Eurex Clearing Aims at World First with Hybrid Clearing

Eurex Clearing says it will integrate native digital instruments into its established ecosystem, becoming the what it claims will be the world’s first hybrid central counterparty (CCP) by bridging traditional and digital finance under a single clearing framework.

Eurex says the move will allow market participants to access the full digital ecosystem through their existing clearing relationship and infrastructure. Under the hybrid model, native digital instruments – including issuances by the European Stability Mechanism (ESM) – will become tradable on Eurex Repo in its GC Pooling segment, cleared by Eurex Clearing, and accepted as eligible margin collateral. In addition, Eurex says the digital instruments will become eligible collateral of the ECB GC Pooling basket, ensuring they benefit from Eurex’s secondary market with no disadvantage compared to their traditional equivalents. 

The firm says clients do not need to build bespoke connectivity, manage disparate risk models, or establish new legal agreements to participate in digital markets. As a regulated central counterparty, Eurex Clearing novates and clears all transactions to guarantee settlement finality, multilateral netting efficiencies, and robust default management.

The initiative connects directly with Clearstream, also part of Deutsche Börse Group, which is transforming its central securities depository services to manage both traditional and digital assets across its Clearstream Digital Infrastructure. Leveraging this infrastructure, Clearstream allows clients to move securities and cash across traditional and blockchain ecosystems, including wholesale central bank money via the Eurosystem’s Pontes solution.

“The future of financial markets is hybrid,” says Laura Bayley, CEO of Eurex Clearing. “Instead of creating isolated digital islands that fragment liquidity and trap capital, Eurex Clearing is building a bridge between both ecosystems. Our clients can seamlessly trade, clear, and finance native digital assets through the clearing relationship they already have – backed by one set of rules, one risk model, and one deep liquidity pool.”