Eurex Clearing Readiness Newsflash | Project UNO – Market Activation Wave 3 – Eurex Clearing's details for market activation and simulation possibility

To support its Clearing Members in the context of Clearstream’s UNO project, Eurex Clearing would like to inform you about upcoming updates to the settlement processing due to the change of the custody type from NCSC to NCSC-T, as part of Market Activation Wave 3 (Unified for New Opportunities rollout documentation).

A. How settlement will change after market activation

With UNO Market Activation Wave 3, Clearstream will change the custody type from NCSC to NCSC-T for instruments in multiple markets, among which the only CCP-eligible markets are Sweden and Hong Kong. The custody type change will enable support for settlement on Clearstream Europe (CEU) accounts via T2S. 

For cleared transactions originating from trading on Deutsche Börse Xetra (XETR), Deutsche Börse Frankfurt (XFRA) and Eurex Derivatives market (XEUR), settlement of transactions in instruments in scope of Wave 3 will change as follows:

• Settlement for cleared trades concluded prior to the market activation date of 11 September 2026, which were instructed on trade date on 6-series accounts on the Creation platform, will not be amended and will stay pending on 6-series accounts in Creation until the end of their lifecycle. 
• Settlement for cleared trades concluded on or after the market activation date of 11 September 2026 will automatically be instructed for T2S settlement at CEU accounts.

B. Key dates for Wave 3 Simulation

To support the customers in preparation for the rollout of Wave 3, Eurex Clearing will offer the possibility to test, in an end-to-end fashion, the custody type change and settlement location change for the following test ISINs:
 

The selected ISINs will be set up in Simulation and can be used to test the new settlement location on business day 10 June 2026 with the settlement date 16 June 2026. The testing window will run until 26 June 2026.

Please note that trades entered before 10 June 2026 will be handled by the settlement simulator and no delivery instructions will be created and sent to Creation/6-series accounts. Trades entered on or after 10 June 2026 will have delivery instructions sent to CEU/T2S (Simulation environment - IMS23/UTEST). It is important to ensure that sufficient securities holdings are present in the simulation CEU settlement account, and sufficient cash is present in the Dedicated Cash Account (DCA) linked to the CEU simulation settlement account. 

C. Action required for testing

Customers who want to test the migration scenarios should contact Clearstream via e-mail uno-test@clearstream.com or register on Unified for New Opportunities Project - Wave Three to coordinate the securities funding for Deutsche Börse Xetra (XETR), Deutsche Börse Frankfurt (XFRA) and Eurex (XEUR) related accounts. 

Please find the "Simulation calendar for Securities Clearing Service (C7 SCS)" here. 

Should you have any questions or require support regarding Wave 3 testing, please contact us at uno.ecag@eurex.com.

Kind regards,
Your Client Services Team

Further information