14 Nov 2022
Eurex Clearing
Eurex Clearing Readiness Newsflash | Information on C7 SCS and Collateral Mobility Project of GC Pooling migration
Dear Client,
With this Newsflash, Eurex Clearing provides its Clearing Members and ISA Direct Clearing Members (“Clearing Members”) with an update on its recent client communication informing about certain settlement delays affecting GC Pooling Repo Transactions.
Since Wednesday, 2 November 2022, no delays, outside normal BAU (business as usual) activity, have been experienced. The implementation of several measures, such as the change of T2S settlement priority levels by Clearstream to be in line with regular CCP Repo Transactions, and the observed good discipline of active clients, ensuring timely funding of the DCA (Dedicated Cash Account) and positioning sufficient collateral on the GC Pooling source account, led to a settlement efficiency that is comparable to pre-migration levels. Further planned measures will be implemented in due course which will further enhance the service quality.
Reference is made to Clearstream’s client communication.
In this context, Eurex Clearing reminds all Clearing Members that intend to be active the first time in GC Pooling since the migration, that it is of utmost importance to review their operational and/or treasury processes for funding of their cash and securities accounts before becoming active. This is to ensure that settlement efficiency remains at the highest level for the overall market.
On behalf of the whole Eurex Clearing team, we want to thank our Clearing Members for the patience, continued support and partnership.
To learn more about C7 SCS Release 2.0, please refer to our dedicated Initiative Page C7 SCS Release 2.0 where documentation, circulars, timeline and 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 |
