Securities Clearing: Introduction announcement of C7 Securities Clearing Service (C7 SCS) Release 5.5

1.  Introduction

With this circular Eurex Clearing announces the production launch of “C7 Securities Clearing Service” (C7 SCS) Release 5.5 on 1 June 2026.

With this release, the following initiatives will be implemented: 

• Clearstream’s initiative Unified for New Opportunities (UNO): Adjustments related to UNO Market Activation Wave 2 announced for 1 June 2026 for markets Switzerland and US/Canada and to the related replacement of Clearstream Europe AG’s (CEU) direct links to SIX SIS and to Depository Trust and Clearing Corporation (DTCC)

• Introduction of "booked Settlement Instruction" as an alternative basis for calculating the fixed Position Management Fee per trade

• Introduction of an optional early cash sweep service for ISA Direct Light License Holders (IDLLH)

• Introduction of a new novation criterion for ISA Direct Light trades

• Minor updates of the Report Reference Manual 

Simulation start: 20 April 2026
Production start: 1 June 2026

Learn now more about C7 SCS Release 5.5 on our dedicated initiative page on the Eurex Clearing website www.eurex.com/ec-en/ under the following link: C7 SCS Release 5.5.

System documentation, circulars, timeline and much more information will be available there for you.

2.  Required action

• A.  As part of the UNO Market Activation Wave 2, clients are asked to assess the impact on their operations arising from migration activities of CEU and Eurex Clearing transactions in the Swiss and US/Canada markets. Clearing Members using a CEU account for the settlement of physical deliveries from Eurex options and futures in CHF are requested to provide their Member ID, CEU account number and the corresponding T2S Party BIC by e-mailing uno.ecag@eurex.com.

• B.  For the Position Management Fee, an alternative calculation basis will be prepared that allows us to calculate the fee on "booked Settlement" instead of Net Position Trade level. This change enables more precise pricing by settlement location and custody type. No actions are required, but Members should be aware of the alternative invoicing on "booked Settlement" level.

• C.  Flexible Early Cash Sweep timings will be introduced for ISA Direct Light License Holders (IDLLH), enabling Members to receive cash back earlier during the day from maturing ISA Direct Light trades. This will be an optional service. Interested Members should contact their Repo Key Account Manager.

• D.  An additional novation criterion will be introduced for ISA Direct Light trades. C7 SCS will verify whether a new ISA Direct Light trade can be instructed to Clearstream’s collateral management system, CmaX. No action is required from Members.

• E.  No action is required from Members regarding the update of the Report Reference Manual.

Please check whether you have registered and/or updated your Release Contacts for C7 SCS via the Member Section of Deutsche Börse Group under tab “Company Contacts”. 

In parallel, please subscribe to Eurex Clearing Circulars and Newsflashes under the following link: Circulars & Newsflashes Subscription.

Please note that any communication regarding C7 SCS will only be distributed via Eurex Clearing circulars and Newsflashes.

3.   Details of the initiative

A.  Unified for New Opportunities (UNO) Market Activation Wave 2

CEU will replace its direct links to SIX SIS and DTCC with a link via Clearstream Banking Luxembourg S.A. (CBL) and will convert the custody model from Collective Safe Custody (CSC) to Non-Collective Safe Custody via T2S (NCSC–T) for instruments in the Swiss, US and Canadian markets. More information is available on the Clearstream website Unified for New Opportunities rollout documentation for Wave 2.

As a result, CEU and Eurex Clearing will cancel any delivery instructions related to impacted instruments pending at CEU/T2S prior to the migration weekend. Eurex Clearing will then recreate the impacted instructions under the new T2S link setup, including updated delivery references. All Clearing Members and Settlement Institutions with transactions in CCP-eligible instruments in these markets will be affected.

In addition, Eurex Clearing will adapt to the revised CSD link between CEU and SIX SIS and will update the content of cross-border delivery instruction messages by applying the T2S Party BIC for CEU client accounts.

Eurex Clearing will provide further details on the migration activities and testing opportunities, including testing dates for UNO Market Activation Wave 2 in dedicated Member communications in due course.

B.  Introduction of "booked Settlement Instruction" as an alternative basis for calculating the fixed Position Management Fee per trade

The Position Management Fee calculation will allow the number of "booked Settlement Instruction" to be considered as an alternative price basis. No actions are required, but Members should be aware of a respective pricing change.

C.  Introduction of an optional early cash sweep service for ISA Direct Light License Holders (IDLLHs)

With introduction of Early Cash Sweep timings, ISA Direct Light License Holders (IDLLH) will have the possibility to optionally set up cash sweep timings on a flexible basis per currency. The new service enables Members to receive cash back earlier in the day from maturing ISA Direct Light trades.

D.  Introduction of a new novation criterion for ISA Direct Light trades

A new novation criterion will be introduced for ISA Direct Light trades: C7 SCS will verify whether a new ISA Direct Light trade can be instructed to Clearstream’s collateral management system CmaX. Only if this check is successful will novation for ISA Direct Light trades occur. This additional criterion is intended to prevent potential trade failures shortly before Cash Sweep timings.

E.  Minor updates on the Report Reference Manual

Minor report adjustments will be implemented to reflect Deutsche Börse’s rebranding.

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