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Asset tagging and segregation models

Asset tagging and segregation models

If Clearing Members wish to post securities to Eurex Clearing and have chosen the standard OSA, CASS OSA or ISA then they are required to open a sub account at the central securities depository (CSD).

For the ISA, Clearing Members may choose if they wish to have one sub account at CBF/CBF-Int 6 Series for each ISA client or one sub account for multiple ISA clients. Where the latter is chosen, asset tagging is implemented at the CSD level. The legal model and protection remains exactly the same for assets held under either model.

For asset tagging, the CM has to apply the predefined 4 digit ‘Client Reference ID’ to the SWIFT message (field “RECU/DECU” SWIFT Field 95Q/ 97A; reference number is shown in 97A). Based on this information Eurex Clearing allocates security collateral to the respective collateral pools at Eurex Clearing.

Asset tagging is also available for multiple omnibus collateral pools under the Standard OSA and/or CASS OSA. The predefined 4 digit reference entered into the swift message will be the last four characters of the pool, i.e. TECM, TE01 or TNET, TN01. If members are using both OSA models then they must have a minimum of one sub account per model for asset tagging.

Asset tagging is currently only available on CBF/CBF-Int 6 series accounts.