15 Oct 2020

Eurex Clearing

Eurex Clearing’s C7 SCS: New introduction date to offer sufficient testing lead time for participants

Eurex Clearing Circular 084/20


1.   Introduction

The introduction of the new Eurex Clearing’s C7 SCS, originally planned for June 2021 (see Eurex Clearing circular 034/20), will be shifted to September 2021.

One of the crucial functional aspects of C7 SCS is the change to the settlement flow processing between CCP and (I)CSDs, where settlement instructions will be created at the trade day and sent to the (I)CSD for settlement. Due to this impact, Eurex Clearing wants to provide more testing opportunities to its customers and extend the simulation slots with (I)CSDs. 

The planned new go-live date is 27 September 2021.

Further information regarding the new project timeline and milestones for customer focus can be retrieved from the updated version of the Member Communication Calendar which is attached to this circular and can also be found on the Eurex Clearing website www.eurex.com/ec-en/ under the following link: 

Tech > C7 SCS > Release 1.0

2.   Required action

None.

3.   Details of the initiative

The new securities clearing system C7 SCS will be introduced for all transactions involving CCP-eligible instruments concluded at the Frankfurt Stock Exchange (MICs: XETR and XFRA) and for all transactions concluded at Eurex Deutschland (MIC: XEUR) that result in securities transactions. For every Net Position Trade, a delivery instruction is sent to the respective settlement location (CBF/T2S, CBL and SIX SIS) already on the trading day. 

Considering that the most important functionality of C7 SCS is the change to the settlement instruction processing between Eurex Clearing and the (I)CSDs, where settlement instructions will be created on trade day and sent to (I)CSDs for settlement and custody processing, Eurex Clearing wants to provide more testing opportunities to market participants and extend the simulation slots with (I)CSDs.

After having checked the availability of possible simulation slots between C7 SCS and the (I)CSDs in scope, Eurex Clearing decided to move the go-live date for C7 SCS Release 1.0 to 27 September 2021. 

All information about the C7 SCS initiative can be found on the Eurex Clearing’s C7 SCS initiative page.

Unless the context requires otherwise, terms used and not otherwise defined in this circular shall have the meaning ascribed to them in the Clearing Conditions or FCM Clearing Conditions of Eurex Clearing AG, as applicable.

Attachment:

  • Updated C7 SCS Member Communication Calendar


Further information

Recipients:

All Clearing Members, Basic Clearing Members, Disclosed Direct Clients of Eurex Clearing AG, vendors, and all FCM Clearing Members and other affected contractual parties

Target groups:

Front Office/Trading, Middle + Back Office

Contact:

client.services@eurexclearing.com

Related circular:

Eurex Clearing circular 034/20

Web:

Eurex Clearing’s C7 SCS initiative page

Authorised by:

Dmitrij Senko