With C7 SCS Release 3.0, Eurex Clearing proceeds with the migration of securities clearing for Eurex Derivatives (XEUR) deliveries resulting in settlement at Euroclear UK & International to the C7 SCS architecture. Thereby, the entire clearing services of the securities CCP are migrated into the C7 SCS environment. This simplifies customers’ processing and increases the settlement efficiency and transparency.
Simulation start: 04 October 2023
Production start: 20 November 2023
Release Items/Participants Requirements
Change of processing for Eurex Derivatives deliveries
Migration of securities clearing for Eurex Derivatives deliveries resulting in settlement at EUI from Securities CCP to the C7 SCS architecture.
Change of source for settlement information must be implemented on customers’ side, e.g. process C7 SCS instead of Securities CCP reports.
Functional Shaping for “high volume” deliveries
In case of a “high volume” position, Net Position Trade will undergo a functional shaping and the C7 SCS system will create one or more delivery positions related to the Net Position Trade and provide it as delivery instructions to (I)CSDs.
The new reporting logic has to be implemented for Net Clearing Report, allowing processing of severe delivery instructions linked to one Net Position Trade.
Possibility to set up a dedicated Italian tax identification number (TIN)
The Italian Tax Identification Number (TIN) can optionally be provided per Eurex Derivatives Position Account and will be forward to the CSD in the instruction.
In case, additional TIN shall be linked, new set up must be initiated with Eurex Clearing and also with Clearstream Banking (CBF).
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