On Oct. 5, 2026, EUREX Clear issued Readiness Newsflash | C7 SCS release 6.0: rescheduling simulation and production activation timeline for selected enhancements.
Adjustments aim to ensure coordinated production rollout across C7 SCS and Eurex Repo F7 trading platform; full availability/stability of required simulation environment.
Advised repo participants of updated schedules for simulation period and production activation of selected enhancements within C7 SCS Release 6.0: ISA Direct Light (early novation & enhanced netting) - production launch was Nov. 16, now Nov. 23, 2026.
CEU-T2S Settlement Expansion (Danish, Austrian & Irish ISINs) - production launch date was Nov. 16, and is now Nov. 23, 2026; and ISA Direct Light (early novation & enhanced netting) - simulation start date was Sep. 15, now Oct. 23, 2026.
On Jan. 22, EUREX Clear introduced C7 securities clearing service 4.5.
EUREX Clear announced launch of C7 securities clearing service (C7 SCS) release 4.5.
Follows Jun. 2025 EUREX Clear began C7 securities clearing service 4.0, see #216996.
Overview
With C7 SCS release 4.5, EUREX Clear will introduce an enhancement to the handling of delivery positions after Pair-Off service, also known as HOLD/RELEASED status.
Enable new values in C7 SCS reports indicating Pair-Off request results; and EUREX Clear will provide enhancements to reporting in case of late delivery over dividend.
Also, a new daily report, Repo Pending Delivery Netting Report (CE865/6/7) with pending deliveries after Settlement Date Netting for repo transactions.
As well as further functionalities for the Eurex Repo market also being provided.
Required Action
Re. enhancements to the handling of delivery positions after execution of Pair-Off service and reporting, customers may adapt internal processing based on additional information via reports, enhance their post Pair-Off processing for affected positions.
For enhanced calculation of late delivery fines, customers must check Daily Eurex Fines (CB225) report for data on changes due to event modification/partial settlement.
Regarding new Eurex Repo-related content, Eurex Repo clients will have possibility to gain information about new delivery instructions shortly after Eurex Clearing’s netting.
Repo Pending Delivery Netting Report (CE865/6/7) report will be available per default to all Eurex Repo Participants as clearing member and settlement institution version.
Customers including report data in internal processing must consider dedicated xml-schema files (.xsd), provided with C7 SCS 4.5 Report Reference Manual and Modification Notes; clients must also consider the change to re-rate modification request for Special and GC Repo as all re-rates will be applied on T+1 in future.
Also must include new solution to pay out the Repo Interest Amount at regular periods.
EUREX Clear explained that these will be implemented for Fixed repos and Variable Repo trades with a term greater than 12 months between front-leg and term-leg.
Must check if have registered and/or updated Release Contacts for C7 SCS via Member Section under tab Company Contacts; in parallel, must subscribe to EUREX Clear circulars and newsflashes; C7 SCS communication will only be distributed via these.
Effectiveness
C7 SCS release 4.5 simulation will start Apr. 14, 2025, production start Jun. 16, 2025.
A communication calendar for the release is included as an attachment to the circular.
Mar. 2025 Documentation Update
On Mar. 25, 2025, EUREX Clear said C7 SCS 4.5 documents will be published on the Eurex Clear website; on the same dedicated page other information will be available.
Available documents are: C7 SCS 4.5-Release Notes and Member Simulation Guide.
Eurex Clearing-C7 SCS XML Reports-Reference Manual; Modification Notes; XML Files.
Apr. 9, 2025 Updates
On Apr. 9, 2025, EUREX Clear newsflash reiterated C7 SCS 4.5 simulation start Apr. 14, 2025, advised on clean-up of pending delivery instructions in simulation environment.
All participants can familiarize themselves with new: pair-off service for hold/release status; pair-off transaction types; reports; urged use of simulation/review of new repo pending delivery report (CE865/6/7), re-rate modification request for special and GC repo (T+1) and changed repo interest amount payout (mandatory process change).
With start of simulation, the new repo pending delivery netting report (CE865/6) will be assigned and provided on the common report engine (CRE) for eligible members.
Changes due to pair-off service enhancements (hold/release status & new transaction types for pair-off) will be available as sample reports CE870 & CD850 by Apr. 17, 2025.
Instructions with settlement date before Jan. 1, 2025 will be no longer available.
In Jun. 2025 EUREX Clear issued C7 CAS services readiness newsflash, see #257906.
Jun. 2025 Production Launch
On Jun. 10, 2025, EUREX Clear issued circular 048/25 announcing production launch or release 4.5 of C7 securities clearing service (C7 SCS) on Jun. 16, 2025.
