Eurex Clearing to become hybrid CCP
02 November 2026 Europe
Image: Judan89/stock.adobe.com
Eurex Clearing will integrate native digital instruments into its established ecosystem, becoming the first hybrid central counterparty (CCP), says the firm.
The firm reports it is the first hybrid CCP to integrate traditional and digital business under one clearing framework, rulebook, and risk model.
Under the hybrid model, native digital instruments — including issuances by the European Stability Mechanism (ESM) — become tradable on Eurex Repo in its GC Pooling segment, cleared by Eurex Clearing, and accepted as eligible margin collateral.
Digital assets will become eligible collateral of the ECB GC Pooling basket, ensuring benefit from Eurex’s highly liquid secondary market with no disadvantage compared to their traditional equivalents, says the firm.
Further, it states the move bridges traditional to digital finance under one clearing framework, allowing market participants to access the full digital ecosystem through existing clearing relationships and infrastructure.
Laura Bayley, CEO of Eurex Clearing, says: “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.”
Rather than treat digital assets as a separate market that splits liquidity pools, Eurex Clearing says it will concentrate liquidity for both traditional and digital instruments.
Additionally, the firm says the initiative connects directly with Clearstream, also part of Deutsche Börse Group, and allows clients to move securities and cash across traditional and blockchain ecosystems including via the Eurosystem's Pontes solution.
The firm reports it is the first hybrid CCP to integrate traditional and digital business under one clearing framework, rulebook, and risk model.
Under the hybrid model, native digital instruments — including issuances by the European Stability Mechanism (ESM) — become tradable on Eurex Repo in its GC Pooling segment, cleared by Eurex Clearing, and accepted as eligible margin collateral.
Digital assets will become eligible collateral of the ECB GC Pooling basket, ensuring benefit from Eurex’s highly liquid secondary market with no disadvantage compared to their traditional equivalents, says the firm.
Further, it states the move bridges traditional to digital finance under one clearing framework, allowing market participants to access the full digital ecosystem through existing clearing relationships and infrastructure.
Laura Bayley, CEO of Eurex Clearing, says: “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.”
Rather than treat digital assets as a separate market that splits liquidity pools, Eurex Clearing says it will concentrate liquidity for both traditional and digital instruments.
Additionally, the firm says the initiative connects directly with Clearstream, also part of Deutsche Börse Group, and allows clients to move securities and cash across traditional and blockchain ecosystems including via the Eurosystem's Pontes solution.
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