A member of
As today, Eurex Clearing will use Free of Payment (DFP/RFP) and Versus Payment (DVP/RVP) instructions with T2S. Eurex Clearing will not use With Payment (DWP/RWP) and Payment Free of Delivery (PFOD) instructions which will also be offered by T2S.
The BATM flag could be used for special BATM DvP transactions to extend the settlement deadline from 16:00 to 17:40 CET. Eurex Clearing will not use the BATM flag. As GC Pooling instructions are settled FoP in T2S, it is not required to extend the cut-off time.
Yes. Where possible, Eurex Clearing will send T2S intra-CSD settlement instructions (own and on behalf) as already matched.
Eurex Clearing will opt for partial settlement, whenever applicable, in its own and on behalf instruction, i.e. partial settlement is mandatory for all clients.
Partial settlement follows the T2S timeline (one during NTS and two during RTS – 14:00 & 15:45 CET). The timing of the partial settlement windows is defined by ECB/T2S.
For T2S-eligible securities against non-euro currencies, Eurex Clearing will use Clearstream’s foreign currencies service. These settlement instructions in non-euro will be settled as Conditional Securities Delivery (CoSD) Free of Payment (FoP) in T2S.That means the securities leg is settled in T2S and the cash leg is settled outside of T2S, via Clearstream’s 6-series account. In addition, Clearstream will apply Conditional Securities Delivery for T2S-eligible securities of out-CSDs for which Clearstream acts as technical issuer in T2S.
For every gross trade, there is a one-to-one relationship between the delivery instruction and the trade. For equity and bond gross trades, Eurex Clearing will include a trade identifier in the delivery instruction. T2S will include this trade identifier in the settlement confirmation. That enables Clearing Members to identify settled gross trades based on settlement confirmation from T2S without waiting for Eurex Clearing’s settlement reporting. The trade identifier is not feasible for net trades.
Eurex Clearing will not use linking of settlement instructions.
No, Eurex Clearing’s three services Basic Net, Extended Net and Full Service remain unchanged with T2S.