The world's first hybrid CCP
Eurex Clearing is building a bridge between traditional and digital financial markets. As the first hybrid CCP, native digital instruments can be integrated into the existing clearing ecosystem – under one clearing framework, one rulebook and one unified risk model.
What does hybrid CCP mean?
A central counterparty (CCP) sits between buyers and sellers and ensures that trades are cleared safely and efficiently. A hybrid CCP extends this trusted model to both traditional and digital instruments, so clients do not need to operate separate systems for each market.
How does it work?
Native digital instruments, including issuances by the European Stability Mechanism (ESM), will become tradable on Eurex Repo, clearable by Eurex Clearing and eligible as margin collateral. Clients can access this digital ecosystem through the clearing relationship and infrastructure they already use today.
Why does it matter?
By bringing traditional and digital instruments into one framework, Eurex Clearing helps to preserve liquidity, avoid market fragmentation and support a robust secondary market for digital native instruments. The model also connects with Clearstream’s digital infrastructure, supporting an end-to-end post-trade lifecycle across issuance, settlement, custody and collateral re-use.
The future of financial markets is hybrid. Instead of creating isolated digital islands that fragment liquidity and trap capital, Eurex Clearing is building a bridge between both ecosystems. Our clients can seamlessly trade, clear, and finance native digital assets through the clearing relationship they already have – backed by one set of rules, one risk model, and one deep liquidity pool.
Laura Bayley
Chief Executive Officer, Eurex Clearing
