Eurex Clearing’s 23 October circular sets 16 November 2026 as the effective date for a Direct Delivery Service allowing eligible individually segregated clients to pledge securities margin through Clearstream CmaX. Initial availability is limited to clients in France and the Netherlands.[1]
Service conditions
| Item | Details |
|---|---|
| Client model | Eligible individually segregated account clientsSource 1 |
| Initial jurisdictions | France and the NetherlandsSource 1 |
| Collateral route | Securities delivered through Clearstream CmaXSource 1 |
| Legal structure | Tri-party security-trust agreementSource 1 |
| Eurex service fees | Waived through 31 December 2027Source 1 |
A different collateral route needs a complete operating model
Direct delivery changes the path by which a client’s securities support cleared obligations. It does not eliminate the need to manage collateral eligibility, valuation, substitutions or a margin shortfall. The useful comparison with an existing arrangement is therefore the entire collateral workflow, including who instructs each movement and who resolves a failed delivery.[1]
The fee waiver is also specific. A waived Eurex Direct Delivery service fee should not be presented as a promise that custody, settlement, clearing-member or other third-party costs are zero. The actual economics depend on the full chain of contracts used by the client.[1]
For brokers and clearing members, the immediate work is to identify qualifying clients, complete the required agreement and test the instruction and reconciliation process before use. The circular establishes an upcoming service and its initial scope; it does not give every retail or omnibus account direct access.[1]
Sources & further reading
- Eurex Clearing Circular 072/26 — Direct Delivery Service (Pledge) Eurex Clearing AG · 23 Oct 2026 · Accessed 27 Oct 2026