Eurex Clearing
Dear Clearing Member,
With this Newsflash, Eurex Clearing would like to draw your attention to additional updates regarding the C7 Securities Clearing Service (SCS) Releases. These updates are new functionalities that are mainly driven by the introduction of T7 Release 10.0.
Learn more about the C7 SCS Releases on our dedicated initiative pages under the following link: Support > Initiatives & Releases > C7 SCS Releases. System documentation, circulars, timeline and much more information is available there for you.
Following the C7 SCS production start with Release 1.0 on 27 September 2021, three additional features will be introduced in November 2021, triggered by external systems:
A. Partial Release available directly at CBL – effective from 22 November 2021
Clearstream Banking Luxembourg (CBL) currently offers to CBL and CBF-i customers a “hold and release” functionality. In addition, as detailed in Clearstream customer announcement A21055, partial release at Creation for CBL and CBF-i customers will be offered, which enables amending the original “on hold” instruction to “released” for a specified partial quantity. Currently, participants can only send partial releases (related to pending Net Position Trades in NCSC instruments on CBF-i 6-series accounts) to CBL using the Routing Service to C7 SCS via the SWIFT network.
Impact on C7 SCS
Participants will be able to send their partial release instructions via MT530 in ISO15022 standard directly to Creation or via manual input in the Xact Web Portal and do not have to rely on the Routing Service to partially release instructions pending on CBF-i 6-series accounts.
B. Multi-Currency ETFs (EUR and USD) – effective from 22 November 2021
With T7 Release 10.0, announced in Xetra Circular 026/21, Xetra (XETR) plans to introduce Multi-Currency ETFs, enabling clients to trade ISINs in multiple currencies. The currencies available for this feature will be EUR and USD. Support for further currencies will be introduced with a subsequent C7 SCS Release. Eurex Clearing will announce details in due course.
Impact on C7 SCS
The settlement currency will be delivered by T7 and sent to the respective (I)CSDs for settlement. There is also no impact on the netting process. Trades in the same ISIN with different currencies will be netted separately since the currency is an attribute defining a "Net Processing Unit" (NPU).
C. Trading Hours Extension (THE) – effective from 29 November 2021
As announced in Xetra Circular 057/21, the trading schedule for equities, ETFs/ETPs and mutual funds traded on Börse Frankfurt (XFRA) will be extended, thus lasting from 08:00 CE(S)T in the morning until 22:00 CE(S)T in the evening. The post-trading phase for instruments in Single Auction and bonds will also be extended to 22:05 CE(S)T. The Linking Cut-off time extension for XFRA will also be extended to 22:40 CE(S)T (from 20:40 CE(S)T before THE). This modification is based on market demand for cleared trading of equities, ETFs/ETPs and mutual funds after 20:00 CE(S)T. The main trading phase for bonds and structured products will remain unchanged.
Impact on C7 SCS
Due to the above-described extension, the Net Clearing Report (for XETR and XFRA) and the EOD Reports will be created and distributed at a later point in time. The approximate provision time (before and after the Trading Hours Extension) of the reports can be found in the table below (all times are CE(S)T):
Report | Report IDs | Time without THE, | Time with THE, | |||
Net Clearing Report XEUR | CE890/1/2 | 22:00 – 23:00 | 22:00 – 23:00 | |||
Net Clearing Report XETR and XFRA | CE895/6/7 | 23:00 – 24:00 | 01:00 – 02:00 | |||
“EOD reports” | CE860/1/2 | 00:30 – 01:30 | 02:30 – 03:30 |
If you have questions or comments, please send an e-mail to client.services@eurex.com.
Kind regards,
Your Client Services Team
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Recipients: | All Clearing Members, Basic 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 | |
Contact: | client.services@eurex.com | |
Related circulars: | ||
Web: | Support > Initiatives & Releases > C7 SCS Releases |
