Eurex Clearing
Dear Client,
With this Newsflash, Eurex Clearing informs its Clearing Members and ISA Direct Clearing Members (“Clearing Members”) of certain settlement delays affecting GC Pooling Repo Transactions.
After the technical migration of GC Pooling to Clearstream Banking SA’s (Luxembourg) (“Clearstream”) CmaX system, settlement delays are observed.
Reference is made to Clearstream’s as well as Eurex Repo GmbH’s client communication.
Based on information available to Eurex Clearing, Eurex Clearing cannot exclude that similar settlement delays may continue to exist in the next days while Clearstream and Eurex Clearing analyze and resolve the delays. Eurex Clearing customers should take these delays into account with regard to their GC Pooling activities in the next days.
In this context, Eurex Clearing reminds all Clearing Members to meet the defined target settlement time (for EUR transactions other than overnight transactions 10:45 a.m. Frankfurt time and to ensure that their internal processes comply with the rules as specified in Clearing Conditions Chapter IV, Part 2.2, (d).
Clearing Members must provide timely funding to their cash and security accounts as outlined below:
For all other collaterals as well as for the obligation to provide cash, the Target Settlement Times for GC Pooling Repo Transactions apply which is 10:45 a.m. Frankfurt time for repo transactions settled in Euro (other than overnight transactions) and 3:00 p.m. Frankfurt time for repo transactions settled in USD.
We would like to ask all market participants to review their operational and/or treasury processes for funding of their cash and securities accounts to support efficient settlement.
Learn now more about C7 SCS Release 2.0 on the Initiative Page C7 SCS Release 2.0 where documentation, circulars, timeline and much more information is available for you.
Kind regards,
Your Client Services Team
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Recipients: | All 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 | |
Contact: | For questions with regards to your trades, please reach out to our Operations Teams (Cmax - Cmax@clearstream.com, Prague - gsfprague@clearstream.com Operations) and/or your Relationship Manager. | |
Related Circular: | Eurex Clearing Circular 072/22 | |
Web: | Support > Initiatives & Releases > C7 SCS Releases > C7 SCS Release 2.0 |
