A member of
Eurex Clearing
1. Introduction
With this release, Clearstream’s initiative Unified for New Opportunities (UNO) Wave 2 will be implemented for markets Switzerland and US/Canada. Alongside that Clearstream Europe AG (CEU) will replace its direct links to SIX SIS and to Depository Trust and Clearing Corporation (DTCC).
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.
Production start: 1 June 2026
2. Required action
Clearing Members are kindly asked to assess the operational impact of UNO Wave 2 on their side. Please refer to section 3 of C7 SCS 5.5 Release Notes.
Clearing Members who did not take part in the UNO Wave 2 Cut-over simulation should review the generic test Member sample reports published on C7 SCS Release 5.5 > System Documentation > Reports. This is to see the impact of delivery cancellation and reinstruction on the Delivery IDs and References (SEME).
3. Details of the initiative
Clearstream Europe AG (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 and Unified for New Opportunities: Wave 2 market activation for U.S.A., Canada, and Switzerland – General information and milestones.
As a result, CEU and Eurex Clearing will cancel any delivery instructions related to impacted instruments pending at CEU/T2S on 29 May 2026 after DVP settlement cut-off. Eurex Clearing will then recreate the impacted instructions under the new T2S link setup, including updated delivery references. The references will be in reports of business day 29 May 2026, while instructions will match in T2S on Monday 1 May 2026 early morning. For more details please see section 3.4 of C7 SCS 5.5 Release Notes.
All Clearing Members and Settlement Institutions with transactions in CCP-eligible instruments in these markets will be affected.
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, ISA Direct Clearing Members, Disclosed Direct 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 006/26 | |
Related newsflashes: | Eurex Clearing Newsflash from 23 March 2026 | |
| Contact: | client.services@eurex.com, uno.ecag@eurex.com | |
| Web: | ||
| Authorized by: | Jens Janka |