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The majority of Eurex Clearing’s business will migrate together with Clearstream with wave 3 (September 2016). However, Eurex Clearing is also affected with wave 1 (SIX SIS – June 2015) and wave 2 (ESES markets: Euroclear France, Belgium and Netherlands – March 2016).
Eurex Exchange, Deutsche Börse’s cash market, Eurex Bonds, Eurex Repo and securities lending are the markets served by Eurex Clearing, which are (partially) impacted by T2S. Eurex Clearing will initially migrate its existing set of settlement locations to T2S (i.e. ESES markets, SIX SIS – for EUR only, CEU).
Eurex Clearing will offer its services independent of participants’ T2S connection type. As today, Eurex Clearing will provide own and on behalf settlement instruction to CSDs/T2S.
Eurex Clearing will settle EUR-denominated T2S-eligible securities in T2S. For other T2S-eligible securities in currencies other than the euro, Eurex Clearing will use Clearstream’s foreign currencies service. The settlement instructions in non-euro will be settled as Conditional Securities Delivery (CoSD) Free of Payment (FoP) in T2S - i.e. the securities leg is settled in T2S and the cash leg is settled outside of T2S, on Clearstream’s 6-series account.