Stock Exchange and Eurex central counterparty (CCP) trades


Since the implementation of the project Stock Exchange Transactions, non-cleared stock exchange trade confirmations from German Stock Exchanges are routed to CBF’s Stock Exchange Transaction Interface (SETI). After the transformation in OTC-like instructions, they are transmitted to the settlement platform based on the securities custody type:

  • Instructions in collective safe custody (CSC) or T2S eligible non-collective safe custody (NCSC-T) are forwarded to T2S for settlement.
  • Instructions in non-collective safe custody (NCSC) are forwarded to Creation for settlement.

The settlement instructions are taken up for real-time processing applying the standard OTC functionality. For further details, please refer to the Stock Exchange Transactions Go OTC - Introduction Notes (November 2021 and April 2022) attached below.

Eurex Clearing AG 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 settlement process for non-CCP Stock Exchange trades and Eurex Clearing CCP trades: