Deutsche Börse

About

Deutsche Börse Group operates on-exchange markets for cash equities, exchange-traded products (ETPs) and numerous other products via several trading platforms. EuroCCP is pleased to offer clearing, settlement and risk management services for cash equity and ETF trades executed on the Frankfurter Wertpapierbörse (FWB, The Frankfurt Stock Exchange).

As EuroCCP clears the same segments on MTFs, Deutsche Börse trades can be netted with existing positions and not incur any additional settlement fees.

EuroCCP follows the same routing logic as today. Accordingly, instruments in Collective Safe Custody (CSC) will be settled via Clearstream Banking Frankfurt (CBF) and instruments in Non-Collective Safe Custody (NCSC) will be settled either via Clearstream Banking Frankfurt (CBF), if the instrument is labelled as NCSC-T (Non-Collective Safe Custody via T2S), and via Clearstream Banking Luxembourg (CBF(i)) otherwise. The settlement solution for Collective Safe Custody and Non-Collective Safe Custody classified instruments will be supported by EuroCCP through its direct link with Clearstream Banking Frankfurt and Clearstream Banking Frankfurt international.

EuroCCP maximises the operational and commercial benefits for trading and clearing participants as all trades cleared by EuroCCP are fully netted into one net settlement per ISIN per day. EuroCCP’s features includes:-

To take advantage of the benefits of preferred clearing with Deutsche Börse contact the EuroCCP Relationship Management team who can provide an assessment of the savings resulting from the consolidation of Deutsche Borse activity with EuroCCP. Contact us at rm@euroccp.com

Deutsche Börse reporting 

Deutsche Börse informs its participants about the status of an order in two phases, 1) a non-legally binding execution report is created for each matching step, and 2) a legally binding trade report confirming the execution of the complete order. This information is communicated through the T7 FIX or the Enhanced Trading Interface (ETI) protocol.
The legally binding messages (ETI Trade Notification and FIX Trade Capture Report) contain details about the CCP and allow participants to define which CCP will clear the order under the “Preferred CCP” model. EuroCCP’s details are reported as follows:

ETI (Trade Notification)

Tag

Field Description

 EuroCCP Details

22417

RootPartyContraFirm

EUCCP

25115

RootPartyContraFirmKVNumber

4208

FIX (Trade Capture Report)
  

TAG

Description

EuroCCP details

   

Side 1 information

 

 

  

Party information

 

 

 

trc clearing organization

Clearing House Short name

EUCCP

 

 

trc executing firm kvno

Executing firm information (Kassanverein number)

4208

   

Counterparty information

 

 

  

Party information

 

 

 

trc executing firm

Executing firm information

EUCCP

 

 

trc executing firm kvno

Executing firm information (Kassanverein number)

7050

Further information can be found on xetra.com > Technology > T7 trading architecture

EuroCCP Reporting 

Once trades executed on XETRA are cleared by EuroCCP, EuroCCP’s real time, intraday and end of day files will include the Xetra© activity.  

The Xetra© trades will appear in EuroCCP’s reporting under the relevant Market Identifier Code ‘XETR’ (TAG 58 in the FIX messages and TAG 8 in the Client Information File (CIF).

Reference Identification

In record 409 and 410 of the CIF Xetra© trades are uniquely identified by the following tags:

  • EuroCCP Reference, combination of the Transaction Date (TAG 34) and Unsettled Reference (TAG 36).
  • Deutsche Börse Reference, combination of the Transaction Date (TAG 34), Exchange Code Trade (TAG 8), External Transaction ID Exchange (TAG 25) and Symbole (TAG 9)

The Deutsche Börse reference, which is reported in the ETI Trade Notification and FIX Trade Capture Report, is also reported in EuroCCP’s CIF as follows:

ETI Trade Notification

EuroCCP CIF, record 409 and 410

TAG 1506, SideTradeID

TAG 25, External Transaction ID ExchangeExec ID

FIX Trade Capture Report

 

TAG 1506, SideTradeID

TAG 25, External Transaction ID ExchangeExec ID

Trade cancellation

In the event EuroCCP receive a trade cancellation from Deutsche Börse, a reverse trade will be created by EuroCCP which contains the External Transaction ID Exchange of the original trade starting with “1” and the “Buy/Sell” code which is part of the External Transaction ID Exchange will also reverse. For example:

Collective Custody

The settlement solution for Collective Safe Custody and Non-Collective Safe Custody classified instruments will be supported by EuroCCP through its direct link with Clearstream Banking Frankfurt and Clearstream Banking Frankfurt International. The below table shows the settlement solution of  the instruments with Collective Safe Custody and their currency (Euro/non-Euro). In general all Collective Safe Custody instruments are settled in CBF via T2S. As T2S currently does not support any currency apart from Euro, the non-Euro cash will be settled separately in CBFi.

In addition, the below table shows the Safekeeping ID of EuroCCP, where securities which settle in T2S have the Safekeeping ID “DE” and securities which settle in CBFi will have Safekeeping ID “DI”. These IDs will be reported in the CIF file (add tag).

Note that for the different settlement solutions different settlement fees apply. For the Collective Safe Custody securities denominated in a non-euro currency, the settlement fees are based on the settlement costs charged by CBF and CBFi.

Safekeeping ID

Custody Type

Currency

Settlement System

DE

Collective Safe Custody

Euro

T2S

DE

Non Collective Safe Custody

Euro

T2S

DE

Collective Safe Custody

Non-Euro

Securities in T2S & Cash in CBFi

DI

Non Collective Safe Custody

All