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The Inflation Index Rebasing Event (IIRE) is a scheduled market wide adjustment in which inflation indices are recalibrated to a new reference base year. This ensures that index values remain representative of current price levels and consumption patterns across the euro area.
Summary of Key Changes:
This recalibration is a routine update to maintain the relevance and comparability of inflation-linked indices.
For complete details, please refer to the official announcement:
FAQ
No impact is expected on NPV, VM, IM attributable to the rebasing itself.
The index levels will be updated on the switch date to reflect the new 2025 (=100) base.
Rebasing applies to Zero Coupon Inflation Swap (ZCIS) and Standard Coupon Inflation Swap (SCIS) trades in VERIFIED, MATURED, TERMINATED, and BS_BACKLOADED status before the switch date.
Trades referencing the old base must be submitted before 22:00 CET on 27 February 2026 to remain eligible for rebasing. Any trades submitted after this cut-off time will be treated on the new base and will not be rebased.
Eurex Clearing will assume that the rebasing to 2025 of any backloaded trades submitted after the switch was already performed by members.
Please be aware that all future-effective entered PTEs will be cancelled on 27 February 2026 by EoD.
The following reports will reflect rebased index levels, curves, and risk factors:
Yes. Members wishing to synchronize rebased trades with MarkitWire may contact either Eurex or MarkitWire.
Following the completion of the rebasing activity, new clearing confirmation messages will be sent to members on the switch date, 28 February 2026, for all impacted trades to reflect the updated index values.
Contacts
Eurex Clearing AG | worldwide
Helpdesk Clearing Data Control
Service times from 08:00 – 20:00 CET
(no service on Saturday and Sunday)
T +49-69-211-1 24 53
Eurex Clearing AG
Helpdesk Derivatives Clearing
Service times from 01:00 – 22:30 CET
(no service on Saturday and Sunday)
T +49-69-211-1 12 50
F +49-69-211-1 43 34
Eurex Frankfurt AG
Key Account Management
Service times from 09:00 - 18:00 CET