New repo pending delivery netting report (CE865/6/7) will be activated in production environment: clients willing to consume information must download, process report.
Clients must consider change to re-rate modification request for special and GC repo.
New values in C7 SCS reports indicating pair-off request results will be available in the settled delivery report and settled cash transactions report.
Customers must check delivery position status i.e. in CE860 report and release its position in CSD if required: new values in C7 SCS reports CD85X and CE87X in the context of the pair-off service will be activated as part of this release.
Jun. 16, 2025 C7 SCS Release 5.0 Launch Date
On Jun. 16, 2025, EUREX Clear announced production launch of C7 Securities Clearing Service (C7 SCS) Release 5.0 will be on Nov. 24, 2025, implementing new initiatives.
Including extending Home Market Settlement (HMS) to Euronext Securities Milan (MOT) for Eurex physical deliveries in equities; enhancing Eurex Repo reports Repo Intraday Settled Trade Report (CI870); GC Pooling Collateral Allocation Report (CE880).
As well as technical introduction of possibility to instruct the offset payments resulting out of repo transactions as Payment Free of Delivery at Euroclear Bank.
The Xetra initiative, Xetra Retail Trading Hours Extension, will affect distribution of C7 SCS reports; and with prolongation of trading times dedicated to Xetra Retail Members until 22:00 CET, processing times for Frankfurt Stock Exchange trades will be adjusted.
This will result in a shift of C7 SCS reports distribution by approximately 30 minutes. Activation date of Xetra Retail Trading Hours Extension will be communicated shortly.
Simulation start is Sep. 15, 2025; production start is Nov. 24, 2025; go-live date for extension of HMS to MOT for Eurex physical deliveries in equities due Dec. 1, 2025.
Moreover, business activation of Payment Free of Delivery functionality to Euroclear Bank (EOC) for Eurex Repo Special Trades will be communicated in due course.
Aug. 2025 C7 SCS Release 5.0 Member Documentation
On Aug. 28, 2025, EUREX Clear announced publication of member documentation in the context of C7 SCS Release 5.0; on the same dedicated initiative page for C7 SCS Release 5.0, circulars, timeline and much more information are available.
Available documents are C7 SCS 5.0 - Release Notes and Member Simulation Guide.
Eurex Clearing C7 SCS XML Reports-Reference Manual; Modification Notes; XML Files.
Nov. 2025 Production Launch Announcement
On Nov. 10, 2025, EUREX Clear announced production launch of Release 5.0 of the C7 Securities Clearing Service (C7 SCS) on Nov. 24, 2025.
Rollout will occur in three distinct phases, i.e., initially, activation of Eurex Repo Reports on Nov. 24, 2025; followed by activation of Home Market Settlement Italy on 1 December 2025; concluding with introduction of new Payment Free of Delivery functionality, planned for Jan. 19, 2026.
Member SWIFT interface C7-SCS 5.0 will be published on Eurex Clearing website.
Clearing Members, who want to benefit from HMS extension to Eurex physical deliveries in Italian equities issued by Euronext Securities Milan (MOT), requested to provide MOT settlement account information and related PoA to Eurex Clearing.
Report CI870 will be enhanced to indicate if settled quantity is from Offset or Surplus block; CE880 will now include details on securities used as collateral for GC Pooling.
Clients who use these reports asked to review processing and information provided.
New functionality enabling possibility to instruct offset payment using Payment Free of Delivery (PFoD) instruction to Euroclear Bank (EOC) instead of a standard cash instruction will be introduced for Special Repo trades.
Information about delivery references of Payment Free of Delivery instruction and related repo transactions, available in new Repo PFOD Instruction Report.
Feb. 2026 Introduction of C7 SCS Release 5.5
On Feb. 3, 2026, EUREX Clear issued Circular 006/26 re introduction announcement of C7 Securities Clearing Service (C7 SCS) Release 5.5, effective, Jun. 1, 2026.
Among others, this will implement initiatives such as Clearstream's initiative Unified for New Opportunities (UNO) re UNO Market Activation Wave 2 announced Jun. 1, 2026.
This wave will be for markets Switzerland and US/Canada and to the related replacement of Clearstream Europe AG's (CEU) direct links to SIX SIS and to DTCC.
EUREX Clear also set out required action for members including, among other things, action re UNO Market Activation Wave 2, and the Position Management Fee calculation.
The simulation of C7 SCS Release 5.5 will start in simulation on Apr. 20, 2026.
C7 SCS Release 5.5 will start in production on Jun. 1, 2026.
