Eurex Clearing Readiness Newsflash | Upcoming Rebasing of the HICPxT and FRCPIx Inflation Indices

Eurostat has announced that beginning with the January 2026 publication that the EU HICPxT and EU FRCPIx indices will be rebased from the reference 2015 = 100 to 2025 = 100. This rebasing ensures that the average price level for 2025 equals 100, improving the relevance and comparability of the indices as pricing structures and consumption patterns evolve over time.

Rebasing inflation indices is a standard statistical practice conducted periodically by Eurostat to keep index values aligned with the most recent economic environment. Updating the reference year ensures that inflation readings remain meaningful for policy‑makers, market participants, and users of inflation‑linked financial products.

To implement the new reference year, a rebasing key will be applied to convert index levels from the old base (2015 = 100) to the new base (2025 = 100).

The rebasing key will ensure smooth, consistent alignment between the two bases, and will be calculated using the ISDA‑agreed methodology, following consultation with market participants across the industry.

Based on Eurostat’s recent publications and discussions alignment with our Member base and wider industry working groups, the flash estimate of the rebased index levels is expected on 4 February 2026, while the final rebased historical time series – and consequently the rebasing factor – will be released on 25 February 2026. Provided the final data is published as expected, the rebasing activity is scheduled for 28 February 2026, with the expectation that additional ISDA working group calls will be planned between 25 and 28 February 2026 to coordinate readiness. As a contingency, 7 March 2026 has been reserved for performing the rebasing activity.

Should the rebasing proceed on 28 February 2026, all trades submitted up to and including that date – with a cut-off time of 22:00 CET on 27 February 2026 – must continue to reference the old 2015 = 100 base. Any trades, including backloaded trades, submitted after the specified cut-off time will be required to reference the new 2025 = 100 base.

Clients wishing to synchronize rebased trades with MarkitWire may contact us or MarkitWire directly at customprocessing@osttra.com. Please note that prior to the rebasing activity on 28 February 2026, all inflation trades referencing HICPxT and FRCPIx that remain in PTE Pending status will be cancelled. Following the rebasing, any required PTEs for these trades will need to be requested.

Following the completion of the rebasing activity, new clearing confirmation messages will be issued to reflect updated index values, and end‑of‑day reports (CB201, CB202, CB207) will reflect the new base from 2 March 2026. Additionally, the Risk Factor report for OTC IRS (CI202/CC202) and the Interest Rate Curves report (CI210/CC210) will incorporate the updated curves and risk factors from the same date.

Following the completion of the rebasing activity in the production environment on 28 February 2026, Eurex Clearing will replicate the process in the UAT environment using the same rebasing factors applied in Production, ensuring both environments remain consistently aligned.

Eurex Clearing's measures to support Member readiness

To support Member readiness, we will open a UAT testing window in which all inflation trades referencing HICPxT and FRCPIx in our simulation environment will be rebased on 6 February 2026, allowing participants to assess the operational and valuation impacts ahead of production. To simulate the rebasing activity in UAT, we will apply a hypothetical rebasing factor (0.7825809520), and this simulated rebasing will be fully reversed on 13 February 2026, ensuring all impacted trades in the simulation environment are restored to their normal state, i.e. referencing the original 2015 = 100 base.

Kind regards, 
Your Client Services Team 

Visit now Eurex Support Clearing​ to access a wide array of support content!

Further information