Unified for New Opportunities: Transaction fee waivers for Wave 2, client migrations and final migration
Reference
As part of the Unified for New Opportunities initiative, Clearstream1 is committed to supporting a smooth and efficient transition for all impacted clients. To facilitate this process, Clearstream confirms that no fees will be charged for specific transaction activities directly related to the initiative.
The following activities will be exempt from fees, provided they are undertaken in the context of the Unified for New Opportunities migration.
Transaction fee waivers for Wave 2
Background
During the market activation, all pending T2S instructions for the markets in scope of Wave 2 will be cancelled by T2S due to link changes on 29 May 2026. Non-cleared German stock exchange (SE) instructions will be re-submitted by Clearstream after successful link change, on 1 June 2026. Eurex Clearing AG will re-instruct all Eurex Clearing AG activities. Clients must re-instruct their OTC trades. Instructions sent via the 6-series accounts will not be cancelled and re-instructed.
No fees will be applied to:
- All clients with cancelled pending instructions for the U.S.A., Canada and Switzerland on 29 May 2026.
- All new instructions submitted on 1 June 2026 from CEU accounts for the respective markets, regardless of whether they are submitted via a central counterparty (CCP), Clearstream, or directly by the client.
Please note that this will be a one-time waiver on 29 May 2026 and 1 June 2026.
Transaction fee waivers for client migrations for in-scope markets
Background
After each market activation, clients must move holdings from 6-series accounts to CEU to ensure smooth settlement of all German SE activities. Clients have the possibility to move their OTC portfolio to either CEU or CBL after the market activation.
No fees will be applied to:
- All clients migrating assets from 6-series accounts to CEU or CBL for the markets included in each respective wave.
Please note that the fee waiver applies for the first two weeks after each market activation, limited to the markets included in each respective wave.
Transaction fee waivers for client migrations for out-of-scope markets
Background
Several markets, settling today on the 6-series accounts are descoped from the project due to complex/segregation rules for domestic settlement. These markets will continue to be part of Clearstream's ICSD offering. For these markets, clients must transfer the positions from 6-series accounts to CBL to ensure smooth settlement and safekeeping processes.
No fees will be applied to:
- All clients moving assets from 6-series accounts to CBL.
Please note that the fee waiver applies to movements from 6-series accounts to CBL between June 2026 and May 2027.
Transaction fee waivers for final migration
Background
As part of the final migration, Clearstream will move security positions to empty the 6-series accounts, based on the custody type of the securities. All T2S eligible securities will be transferred to CEU accounts. All non-T2S eligible securities will be transferred to CBL accounts of the clients.
No fees will be applied to:
- All clients with a 6-series account holding pending security positions on the cut‑off date, 27 May 2027.
Please note that this will be a one-time waiver applying exclusively during the final migration to support the transfer of remaining security positions from 6-series accounts to CEU (T2S) or CBL accounts (non-T2S) during the final-migration weekend.
If you have any questions or require further clarification, please contact UNO@clearstream.com.
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1. This Announcement is published by Clearstream Europe AG (CEU), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, registered with the Commercial Register of the District Court in Frankfurt am Main, Germany, under number HRB 7500.