Securities Clearing: C7 Securities Clearing Service (C7 SCS) Release 4.5 – Production launch announcement

1.  Introduction

With this circular, Eurex Clearing announces the production launch of Release 4.5 of C7 Securities Clearing Service (C7 SCS) on 16 June 2025.  

The new “Repo Pending Delivery Netting Report” (CE865/6/7) will be activated in the production environment. 

Production start: 16 June 2025 

Learn now more about C7 SCS Release 4.5 on our dedicated initiative page on the Eurex Clearing website www.eurex.com/ec-en/ under the following link: Support > Initiatives & Releases > C7 SCS Releases > C7 SCS Release 4.5.  

System documentation, circulars, timeline and much more information is available there for you. 

2.  Required action

• The new report “Repo Pending Delivery Netting Report” (CE865/6/7) will be made available per default to all Eurex Repo Participants as Clearing Member and Settlement Institution version, so clients willing to consume the information must download and process this report. In addition, clients have to consider the change to the re-rate modification request for Special and GC Repo, as all re-rates will be applied on T+1 in the future and consider the new process to pay out the Repo Interest Amount at regular intervals.
• New values in C7 SCS reports indicating Pair-Off request results will be available in the Settled Delivery Report and Settled Cash Transactions Report. Therefore, customers have to check the delivery position status i.e. in CE860 report and release its position in CSD if required. The 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. 
• With the enhanced calculation of Late Delivery Fines, clients will have to check the Daily Fines Report CB225 for possible changes to the fines.

3.  Details of the initiative

• The new report “Repo Pending Delivery Netting Report” (CE865/6/7) will be made available providing an early information about pending deliveries immediately after the netting process is completed for repo transactions.
• The Re-rate modification request for Special and GC Repo has been changed and will be made effective already on T+1 instead of currently T+2.  
• The cash payout for repo interest amount for Special and GC Repo and GC Pooling Repo will change from the existing processing with payment on settlement of the term leg, towards a payment in a regular interval of 12 months with a possible first short stub (with a period less than 12 months). The new procedure applies for Fixed and Variable Repo trades, but not for Open and Open Variable. Please note that only Eurex Repo business executed on and after this release introduction is eligible for the new process of payout for the Repo Interest Amount at regular periods.  
• The handling of delivery positions after execution of the Pair-Off Service related to transactions coming from trading venues XETR, XFRA and XEUR has been enhanced, and delivery position status (on hold/released) is now dependent on the initial value and the last status before execution of the Pair-Off service.
• New settlement status and two new cash transaction types will be introduced in Member reports related to the Pair-Off service. The new types will allow Members to distinguish adjustments on trades and cash transactions resulting from a Pair-Off from adjustments on trades due to other reasons and will be provided in C7 SCS reports CD85X and CE87X.  
• Calculation for late delivery over dividend amount and related reporting in daily fines Report CB225 has been enhanced by considering partial settlements concluded over more than one day. 

Unless the context requires otherwise, terms used and not otherwise defined in this circular shall have the meaning ascribed to them in the Clearing Conditions or FCM Clearing Conditions of Eurex Clearing AG, as applicable. 

Further information