Eurex Clearing Readiness Newsflash | Project UNO – Action Required: Migration of 6-series Bilateral Collateral Accounts used for provision of Margin and Default Fund Contributions in favor of Eurex Clearing

With this Newsflash, Eurex Clearing informs you that as part of Clearstream's UNO project, all securities holdings in the 6-series bilateral collateral accounts must be transferred at the latest by 15 April 2027, ahead of the final UNO migration in May 2027.

Clearing Members are strongly encouraged to initiate the transfer process well in advance of this deadline to avoid operational constraints, limited migration capacity, and avoidable last-minute risk.

Required action

You may either:

• Migrate your holdings independently – The collateral substitution is equivalent to any business-as-usual case of replacing an existing securities collateral account with a new one. Clients wishing to migrate their holdings independently are requested to inform uno.ecag@eurex.com about their planned migration date, at least one week in advance. That way, Eurex Clearing can provide migration guidance, monitor the related exposure and changes in collateral value on migration date, and contact you promptly should any issues arise.

• Request on-behalf Migration – affected clients can request Eurex Clearing Operations to perform the transfer on their behalf to a CBL replacement account, during a reserved migration slot. The regular transfer fee will be waived for Project UNO, making this a practical opportunity to complete the transfer in a structured and timely manner with Eurex Clearing’s operational support.
  
  Transfers on behalf of clients will be accommodated only within agreed-upon migration slots and remain subject to operational, technical, and third-party dependencies. To secure Eurex Clearing Operations’ support and reduce the risk of delays, clients should contact uno.ecag@eurex.com to reserve their migration slot and proceed with the transfer as early as possible.
  
  It is important to note that on-behalf transfers are currently available only from 6-series to CBL accounts.

As migration slots and operational processing capacity are limited, clients are strongly encouraged to plan their transfers well in advance, and where necessary, utilize the Eurex Clearing ETD Operations transfer-on-behalf service to ensure migration is completed before the applicable cut-off dates. Effective 15 April 2027, Eurex Clearing will initiate mandatory transfers to redelivery accounts, which may result in significant end-of-day cash margin calls. 

Key dates

• 1 September 2026: Migration calendar opens to reserve your dedicated transfer slot.
• 30 November 2026: Deadline to provide duly executed legal collateral agreements.
• December 2026 – January 2027: Legal documentation is processed and replacement accounts are established in Eurex Clearing's C7 CMS (Collateral Management System).
• January 2027: CmaX collateral migration – collateral held on triparty 6-series accounts will be migrated in a big-bang manner for all impacted clients.
• 15 February 2027: Eurex Clearing stops accepting new collateral deposits in 6-series accounts. Existing 6-series holdings remain eligible.
• End-March 2027: Collateral on 6-series accounts must be replaced with cash or with securities held in another eligible collateral account.
• 15 April 2027: 6-series accounts become ineligible for collateral provision. Remaining holdings will be transferred to redelivery accounts, with cash substitution initiated at end of day.
• May 2027: Final UNO migration.
• By end-Q2 2027: 6-series accounts are decommissioned.

Please contact uno.ecag@eurex.com as soon as possible to inform us of your plans regarding the transfer of your bilateral collateral holdings. Specifically, please indicate whether you plan to migrate the collateral independently or would like to reserve a migration slot for a transfer supported by Eurex Clearing.

Kind regards, 
Your Client Services Team 

Further information