Eurex Clearing to Become the World’s First Hybrid CCP

Eurex Clearing will seamlessly integrate native digital instruments into its established ecosystem, becoming the world’s first hybrid central counterparty (CCP). The move bridges traditional and digital finance under a single clearing framework, allowing market participants to access the full digital ecosystem through their existing clearing relationship and infrastructure. 

Under this 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, the digital instruments will become eligible collateral of the ECB GC Pooling basket, ensuring they benefit from Eurex’s established, highly liquid secondary market with no disadvantage compared to their traditional equivalents. 

Laura Bayley, Chief Executive Officer of Eurex Clearing: “The future of financial markets is hybrid. 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.” 

Concentrating liquidity across traditional and digital markets 

Rather than treating digital assets as a separate market that splits liquidity pools, Eurex Clearing will concentrate liquidity for both traditional and digital instruments. 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. This structural integration ensures that institutional market participants can scale their digital market activities with absolute legal and regulatory certainty.  

Leading the transformation of financial infrastructure 

By integrating native digital issuances from sovereign and supranational issuers like the ESM into the core cleared repo market, Eurex Clearing is actively leading the convergence of traditional and digital finance.  

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 hybrid 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 – as demonstrated by the ESM’s recent first live digital native bond issuance. Together, Clearstream and Eurex are advancing an end-to-end digital post-trade lifecycle – spanning primary issuance, cleared repo trading, wholesale settlement, custody, and collateral re-use. 

This hybrid infrastructure enables financial market participants to adopt new technological developments while preserving the systemic stability, capital velocity, and liquidity concentration that underpin global financial markets. 

About Eurex 

Eurex is one of the leading European derivatives exchanges and – with Eurex Clearing – one of the leading central counterparties globally. As architects of trusted markets characterized by market liquidity, efficiency, and integrity, we provide our customers with innovative solutions to seamlessly manage risk.  

Media contacts: 

Fabian Vichtl  
+49 69 211-1 65 95  
fabian.vichtl@deutsche-boerse.com

Nina Lux 
+49 69 211-1 37 53 
nina.lux@deutsche-boerse.com