Initiatives & Releases

Prisma Releases

Prisma Release 14.0

With the Prisma Release 14.0 Eurex Clearing plans to migrate the most liquid Bonds and Repos to the portfolio-based Risk Management methodology (Prisma) in a phased approach as of 18 November 2024 pending regulatory approval.

The margining of fixed income securities currently follows the Risk Based Margining methodology (RBM). By migrating the most liquid Bonds and Repos to Prisma

  • a further harmonization of the margin methodology in the entire fixed income securities space is achieved
  • it will clear the path to offer improved portfolio-based margin offsets to Clearing Members and their clients
  • this is expected to further reduce the cost to centrally clear and manage Euro interest rate risks, as well as funding and financing requirements at Eurex Clearing

Simulation start: 24 Sep 2024
Production start: 18 Nov 2024 (pending regulatory approval)

System Documentation

The Prisma system documentation will be available in the Member Section under the following path:  Resources > Eurex Clearing Documents > Eurex Clearing Prisma > Release Documents > Documents & Circulars > Documents Release 14.0.



Introducing the PRISMA methodology for bonds will generate a number of tangible benefits to Cash Bond, Repo and Derivatives Clearing Participants, i.e.,

  • Standardization of risk methodology across bonds, over the counter (OTC) interest rate swaps and exchange traded derivatives clearing
  • Improved reflection of bond portfolio offsets
  • Daily recalibration of bond risk factors

Following the implementation, Eurex Clearing will have delivered a key pillar for the future development of margin netting/ cross product margining between bonds and derivatives.

Future planned extensions will focus on

  1. increasing the scope of eligible securities under PRISMA margining
  2. establishing margin netting between bonds migrated to PRISMA and Money Market/ Fixed Income Futures & Options
  3. implementing cross margining between combined Money Market/ Fixed Income Futures & Options & Prisma bonds, repos, and OTC IRS

Relevant information with regards to these aforementioned extensions will be provided over time.

Release Items/Participants Requirements



Action Item

Phase 1 (from July 2024)

Analytics and impact assessments for portfolios including Bonds and Repos will be made available on request.

Clearing Members can make use of sample calculation of their portfolios under the Prisma methodology.

Interested Clearing Members can request. Details about the request process will be communicated in due course. 

Phase 2 Simulation: (24 September 2024)

Bonds and Repos in scope for the migration will still be margined using RBM in simulation. Like Phase 1, Clearing Members will be able to make use of analytics and impact assessments on request. To switch their portfolio to Prisma, Clearing Members can opt-in when they have applied all required changes.

Clearing Members can make use of the simulation environment and opt-in in order to test their software applications.

Phase 3 Production Optional (18 November 2024)

In production all Bonds and Repos in scope of the migration will also still be margined with the RBM method. Clearing Members can switch their portfolio to Prisma at any point in time but latest with Phase 4. This will be the same approach as for simulation. Details on how to opt-in for the switch will be published well in advance.

Go-Live for Bond Portfolio Margining. Clearing Members can opt-in on demand.

Phase 4 Production Mandatory (to be announced)

RBM method will no longer be available for Repos and Bonds in scope. The switch to Prisma becomes mandatory. Details when the mandatory switch will go live will be published and announces well in advance

Prisma Methodology becomes mandatory for Bonds.

Clearing Members need to ensure that they can cope with Prisma margin methodology for Bonds and Repo.

Eurex Clearing Margin Calculators

Visit our Eurex Clearing Margin Calculators section to find more information all around sophisticated margin replication and calculation!

Eurex Initiatives Lifecycle

From the announcement till the rollout, all phases of the Eurex initiatives outlined on one page! Get an overview here and find other useful resources.

Are you looking for information about a previous initiative? We have stored information about our previous initiatives in our Archive for you!


Eurex Frankfurt AG
Key Account Management

Service times from 09:00 - 18:00 CET

T +49-69-211-10 333