Stock Exchange and Eurex central counterparty (CCP) trades

10.04.2025

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. Whereas the settlement of stock exchange instructions in CSC and NCSC-T instruments with CBF follows the T2S rules, the settlement of stock exchange instructions in NCSC instruments on the Creation platform is subject to CBL procedures:

Stock exchange trade services

CBF

Creation

Transaction linking

T2S rulesa

CBL rulesb

Already-matched instructions

Yes

No

Allegements

Yes

No

Partial settlement

Yes

Yes

Settlement priority

Yes

Yes

Hold and release

Yes

Yes

OTC Recycling Service

Yes

Yes

Market and reverse claims

Yes

Yes

Transformations

Yes

Yes

Bilateral cancellation

Yes

Yes

Recycling period

T2S rulesc

CBL rulesb

Reporting times

T2S scheduled

CBL scheduleb

a. See Insights on T2S linking under T2S documents & links / Knowledge-based repository / Settlement / Linking instructions in T2S.

b. See CBL Client Handbook.

c. See T2S Scope Defining Documents, current T2S User Detailed Functional Specifications.

d. See Settlement process in T2S.

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: