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Deployments · HQLAX Digital Collateral Registry · platform by HQLAx

Eurex Clearing DLT-based collateral mobilisation (via HQLAX)Updated 18 Oct 2026

Clearing members can move securities held at other custodians to Clearstream for use as margin at Eurex Clearing by recording the change of ownership on the HQLAX ledger, rather than moving the securities through settlement chains. Eurex calls it the first service of its kind at a CCP. J.P. Morgan made the first live transfer for the pension investor PGGM in July 2025, and a year later Eurex said members were using it every day.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (limited) since 29 Jul 2025[1] — Production service, optional for members; member count and volumes not disclosed. · Reviewed 13d ago

Assets
Undisclosed[1]
Securities frozen at the custodian with ownership recorded on the HQLAX registry; not tokens in the strict sense
Networks
HQLAX ledger Private, permissioned[1]
Use cases
CCP margin[1]Collateral mobility[1]
Jurisdictions
Germany, Luxembourg, European Union

Participants

Timeline

  1. Happened 24 Jul 2026 · Production milestone · recorded 11 Oct 2026
    Eurex says members use the service daily and that collateral moves in minutes rather than hours or days.[2]
  2. Happened 21 Apr 2026 · Announcement · recorded 18 Oct 2026
    HQLAX, the service's ledger provider, takes investment from Broadridge and Digital Asset and plans to migrate its platform to the Canton Network, subject to CSSF approval.[4]
  3. Happened 29 Jul 2025 · Launch · recorded 11 Oct 2026
    Service goes live after BaFin non-objection; J.P. Morgan moves collateral for PGGM to Clearstream for use as initial margin.[1]
  4. Happened Jan 2025 (month only) · Regulatory approval · recorded 18 Oct 2026
    Eurex Clearing receives BaFin non-objection for DLT-supported collateral mobilisation with HQLAX and Clearstream and plans a Q2 2025 launch, with J.P. Morgan as pilot clearing member.[5]

Sources

  1. [1]Eurex Clearing becomes first CCP globally to launch DLT-enabled collateral mobilization service — Eurex, 29 Jul 2025. Accessed 11 Oct 2026.B
  2. [2]Eurex Members Mobilize Collateral on DLT — Markets Media, 24 Jul 2026. Accessed 11 Oct 2026.C
  3. [3]DLT Enables Collateral Mobility — Markets Media, 15 Aug 2025. Accessed 18 Oct 2026.C
  4. [4]HQLAX Announces Strategic Investments from Broadridge and Digital Asset to Support its Next Phase of Growth on Canton — Broadridge, 21 Apr 2026. Accessed 18 Oct 2026.B
  5. [5]Eurex Clearing paving the way for digital collateral mobilization — Eurex, Jan 2025. Accessed 18 Oct 2026.B

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