Release announcement of Prisma Release 15.0

1.  Introduction

With this circular, Eurex announces the production launch of Prisma Release 15.0, which is scheduled for Monday, 10 November 2025. The simulation environment is planned to be available from 2 September 2025. The release contains the below change:

• Prisma Release 15.0 contains the technical changes related to the future introduction of the Prisma Bond and Repo portfolio margining (BPM) offering. 

The timeline for the BPM offering to the market will be communicated separately and is dependent on regulatory approval (see also Eurex Clearing Circular 077/24).

The Cloud Prisma Margin Estimator (CPME) updates in Release 15.0 will allow users to forecast margins for bond/repo portfolios using both the existing Risk Based Margining (RBM) and the new "PRISMA" methodologies. Initially, only RBM calculations will be available, while PRISMA results will be added later. 

Simulation start: 2 September 2025
Production start: 10 November 2025

Learn now more about Prisma Release 15.0 on our dedicated initiative page on the Eurex Clearing website www.eurex.com/ec-en/ under the following link: Support > Initiatives & Releases > Prisma Releases > Prisma Release 15.0.

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

2.  Required action

We kindly ask all Clearing Members and participants to adjust their systems and internal processes to support the changes in member reports as per this circular. Availability of the Prisma Report Reference Manual and Prisma Methodology User Guide is planned for 31 August 2025 in the Member Section of Deutsche Börse Group under the following path:

Resources > Eurex Clearing > Documentation & Files > Eurex Clearing Prisma > Release Documents > Document & Circular > Documents Release 15.0

3.  Details of reports

A.  New report

• Report CD085

The new report will provide additional information to help clients determine the Default Fund. It will enhance transparency on Credit Stress Testing results and model performance, showing Stress Loss over margins (SLOM), the worst Scenario PnL, and the worst scenario at Clearing Member, Disclosed Direct Client and Account levels.

B.  Changes in existing reports

• Report CC711

This report will remain unchanged for Members who do not opt in for Bond Portfolio Margining (BPM). 

For Members who opt in for BPM, Bonds will be excluded from this report and will be available in a report CP011. This report covers these BPM items.

Details of changes can be found in the Report Reference Manual.

• Report CP011

This report displays the current liquidating margin in product and clearing currency on ISIN level for Bond Portfolio Margining (BPM) instruments. This report shall enable Customers to recalculate CLM requirements. 

Bonds will be visible only in case BPM is activated.

Details of changes can be found in the Report Reference Manual. 

An overview of all new and changed reports with Prisma Release 15.0 can be found in the updated Report Reference Manual. For all Members with bond portfolios, the reports starting with prefix CC are relevant for bonds under the RBM methodology, and all reports with prefix CP are relevant for the bonds migrated to the Prisma methodology. 

The following picture gives an overview of the different reports and their content. The overview can also be found in the Report Reference Manual under chapter 2.

 
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