Eurex Clearing Readiness Newsflash | UNO: Market Activation Wave 1 – Eurex Clearing’s details on activation and Simulation possibility

To support its customers in the context of Clearstream’s UNO project, Eurex Clearing would like to inform you about the upcoming updates to the settlement processing due to the change of the custody type from NCSC to NCSC-T, as part of Market Activation Wave 1 (Unified for New Opportunities rollout documentation).

With UNO Market Activation Wave 1, Clearstream will change the custody type from NCSC to NCSC-T for instruments in the Australian and Norwegian markets and enable support for settlement on Clearstream Europe (CEU) accounts via T2S. For cleared transactions originating from trading at Frankfurt Stock Exchange, i.e. markets Xetra (XETR) and Börse Frankfurt (XFRA), settlement of transactions in instruments in scope of Wave 1 will change as follows:

• Settlements for cleared trades concluded prior to the market activation date 12 December 2025, which were instructed on trade date on 6-series accounts on the Creation platform, will not be amended and will stay pending on 6-series accounts in Creation until the end of their lifecycle. 
• Settlements for cleared trades concluded on or after the market activation date 12 December 2025 will automatically be instructed for T2S settlement at CEU accounts.

For the Market Activation Wave 1, only one CCP eligible instrument belonging to the Australian market is in scope:

• Vulcan Energy Resources Ltd., ISIN: AU0000066086, available for trading at Xetra and Börse Frankfurt. 

For information: There is no underlying instrument eligible for physical delivery from Eurex derivatives in scope of Wave 1.

To support the customers in preparation for rollout of Wave 1, Eurex Clearing offers the possibility to test the migration scenarios for ISIN AU0000066086 end-to-end with systems T7, C7 SCS, and CEU/T2S connected, as End to End processing requires that securities are available on simulation accounts.

Customers who want to test the migration scenarios should contact Clearstream (via email: uno-test@clearstream.com) or register on Clearstream´s website to coordinate the securities funding for XETRA/Börse Frankfurt related account. The Vulcan Energy Resources Limited share (AU0000066086) will be set up in Simulation and can be used to test the new settlement location starting on C7 SCS Simulation business day 4 November 2025 with the settlement date 12 November 2025 or for testing the migration scenarios later.

Please find the "Simulation calendar for Securities Clearing Service (C7 SCS)" here. 

In production, UNO Wave 1 migration will include the activation of T2S Settlement for the markets Norway and Australia on 12 December 2025. 

From this date onwards, all trades concluded at Frankfurt Stock Exchange in the respective ISIN will be settled on CEU accounts. 

Kind regards,
Your Client Services Team

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