Eurex Clearing Readiness Newsflash | Project UNO – Key upcoming deadlines in 2026

With this Newsflash, Eurex Clearing informs its Clearing Members that Clearstream’s Project UNO is in progress and an updated project timeline has been announced by Clearstream on 27 February 2026 under Unified for New Opportunities: Updated market activation waves and client timeline - Update. 

The final decommissioning of 6-series accounts is scheduled for end of Q2 2027 with most migration activities occurring throughout 2026 and in early 2027.

Given that various migrations and market waves will take place in the coming months, we would like to bring to your attention some key upcoming deadlines:

Q2 2026

• The change of custody type from NCSC (Non-Collective Safe Custody) and CSC (Collective Safe Custody) to NCSC-T (Non-Collective Safe Custody-T2S eligible) will follow a market-by-market approach with Wave 2 impacting the Swiss, US and Canadian markets planned for 1 June 2026. Clearstream will change its T2S link setup for the given markets. More information on the impact of transactions cleared by Eurex Clearing are provided in the C7 SCS 5.5 Release Notes.
  To test this market activation wave, Clearing Members will have a chance to simulate the migration activities on 29 April 2026. More information for this testing initiative is available in the C7 SCS 5.5 Member Simulation Guide.
  The Release Notes and the Member Simulation Guide are available on Eurex Clearing's Support page for C7 SCS Release 5.5 under System Documentation > Overview and Functionality.

• To ensure readiness for the 6-series accounts decommissioning, Clearing Members, or their appointed Settlement Institutions, must submit all new account opening forms to Clearstream at their earliest convenience but no later than 30 June 2026.
  In case the Clearing Member wishes to use their existing CBL accounts, they must inform Clearstream and Eurex Clearing of the desired Clearstream Europe AG (CEU)-CBL account mapping. Existing CEU or CBL accounts can also be used to provide securities collateral accounts, once they are properly set up as pledge accounts in favor of Eurex Clearing. 

Q3 2026

• Clearing Members with existing 6-series securities collateral accounts could, at their earliest convenience, but no later than 31 August 2026, open new CEU or CBL accounts or provide existing CEU or CBL accounts as replacement.

• Market Activation Wave 3 is scheduled for 11 September 2026 with Sweden and Hong Kong as the impacted markets for Eurex Clearing Members.  

Q4 2026

• For Repo Clearing Members, the GC Pooling accounts migration, where all open exposures on 6-series accounts will be migrated to CBL accounts, is scheduled for 24 October 2026. In the case of 6-series GC Pooling Re-use accounts, all legal documentation (i.e. Pledge agreements) shall be finalized and signed by 15 September 2026.

• Eurex Clearing Members must have all legal documentation related to securities collateral accounts finalized and signed, at the latest by 30 November 2026. Early activation is strongly recommended due to the time required for finalizing and signing the Pledge and/or Title of Transfer agreements and the relevant Schedules/Notices of Pledge.
  Eurex Clearing’s Operations team provides complimentary assistance for transfers of securities collateral from 6-series to new CBL accounts, once the new accounts are activated. Migration of securities collaterals from 6-series to CEU accounts shall be performed by the Clearing Member on their own.

• By 31 December 2026 latest, Clearing Members should designate a CBL account to be mapped to the CEU account, for non-EUR cash settlement and non-EUR asset servicing payments as well as safekeeping of non-T2S eligible securities. Eurex Clearing needs to mirror the same setup account to the one at Clearstream. 

Q1 2027

• The CmaX migration is planned in January 2027. To be ready for the migration, Clearing Members providing securities collateral through Clearstream’s Triparty Collateral Management System (CmaX) must have newly opened CEU or CBL accounts and all legal documentation signed by 30 November 2026.

Should you have any questions or require support regarding your 6-series impacted accounts or collateral migration, please contact us at uno.ecag@eurex.com.

If you have any further questions, please send an e-mail to uno.ecag@eurex.com.

Kind regards, 
Your Client Services Team

Further information