Mar. 2026 UNO Wave 2 Action Items
On Mar. 23, 2026, EUREX Clear reported publication of documentation re C7 SCS Release 5.5 and to three action items on Clearstream's UNO Project Wave 2.
Member documentation including C7 SCS 5.5 release notes, and related member communication calendar have been published on EUREX Clear's website.
In addition, the C7 SCS XML Reports - Reference Manual, C7 SCS XML Reports - Modification Notes, and C7 SCS XML Reports - XML Schema Files have been published.
Also, in relation to three action items related to Clearstream's project UNO Wave 2 that are fundamental in C7 SCS Release 5.5, include Market Activation Wave 2 testing.
On May 18 2026, Clearstream will update the custody type of German ADRs.
This will be updated by EUREX Clear from CSC to NCSC, and the only affected ISIN cleared by Eurex Clearing is BioNTech SE (ISIN US09075V1026).
In relation to CHF, after Jun. 1, 2026 and the replacement of the direct link between Clearstream Europe AG (CEU) and SIX SIS, Clearstream will book CHF payments.
These will be booked to the 6-series cash account mapped to the CEU account and needs sufficient funds to settle CHF transactions, with first delivery date Jun. 10, 2026.
Mar. 30, 2026 Newsflash on C7 SCS Release 5.5
On Mar. 30, 2026, EUREX Clear published newsflash to remind members of simulation start for C7 SCS Release 5.5 on Apr. 20, 2026 on end-to-end (E2E) simulation for UNO Market Activation Wave, cut-over testing for delivery instructions on Apr. 29, 2026.
From May 5, 2026, participating firms should provide sufficient cash and securities holdings to allow settlement of reinstructed deliveries after the simulated migration.
In May 2026, for non-participating members in cut-over simulation, generic test member sample reports will be published on C7 SCS Release 5, on impact of delivery cancellation, reinstruction on Delivery IDs and References (SEME).
May 2026 Sample Reports
On May 7, 2026, EUREX Clear issued a newsflash entitled C7 SCS 5.5: Publication of UNO Wave 2 Cut-over Sample Reports, following information provided in Cir 006/26.
The reports are for members who could not take part in one-off simulation conducted from Apr. 29, to May 5, 2026, and available on the initiative page C7 SCS Release 5.5.
The various files published are the Net Clearing Reports (CE890, CE895), the Pending Delivery Report (CE860), as well as the Settled Delivery Report (CE870), in testing.
As part of UNO Wave 2, CEU will perform a T2S link setup change for instruments in Switzerland, USA, and Canada, and this requires that all pending delivery instructions in affected ISINs are cancelled before the migration and re-instructed afterwards.
Details of the content and date ranges for these reports are provided in the newsflash.
Details of mapping between Net Position Trade ID, Delivery ID and Delivery Reference are in C7 SCS 5.5 Release Notes, section 3.5 – Reporting during migration weekend.
May 18, 2026 C7 SCS 5.5 Production Launch
On May 18, 2026, EUREX Clear issued circular 027/26 regarding the production launch announcement of C7 Securities Clearing Service (C7 SCS) Release 5.5 on Jun. 1, 2026.
As such, this relates to the implementation of Clearstream's initiative Unified for New Opportunities (UNO) Wave 2 for markets Switzerland and US/Canada.
In addition, Clearstream Europe AG (CEU) replaces direct links to SIX SIS and DTCC.
EUREX Clear requests members to assess their side of the operational impact of UNO Wave 2, and also members are requested to refer to s. 3, C7 SCS 5.5 Release Notes.
Those who did not participate in the UNO Wave 2 cut-over simulation should review the generic test member sample reports published on C7 SCS Release 5.5.
Specifically, reports founds under System Documentation, Reports to see impact of delivery cancellation and reinstruction on the Delivery IDs and References (SEME).
May 20, 2026 Additional Release Items
On May 20, 2026, EUREX Clear issued Circular 030/26 entitled Securities Clearing: C7 Securities Clearing Service (C7 SCS) Release 5.5 – Production launch announcement - Additional Release Items, introducing additional enhancements, with implementation.
A Position Management Fee calculation will allow booked Settlement Instruction to be considered as alternative price basis; members should be aware of pricing changes.
With Early Cash Sweep timing introduction, ISA Direct Light License Holders (IDLLH) will have possibility to set up their cash sweep timings on flexible basis per currency.
Novation criterion are introduced for ISA Direct Light trades: C7 SCS will verify if new ISA Direct Light trade can be instructed to Clearstream’s management system CmaX.
