Securities Clearing: Introduction announcement of C7 Securities Clearing Service (C7 SCS) Release 6.0

1. Introduction

With this circular, Eurex Clearing announces the production launch of Release 6.0 of the C7 Securities Clearing Service (C7 SCS). 

C7 SCS Release 6.0 introduces a comprehensive set of enhancements aimed at expanding settlement capabilities, improving processing efficiency, and preparing the service for the upcoming EU T+1 settlement environment.  

Key improvements include: 

A. Extension of settlement capabilities in the Special Repo market by enabling additional non-German markets (Austria, Denmark, and Ireland) to be settled via CEU accounts

B. Introduction of an early novation and netting process for ISA Direct Light trades, enhancing netting efficiency and reducing prefunding requirements

C. Broadened GC Pooling coverage with the addition of Scandinavian currencies (DKK, SEK and NOK)

D. Parallel processing of exposure adjustments in  GC Pooling via CmaX, independent of trade direction, accelerating same‑day settlement

E. Changes to support T+1 readiness: 

• Decommissioning of the “Linking before Aggregation” service 
• Adjustments to the timing of settlement instructions to CREST (EUI 

Simulation start: 15 September 2026 
Production start: 23 November 2026 

Further information is available on the dedicated initiative page on the Eurex Clearing website: www.eurex.com/ec-en/ under C7 SCS Release 6.0. 
 

2. Required action

Clearing Members, ISA Direct Clearing Members, and Disclosed Direct Clients are advised to assess the impact of the enhancements introduced with C7 SCS Release 6.0 on their systems and operational processes. 

No mandatory action is required. However, clients are encouraged to review their setup where relevant and to participate in the simulation to ensure readiness for production. 
 

3. Details of the initiative

A. The scope of eligible non-DE ISINs traded on the Special Repo market for settlement via CEU accounts will be extended to additional markets including Austria, Denmark and Ireland. This represents the next phase of the non-DE extension and further expands the existing offering across European markets. The service is an optional service for clients. 

Members are advised to assess the impact if they intend to utilize settlement of additional non-DE ISIN markets via CEU settlement accounts. Interested members should also contact their Repo Key Account Manager (repo.accountmgmt@eurex.com) in case they want to be set up for the service.

B. An early novation and netting process will be introduced for ISA Direct Light trades to enhance the netting process for ISA Direct Light members. Eligible new front legs of ISA Direct Light trades may be considered for CCP netting together with maturing ISA Direct Light term legs, thereby reducing the current gross prefunding requirement. No mandatory action is required.  

C. The GC Pooling service will be extended by introducing Scandinavian currencies (DKK, SEK, NOK) as additional eligible settlement currencies. The enhancement enables GC Pooling transactions in these currencies in all existing GC Pooling baskets and to all GC Pooling members with settlement via Clearstream Banking Luxembourg (CBL). Clearing Members are advised to assess the impact if they intend to utilize settlement of these additional GC-pooling currencies.

D. The settlement processing for the GC Pooling market will be enhanced further: With C7 SCS Release 6.0, GC Pooling exposure adjustment going in opposite direction will be processed in parallel. With this change, parallel processing of GC Pooling exposures will be enabled irrespective of direction of trades. 

E. In preparation for the upcoming EU T+1 initiative, the “Linking before Aggregation” service will be decommissioned. This change is expected to streamline the netting workflow, resulting in faster and more efficient processing aligned with the T+1 operational timetable. Clearing Members currently using this service will need to adapt their processes accordingly.

Also in preparation for EU T+1, C7 SCS will adjust the timing for sending settlement instructions to CREST (EUI). This will enable settlement instructions to be submitted already on trade date (T), in line with extended input deadlines of CREST (EUI) and support timely matching. Clients are advised to assess the impact on their settlement processing timelines for CREST-related transactions. 
 

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, as applicable.  

Further information