A member of
Eurex Clearing
1. Introduction
In light of certain settlement delays affecting GC Pooling Repo Transactions post Collateral Mobility Migration, Eurex Clearing AG (Eurex Clearing) will introduce the following:
2. Required action
There is no required action for the participants.
3. Details
As per recent communications, settlement delays have been experienced after the migration of GC Pooling to Clearstream Banking SA's (Luxembourg) ("Clearstream") CmaX system using central bank money DVP model (with settlement in T2S).
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.
In light of these settlement delays affecting GC Pooling Repo Transactions post Collateral Mobility Migration, and as a commercial gesture, a joint and cross-entity Temporary Fee Waiver and Fee Reduction for GC Pooling Transactions across Trading, Clearing and Collateral Management will be applied.
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.
Further information
Recipients: | All Clearing Members, FCM Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients, FCM Clients of Eurex Clearing AG and vendors | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination | |
Related circular: | Eurex Clearing circular 072/22 | |
Contact: | ||
Web: | ||
Authorized by: | Matthias Graulich |