Securities Clearing: C7 Securities Clearing Service (C7 SCS) Release 6.0 – Production Launch Announcement

1. Introduction

With this circular, Eurex Clearing announces the production launch of Release 6.0 of the C7 Securities Clearing Service (C7 SCS) on 16 November 2026. 

C7 SCS Release 6.0 introduces several enhancements to the settlement processing within C7 SCS and extends the service offering for the Special Repo and GC Pooling market. The release includes: 

• Settlement of non-German ISINs via CEU-T2S settlement accounts for the Special Repo market for Austria, Denmark, Ireland (production activation: 23 November 2026) and Finland (functional activation: Q1 2027) 
• Early novation and netting for ISA Direct Light transactions (production activation: 23 November 2026) 
• Addition of Scandinavian currencies (DKK, SEK and NOK) as eligible settlement currencies for GC Pooling 
• Parallel processing for opposite directional exposure adjustments in GC Pooling 
• Adjustment of GC Pooling Settlement Start Timings for GBP and CHF 
• Alignment of Repo Settlement Processing with Clearstream’s UCSA Service 
• Update of Transaction Type Identifier for Repo Transactions 
• Preparation Measures for T+1 Settlement 
• Decommissioning of the “Linking before Aggregation” service; and 
• Extended processing timelines for CREST settlement 

Production start: 16 November 2026 

Two selected enhancements will become available on 23 November 2026: the settlement of additional non-German ISINs via CEU-T2S settlement accounts and early novation and netting for ISA Direct Light transactions. 

Further information, relevant Member documentation including the Release Notes is available on the dedicated C7 SCS Release 6.0 support page.

2. Required action

Clearing Members, ISA Direct Clearing Members and Disclosed Direct Clients are kindly asked to ensure their systems and operational processes are prepared for the production launch of C7 SCS Release 6.0 on 16 November 2026. For the two selected enhancements specified above, operational readiness should be aligned with their production activation on 23 November 2026. 

Clients should assess the impact of the Release 6.0 enhancements on their respective setup and operational processes and review the applicable Release Notes and Member documentation.  

Members intending to use the settlement possibility of additional non-German ISIN markets via CEU settlement accounts and planning to execute GC Pooling transactions in Scandinavian currencies should assess the impact on their setup. Interested Members should contact their Repo Key Account Manager to request the respective setup. 

3. Details of the initiative

A. Settlement of non-German ISINs via CEU-T2S settlement accounts for the Special Repo market for Austria, Denmark, Ireland and Finland 

The scope of eligible non-German ISINs traded in the Special Repo market and settled via CEU-T2S settlement accounts will be extended to Austria, Denmark and Ireland, with production activation on 23 November 2026 in coordination with the corresponding Eurex Repo F7 activation. Finland will be technically implemented as part of the release, with functional activation scheduled for Q1 2027. The service is optional for clients. 

Members intending to use the settlement possibility via CEU settlement accounts for the additional non- German ISINs should assess the impact on their settlement setup and contact their Repo Key Account Manager where activation of the service is required. 

B. Early novation and netting for ISA Direct Light transactions 

An early novation and netting process will be introduced for ISA Direct Light transactions with production activation on 23 November 2026. Eligible new front legs of ISA Direct Light transactions may be considered for novation within C7 SCS prior to the front leg settlement day and 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. Addition of Scandinavian currencies for GC Pooling 

The GC Pooling service will be extended by introducing DKK, SEK and NOK as additional eligible settlement currencies. This enhancement enables GC Pooling transactions in these currencies in all existing GC Pooling baskets for all GC Pooling Members. The settlement of GC Pooling transactions executed in Scandinavian currencies will be processed via Clearstream Banking Luxembourg (CBL).  

Clearing Members intending to execute GC Pooling transactions in Scandinavian currencies should assess the impact on their respective setup and contact their Repo Key Account Manager. 

D. Parallel processing for opposite directional exposure adjustments in GC Pooling 

The settlement processing for GC Pooling will be enhanced by enabling exposure adjustments in opposite directions to be processed in parallel within C7 SCS. This enables parallel processing of GC Pooling exposures irrespective of the direction of the underlying trades.

E. Adjustment of GC Pooling Settlement Start Timings for GBP and CHF 

The Settlement Start Time for GC Pooling exposure adjustments in C7 SCS for currencies GBP and CHF will be adjusted to have aligned settlement start timings across EUR and Non-EUR currencies. For non-same day GC Pooling exposure adjustments in GBP and CHF, the Settlement Start Time will be moved from 07:00 CET to 09:30 CET, aligning these currencies with the existing EUR setup and Scandinavian currencies. For non- same day Single Issuer basket exposure adjustments in GBP and CHF, the Settlement Start Time is adjusted from 07:00 CET to 08:00 CET, in line with the setup for EUR and Scandinavian currencies for those baskets. The settlement start time for same day GC Pooling exposure adjustments in GBP and CHF across all GC Pooling baskets will remain unchanged at 07:00 CET.

F. Alignment of Repo Settlement Processing with Clearstream’s UCSA Service 

Due to the introduction of Clearstream’s UCSA (Underlying Customer Segregated Account Identifier) service, Eurex Clearing will adapt to the impacts resulting for Special and GC Repo transactions. The delivery instructions sent for Special and GC Repo transactions will be adjusted, since Eurex Clearing does not aim to make use of Clearstream’s UCSA service.  

This will ensure correct matching and settlement processing of affected Special and GC Repo transactions. The amendment does not impact the overall delivery management process for Special and GC Repo transactions within C7 SCS and there will be no change to C7 SCS client reports.

G. Update of Transaction Type Identifier for Repo Transactions 

Eurex Clearing will update the transaction type identifier used in delivery instructions for cleared Repo transactions from “TRAD” to “REPU”. No further changes to the delivery instructions will be introduced as part of this enhancement. 

H. Preparation Measures for T+1 Settlement 

In preparation for the transition to T+1 settlement in the EU, the “Linking before Aggregation” service will be decommissioned. Clearing Members currently using the service will need to adapt their processes accordingly.  

Furthermore, C7 SCS will adjust the timing for sending settlement instructions to CREST (EUI), enabling settlement instructions to be submitted already on trade date (T) in line with extended CREST input deadlines. Clients are advised to assess the resulting impact on their CREST-related settlement processing timelines. 

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