12 Oct 2020

Eurex Clearing

C7 Release 7.0: “Transaction duration extension to T+5” and “increase of FIXML queue size” - new introduction date

Eurex Clearing Circular 083/20


1.   Introduction

Following customer demand, Eurex Clearing announces that two scope items of the C7 Release 7.0 will be introduced earlier than originally scheduled. These items are:

  • Transaction duration extension to T+5
  • Increase of FIXML queue size

New introduction date: 26 October 2020

Other scope items of the C7 Release 7.0 will be introduced on the release scheduled date as announced in the C7 Release Eurex Clearing circular 056/20.

2.   Required action

With the introduction of the transaction duration extension, the transaction management period is being extended from current T+3 to T+5, which means that Clearing Members will be able to perform transaction management functions (e.g. give-up/take-up, trade separation etc.) up to T+5.

The increase of FIXML queue size from the current 2000 messages to 6000 is an enhancement which does not require action from Clearing Members.

3.   Details of the initiative

With Eurex Clearing circular 077/20, Eurex Clearing announced to extend the transaction duration (lifetime of a transaction) for Eurex Transactions from three to five business days subsequent to the execution day. The corresponding amendments to Chapter II Part 2 Numbers 1.3.2 (2) and 1.3.3 (2) of the Clearing Conditions of Eurex Clearing AG to extend the period for trade adjustments, position adjustments and trade transfers using the “give-up/take-up” functionality accordingly will become effective as of 23 November 2020.

In response to requests of Clearing Members and Disclosed Direct Clients to strengthen market stability, in anticipation of the potential increase in volumes around the US election period, Eurex Clearing offers to apply this transaction duration extension already as of 26 October 2020.

Similarly, the increase of queue size is also offered to participants to allow a greater volume of message flow. The new introduction date is 26 October 2020.

Both features are already available for testing in the simulation environment. More information can be found on the Eurex Clearing website www.eurex.com/ec-en under the following path:

Clear > Tech > C7 > System documentation > Overview and Functionality

and on the C7 Release 7.0 initiative page:

Find > Initiatives > C7 Release 7.0

Unless the context requires otherwise, terms used and not otherwise defined in this circular shall have the meaning ascribed to them in the Clearing Conditions or FCM Clearing Conditions of Eurex Clearing AG, as applicable.
 

Further information

Recipients:

All Clearing Members, Basic Clearing Members, Disclosed Direct Clients of Eurex Clearing AG and vendors

Target groups:

Front Office/Trading, Middle + Back Office, IT/System Administration, Auditing/Security Coordination

Contact:

client.services@eurexclearing.com

Related circular:

Eurex Clearing circular 056/20

Web:

C7 Release 7.0 initiative page

Authorised by:

Dmitrij Senko