Eurex Clearing
1. Introduction
With this circular, Eurex Clearing announces the production launch of C7 Securities Clearing Service (C7 SCS) Release 3.0 on Monday, 20 November 2023.
Production start: 20 November 2023
Start of clearing of Euroclear UK & International deliveries in C7 SCS: 27 November 2023
2. Required Action
Migration weekend for Euroclear UK & International deliveries
With this release clearing of Eurex physical deliveries resulting from Eurex options and futures on UK and Irish instruments, which settle at Euroclear UK & International (EUI, “CREST”), will be migrated to the new processing within C7 SCS system starting on 27 November 2023.
After the migration weekend of 24 to 27 November 2023 the Securities CCP processing will be discontinued as described in C7 SCS 3.0 Release Notes.
From the 27 November onwards, the related information is available in the C7 SCS reports.
Learn now more about C7 SCS Release 3.0 on the dedicated initiative page under the following link:
Support > Initiatives & Releases > C7 SCS Releases > C7 SCS Release 3.0
System documentation, circulars, timeline and much more information is available there for you.
3. Details
As announced in Eurex Clearing Circular 025/23, Eurex Clearing decided to conclude the final milestone of its strategic roadmap for migration of the Securities CCP into the C7 SCS environment.
Eurex Clearing proceeds with the migration of securities clearing Eurex physical deliveries resulting from Eurex options and futures on UK and Irish instruments, which settle at EUI, to the C7 SCS architecture.
Thereby, the entire Clearing Services of the Securities CCP are migrated into the C7 SCS environment.
Eurex Clearing will introduce functional shaping for "high volume" deliveries resulting from Eurex Derivatives business, for bond and equity deliveries to improve settlement efficiency.
In addition, the Italian TIN (tax identification number) mapping will be enhanced on Member and position account level. This allows Trading Participants to perform direct assignments of the Italian bond deliveries to the end-client.
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, ISA Direct Clearing Members, Disclosed Direct Clients of Eurex Clearing AG and vendors | |
Target groups: | Front Office/Trading, Middle + Back Office, IT/System Administration, Auditing/Security Coordination | |
Related circular: | Eurex Clearing Circular 025/23 | |
Related Newsflashes: | Eurex Clearing Readiness Newsflashes from 31 May, 27 July, 31 July, 18 September, 26 September, 17 October | |
Contact: | client.services@eurex.com | |
Web: | Support > Initiatives & Releases > C7 SCS Releases > C7 SCS Release 3.0 | |
Authorized by: | Jens Janka |
