Eurex Clearing Readiness Newsflash | C7 SCS Release 1.0: Reporting of Clearing Member and Trading Member in Party Level information

Dear Clearing Member,

With this Newsflash, Eurex Clearing wants to draw your attention to the Party Level information that C7 SCS will fill in settlement instructions towards settlement locations.

Eurex Clearing will extend the information that is sent in optional Party Level fields in settlement instructions towards settlement locations CBF (CBF internal settlement) and towards settlement location CBF-i:

• Party Level 1 contains the settlement (headquarter) account of the customer ¹
• Party Level 2 contains Clearing Member and Trading Member ID

¹  In case of Group Matching Account (GMA) for CBF-i, it is the Sub-Matching Account (SMA) that is provided in Party Level 1 to the customer.

Please note that C7 SCS will not send Clearing Member and Trading Member ID in Party Level 2 towards settlement location SIX SIS and in case of cross-border settlement CBF-SIS. 

Also, please be aware that in case of Corporate Actions (CA), filling of party level information in CA-related instructions depends on (I)CSD processing, as the instructions are generated by the (I)CSD.

For Party Level 2, C7 SCS will fill field 95Q to indicate the customer’s side of the transaction (“SELL”, “BUYR”) and field 97A::SAFE with a ten-character value consisting of the five-character Clearing Member ID and the five-character Trading Member ID. 

Thereby, settlement account owners will have the possibility to identify the Clearing Member and the Trading Member which are related to a settlement instruction sent by C7 SCS from the (I)CSD reporting on their settlement account directly.

The usage of party level information is optional. In case a customer does not need to identify the Clearing Member or the Trading Member in (I)CSD reporting, the customer can ignore the Party Level information.

Customers can observe the Party Level information in (I)CSD reporting in MT548/MT54x messages in ISO15022 format, as shown in Figure 1 (from CBF) and Figure 2 (from CBF-i), whereby “7930000”/“69730” represent sample customer settlement accounts, “CCCCC” represents the five-character Clearing Member ID and “TTTTT” represents the five-character Trading Member ID.

For customers that act as DCPs at T2S, the Party Level 2 information can be observed as below in T2S reporting in sese.023 COPY message in ISO20022 format:

<DlvrgSttlmPties>
  <Dpstry>
    <Id>                                                               
   <AnyBIC>DAKVDEFFXXX</AnyBIC>                                     
 </Id>                                                              
    </Dpstry>                                                            
    <Pty1>
      <Id>                       
     <AnyBIC>TESTDEFFXXX</AnyBIC>                                     
 </Id>                
 <SfkpgAcct>          
   <Id>DAKV79300000</Id> 
 </SfkpgAcct>
     </Pty1>
     <Pty2>
       <Id>                       
    <NmAndAdr>               
      <Nm>CCCCCTTTTT</Nm> 
    </NmAndAdr>                  
  </Id>                
  <SfkpgAcct>          
    <Id>CCCCCTTTTT</Id>
  </SfkpgAcct>         
</Pty2> 
</DlvrgSttlmPties>  
 

The change will be available in Simulation from 16 August 2021 and in Production with C7 SCS Release 1.0 production launch on 27 September 2021.

Please be aware that the party level information visible in simulation between 6 August and 15 August 2021 shall not be used for Members testing.

Learn now more about C7 SCS Release 1.0 on our dedicated initiative page under the following link: Support > Initiatives & Releases > C7 SCS Releases > C7 SCS Release 1.0. System documentation, circulars, timeline and much more information will be available there for you. 

If you have any further questions or comments, please send an e-mail to client.services@eurex.com.

Kind regards,
Your Client Services Team
 

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