Minor report adjustments will be implemented to reflect Deutsche Borse’s re-branding.
Members wanting to set up Early Cash Sweep service should contact Account Manager.
These new facilities and additional enhancements apply in Production on Jun. 1, 2026.
Jun. 2026 C7 SCS 6.0 Production Launch
On Jun. 15, 2026, EUREX Clear issued circular 043/26 re production launch of Release 6.0 of the C7 Securities Clearing Service (C7 SCS), introducing enhancements.
The enhancements aim to expand settlement capabilities, improving processing efficiency, and preparing the service for the EU T+1 settlement environment.
Among other things, improvements include extension of settlement capabilities in the Special Repo market by enabling additional non-German markets such as Austria.
Specifically, Austria, Denmark, and Ireland to be settled via CEU accounts.
C7 SCS 6.0 simulation begins Sep. 15, 2026 and production launches Nov. 23, 2026.
Aug. 2026 C7 SCS 6.0 Production Date Changed
On Aug. 25, 2026, EUREX Clear reported updated implementation timeline and member documentation re Release 6.0 of the C7 Securities Clearing Service (C7 SCS).
The production launch date for C7 SCS Release 6.0 has been brought forward by EUREX Clear and is now scheduled for Nov. 16, 2026 instead of Nov. 23, 2026.
This date has been updated from the previously communicated Circular 043/26.
The documentation and information sources connected to C7 SCS Release 6.0 already reflect the updated production launch date, as set out by EUREX Clear.
Clearing Members are requested by EUREX Clear to review their implementation and testing plans, and the C7 SCS Release 6.0 documents are now available.
Specifically, on EUREX Clear's website under C7 SCS Release 6.0, and additional documents include Reference Manual, Modification Notes, and XML Schema Files.
The additional documents are published under Eurex Clearing - C7 SCS XML Reports.
Sep. 2026 C7 SCS 6.0 Simulation Date
On Sep. 10, 2026, EUREX Clear issued a Readiness Newsflash | C7 SCS Release 6.0: Start of Simulation phase on 15 September 2026, on simulation environment start.
The simulation environment reflects the functional scope of C7 SCS Release 6.0.
Covers the Settlement of Non-German ISINs via CEU-T2S accounts for Special Repo market for Denmark, Austria and Ireland, as well as the Addition of Scandinavian currencies as eligible cash currencies for the GC Pooling market, to improve process.
In addition, updates for Early Novation and Netting of ISA Direct Light transactions.
Relevant member documentation valid for simulation, especially Member Simulation GuideandRelease Notes are on website in C7 SCS Releases > System Documentation.
All participants are strongly encouraged to actively participate in the simulation phase and ensure their relevant systems are prepared for the upcoming production launch.
The simulation phase for C7 SCS Release 6.0 will now commence from Sep. 15, 2026, with the the production launch of C7 SCS Release 6.0 scheduled for Nov. 16, 2026.
Sep. 23, 2026 Member Focus Weeks
On Sep. 23, 2026, EUREX Clear issued a Readiness Newsflash | C7 SCS Release 6.0: Rescheduling Member Focus Weeks, on changes to information in Circular 043/26.
Due to the downtime of Clearstream’s simulation environment until Oct. 26, 2026, the previously announced C7 SCS 6.0 Member Focus Weeks will need to be rescheduled.
Testing opportunity for Non-German ISIN settlement via CEU-T2S (Denmark, Austria and Ireland), and Addition of Scandinavian currencies for GC Pooling will now take place from Oct. 26, 2026 to Nov. 6, 2026, instead of Oct. 12-23, 2026 as planned.
Adjustment ensures testing environment is fully available and stable for participants.
Only four batch days are scheduled in revised focus weeks, as in simulation calendar.
Oct. 5, 2026 Updated Schedules
On Oct. 5, 2026, EUREX Clear issued Readiness Newsflash | C7 SCS release 6.0: rescheduling simulation and production activation timeline for selected enhancements.
Adjustments aim to ensure coordinated production rollout across C7 SCS and Eurex Repo F7 trading platform; full availability/stability of required simulation environment.
Advised repo participants of updated schedules for simulation period and production activation of selected enhancements within C7 SCS Release 6.0: ISA Direct Light (early novation & enhanced netting) - production launch was Nov. 16, now Nov. 23, 2026.
CEU-T2S Settlement Expansion (Danish, Austrian & Irish ISINs) - production launch date was Nov. 16, and is now Nov. 23, 2026; and ISA Direct Light (early novation & enhanced netting) - simulation start date was Sep. 15, now Oct. 23, 2026.
