Prisma Risk Management: Postponement of go-live for new Bond and Repo margin model

1.    Introduction

With this communication, Eurex Clearing refers to the announcement in Eurex Clearing Circular 067/25 and the communication to expand the Prisma Risk Management to Bonds and Repos for December 2025 and February 2026. Today Eurex Clearing would like to provide an update that the initially targeted launch date of 8 December 2025 and subsequently for 2 February 2026 will not be met and will be postponed. The postponement does also affect the date for the opt-in activation in the Member Simulation that was planned for 17 November 2025.

Eurex Clearing is re-assessing the rollout plan and will provide a revised schedule for Member Simulation and go-live dates for 2026 in the next weeks.

Changes to margin report layouts for the introduction of Prisma for Bonds and Repos that were announced with Prisma Release 15.0 and go live on 10 November 2025 will be implemented as planned. 

2.    Required action

There is no action required for December 2025 and February 2026.

Eurex Clearing does not require a new submission of the opt-in form in case it was already provided by Members.

3.    Details of the initiative

The introduction approach will not change and still follow a phased approach, where Prisma and the RBM will be offered in parallel, allowing Clearing Members a smooth migration to the new risk method at their own pace in both environments, Simulation and Production. At a later stage, it is envisaged to discontinue the optional use of RBM for Bonds and Repos and make Prisma mandatory for Bonds and Repos. The migration of Bonds and Repos to Prisma requires affected Clearing Members and Vendors to consider/implement the following changes: 

• Existing margin reports that cover products under Prisma will be changed and new reports will be introduced.
• An additional TE file containing only the Bonds and Repos in Scope will be introduced, the current TE Files will not change.
• If applicable, Clearing Members and Vendors need to adjust their reconciliation processes accordingly.

Furthermore, Clearing Members who want to benefit from Bond and Repo portfolio margining during the optionality phase will be able to opt-in to Prisma for their portfolio of Bonds and Repos. It will only be possible to switch once without the option to move back to RBM. Updated documentation will be made available in the Member Section of Deutsche Börse Group as part of the upcoming release communication.

For Prisma Release 15.0, the relevant documentation such as the Report Reference Manual with details about the envisaged report changes is already available in the Member Section​ of Deutsche Börse Group under the following link:

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

For more information on Eurex Clearing’s Prisma model, please refer to the Eurex Clearing website www.eurex.com/ec/en/ under the following link: Services > Margining > Eurex Clearing Prisma.

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