Dear Clearing Member,
As described in Eurex Clearing Circular 040/21, the place of settlement for C7 deliveries of Italian bonds has changed with C7 SCS from CBF-i to CBF.
Clearing Members currently using CBF-i settlement accounts for deliveries resulting from futures notification/allocation for Italian bonds must provide tax information (i.e. TIN) for Italian Tax Authorities for the corresponding CBF accounts and make sure proper certification with Clearstream Banking Frankfurt (CBF) has been performed. This is mandatory to ensure orderly delivery of Italian bonds out of futures notification for the December 2021 futures expiration.
Please note that C7 SCS will use the same CBF settlement account that is used for German bonds settlement according to the current CSD selection sheet also for future Italian bonds settlement processing. Therefore, the Italian tax information must be provided for this CBF account.
Action required: Clearing Members set up for Italian bonds must contact the CBF Tax team in order to ensure a proper taxation set-up.
In case Clearing Members plan to assign a deviating CBF account dedicated to use for Eurex deliveries, this change must be requested via the CSD selection sheet and aligned with the client’s Key Account Manager.
Since in C7 SCS, the same settlement account is used for settlement of bonds in Collective Safe Custody (CSC) in EUR, this newly assigned CBF account will apply for German, Italian, French and Spanish bond deliveries. Consequently, Italian tax information must be provided for this new CBF account.
Learn 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 is available there for you.
If you have questions or comments, please send an e-mail to firstname.lastname@example.org.
Your Client Services Team
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