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C7

Migration of Derivatives Position & Transaction Management from EUREX Classic to C7

On 24 June 2019, ECC will migrate its Derivatives Position & Transaction Management from the EUREX Classic Clearing System to the C7 Clearing System. C7 is the state-of-the-art Clearing Platform of Deutsche Börse Group and has – since its introduction for EUREX Clearing AG (ECAG) in 2013 – been significantly extended and improved to serve customers across various markets with highly reliable solutions.

ECC and its members have been using C7 since the migration of Collateral Management Services in December 2017 and the migration of Advanced Risk Protection Services in December 2018. The migration of Position & Transaction Management services in June 2019 marks the final step of moving customer facing services to the new platform.

For more detailed information on C7 please visit www.eurexclearing.com > Technology > Eurex Clearing’s C7.

Benefits for customers

  • State-of-the-art clearing system on one common architecture with Eurex Clearing.
  • Market standard and low footprint interfaces simplify system integration.
  • Shorter time-to-market for launching new products and greater responsiveness to changing regulatory demands.

Timeline – what's next?

The preparation and launch of C7 for ECC Transaction and Position management is planned
according to the following schedule:

Date

Topic

08 April 2019Begin of customer simulation in C7
April – June 2019Coordinated simulation activities with focus on ECC specific clearing services
(Cascading, Balance-of-Month products)
29 May 2019Availability of entitlement self-service in production
21 JuneLast business day in old production environment, incl. end-of-day procedures
22-23 June 2019Position migration from EUREX Classic to C7 production environment
24 June 2019Go-Live of Position & Transaction Management in C7 production
From 24 June 2019 onwardsPost go-live support

 

What changes in the reports and use of the GUI?

The C7 platform will generate its own set of CRE reports. These are generally similar to the Eurex Classic reports but there are differences, including replacements. ECC shares the same documentation/schemas as Eurex which can be found here: www.eurexclearing.com  > Eurex Clearing > Technology > Eurex Clearing's C7 > System documentation.

Derivatives Position & Transaction Management will be available in C7 simulation as of 8 April. We recommend to familiarize yourself with the functionalities in the C7 GUI. Short explanation videos on the functionalities can be found here: www.eurexclearing.com > Clearing > Technology >  Eurex Clearing's C7 > Education

Further Information and System Documentation on C7 (Functional Guide, GUI Guide, FIXML API Description, Report Manual, and much more) can be found here: www.eurexclearing.com > Clearing > Technology > Eurex Clearing's C7 > System Documentation.

 

EMIR Reporting after C7

As EMIR Art. 9 Reporting bases on Clearing Data, there is a significant impact of the C7 migration on EMIR Reporting.

Clearing and Non-Clearing Members who are already using EEX Group’s EMIR Data Service can rely on the provided infrastructure. All necessary changes due to the migration of ECC’s Position and Transaction Management to C7 will be implemented automatically.

Counterparties that have implemented proprietary reporting solutions should adjust their reporting in order to use the new C7-report set. Additionally, the Identifier such as the Trade-IDs for Positions and Transactions as well as the Report Tracking Number are subject to change.

We advise counterparties that use their own reporting solutions to read the following information on the migration carefully. For changes regarding the reports please see  www.eurexclearing.com  > Eurex Clearing > Technology > Eurex Clearing's C7 > System documentation.

In case any questions please contact reporting-services@eex.com or via
phone +49 341 2156 – 380.

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