eurex Clearing will migrate the clearing of transactions concluded at Eurex Repo from Securities CCP  system  to C7 SCS.

The current Securities CCP netting model Actual Settlement Day Netting (ASDN) for Eurex Repo cleared transactions will not be available in C7 SCS 2.0 but will be replaced by Settlement Date Netting (SDN) for Special Repo and Settlement Date Exposure Netting (SDEN) for GC Pooling.

Furthermore, contents of Clearing Daily reports CD01x (CD010, CD011, CD012 and CD015) currently used for tracking of cash deliveries out of CCP repo settlement activities will be moved to CD71x (CD710, CD711, CD712 and CD715) reports along with the activation of C7 SCS 2.0.

Please refer to Eurex Clearing Circulars 036/21, 066/21, 029/22, 053/22 and to the related Release Notes for further details on the introduction of C7 SCS Release 2.0.

For further details on C7 SCS Release 2.0 project description please check on the Eurex Clearing website the dedicated initiative page under the following link: Support > Initiatives & Releases > C7 SCS Releases > C7 SCS Release 2.0.

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

Recipients:

All Clearing Members, FCM Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients of Eurex Clearing AG and vendors

Target groups:

Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination

Related circular:

Eurex Clearing Circulars 036/21066/21, 029/22, 053/22

Contact:

client.services@eurex.com

Web:

Support > Initiatives & Releases > C7 SCS Releases > C7 SCS Release 2.0

Authorized by:

Jens Janka