Stock Exchange and Eurex central counterparty (CCP) trades

Stock exchange (SE) trades coming from the Frankfurt Stock Exchange via Xetra are transferred through the Eurex CCP-System into CASCADE LION (Lieferfreigabe online) and forwarded to T2S for settlement. Stock exchange trades (non-CCP) in collective safe custody (CSC) and non-collective safe custody (NCSC) securities from German Regional Stock Exchanges are routed via XontroTrade to CASCADE LION and forwarded to T2S.

Currently Eurex only forwards CCP instructions (delivery surplus and gross trades) in CSC securities to CASCADE. These instructions are forwarded to T2S for settlement of securities and cash in EUR.

The figure below illustrates the current settlement processing flow for non-CCP SE and Eurex CCP trades.

In order to settle trades with NCSC securities concluded on unofficial regulated markets, that is open markets at German stock exchanges, CASCADE LION forwards the delivery instructions generated for this purpose to the Creation platform.