25 Jan 2021

Eurex Clearing

Introduction of C7 Release 7.1

Eurex Clearing Circular 002/21 Introduction of C7 Release 7.1


1.   Introduction

With this circular, Eurex Clearing announces the production launch of C7 Release 7.1 which is scheduled for Monday, 5 July 2021. The simulation environment is planned to be available from 10 May 2021.

With C7 Release 7.1, the following functional and technical changes are envisaged:

A.    Series generation
B.    Decommissioning of “end-of-stream” messages
C.    Corporate Action processing
D.    FIXML broker migration
E.    Report changes

Eurex Clearing provides a description of the changes that are introduced with C7 Release 7.1 in the Release Notes. This document is available on the Eurex Clearing website www.eurex.com/ec-en/ under the following location:

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

Simulation start: 10 May 2021
Production start:  5 July 2021

All information about this project can be found on our C7 Release 7.1 initiative page.

2.   Required action

Clients should prepare for the release and ensure that all their Release Contacts have subscribed for Eurex Clearing Circulars and Newsflashes on the Eurex Clearing website under the following path:

Clear > Find > Subscriptions

Eurex Clearing recommends its clients to participate in the simulation phase. Clearing Members are requested to submit their Readiness Statement by Friday, 25 June 2021. Eurex Clearing will inform clients in due course when the Readiness Statement is available.

3.   Details of the initiative

A.  Series generation

  • Sender Comp Id

SenderCompID @SID(49) field of the FIXML header will replace the current value “CCP” by the actual clearing house of the product (i.e. “ECAG” or “ECC”) in order to align with all other FIXML messages created in C7.

  • Business Date

A new field ClearingBusinessDate @BizDat(715) will be added to contract add/change/delete messages.

  • Maturity Date added to regular contracts

The field MaturityDate @MatDt(541) will be added to regular contracts in the contract add/change/delete messages and to broadcast messages for transaction and position management.

B.  Decommissioning of “end-of-stream” messages

The "end-of-stream" message will be decommissioned with introduction of C7 Release 7.1. Members are advised to use the "end-of-assignment for all products" message for the respective clearing house.

C.  Corporate Action processing

Starting with the introduction of C7 Release 7.1, the following logic will apply to the physical delivery of options or futures that have been subject to a corporate action:

  • The integer part of the trading unit will always be share-settled
  • The decimal part of the trading unit will always be cash-settled

The amended delivery handling applies to all open positions with a trading unit that contains decimal places and decommissions the current logic whereby the cash settlement part might be bigger than 0.9999.

D.  FIXML Broker migration

Eurex Clearing FIXML broker will be migrated from qpid C++ to qpid Java. Clients are suggested to upgrade their AMQP libraries to the latest version. Please note that Java Broker is only supported with AMQP v.1.0 and clients will not be able to connect with legacy AMQP v.0.10. 

Clearing Members and ISVs are required to carry out the necessary implementation to support the new Java broker. Since Java Broker behaves slightly different compared to C++, clients are asked to check their applications behaviour.

Please note: This migration is planned for Saturday, 3 July 2021 in production and on Friday, 16 April 2021 in simulation.

E.  Report changes

  • RPTA110 "Contract Maintenance"

The report RPTTA110 “Contract Maintenance” will be decommissioned as of end-of-day on 2 July 2021.

  • RPTTA111 “All Active/Inactive Series”

The report RPTTA111 “All Active/Inactive Series” will be decommissioned and replaced by the new report RPTTA711 “All Active/Inactive Series” as of end-of-day on 2 July 2021.

  • RPTCA051 “Capital Adjustment Series”

The report RPTCA051 “Capital Adjustment Series” will be decommissioned and replaced by the new Eurex report RPTRC100 “Capital Adjustment Series” as of end-of-day on 2 July 2021.


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@eurex.com

Web:

C7 Release 7.1 initiative page

Authorised by:

Jens Janka


clearing-circular