Introduction of C7 Release 12.1

1.    Introduction

With this circular, Eurex Clearing announces the production launch of C7 Release 12.1, which is scheduled for Monday, 18 May 2026. The simulation environment will be available from 23 March 2026.

Learn more about C7 Release 12.1 on our dedicated initiative page on the Eurex Clearing website www.eurex.com/ec-en/​ under the following link:

C7 Release 12.1

System documentation, circulars, timeline and much more information will be available there for you.

Simulation Start:       23 March 2026 
Production Launch:  18 May 2026

Important: 

This Release is a mandatory Release for all Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients of Eurex Clearing AG and vendors.

With the introduction of C7 Release 12.1, Eurex Clearing will implement several key enhancements, including improved scalability for FIXML processing, changes in Fee Identification Code with a new value for BLOCK_QTPIP transactions, restrictions for FX option processing on expiration day, extended trading unit limits for corporate actions, enhanced Advanced Risk Protection (ARP) email notifications for Level 1 and Level 2 limit breaches, and comprehensive updates to C7 reports to support these changes.

2.    Required action

Clearing Participants are required to adjust their systems. Clearing Members and vendors will have an impact on C7 GUI, FIXML and report changes.

Please prepare for the Release and make sure that all your Release Contacts have subscribed for Eurex Clearing Circulars and Newsflashes on the Eurex Clearing website www.eurex.com/ec-en/​ under the following path: Find > Circulars & Newsflashes Subscriptions.

We recommend clients to participate in the simulation phase.

3.    Details of the initiative

• Improved Scalability for FIXML Processing

Multiple receivers per FIXML request queue is introduced for higher throughput and resilience, improving transaction processing capacity and reducing latency under heavy load. 

Please ensure that your FIXML client application does not rely on the order of incoming messages for correct processing.

• Fee Identification Code – New Value in Fee Trade Type Qualifier

Introduction of new value “Q” for BLOCK_QTPIP transactions (previously “T”). VBAP group assignment for Block QTPIP trades will be restricted after activation. Fee calculation and reporting logic must accommodate the new value.

• FX Option Restrictions

At market request Eurex Clearing AG will change the FX option exercise processing:

• All in the money options will be automatically exercised
• Manual exercises and abandonment of specific positions will not be supported
• Members cannot set individual “In the Money exercise parameters” for FX options

Changes for OCUR products are independent from the introduction of C7 Release 12.1 in May 2026 and are currently planned for Q1/2026. 

• Corporate Action/Product Setup – Trading Unit >9999.9999

In C7 Release 12.1, the Capital Adjustment process will support larger trading unit values. Previously, trading units were limited to a maximum of 9999.9999. 

Going forward, the format will be decimal (10,4), allowing values up to 999999.9999.

•  Advanced Risk Protection (ARP) Email Service

Email notifications are extended to Level 1 and Level 2 limit breaches (previously only Level 3). There are no notifications for manual slowdown events.

Only generic mailbox addresses are allowed (due to data protection rules). Risk monitoring teams will receive additional alerts.

• General Report Changes

Equalization payment reporting post corporate action processing is harmonized (CA 752 - Capital Adjustment Position Overview). There are numeric format changes (10,4) for trading unit fields across multiple reports.

CSV delimiter changed from comma to semicolon for CD715 Detailed Account Statement. Reporting systems and downstream data consumers must adapt to new formats. 

For CE710, contract expiration will reference underlying contract details rather than product-level information. For more information, please review the updated XML and CSV specifications in the “Eurex Clearing XML Reports – Reference Manual v.12.1.” on the C7 Release 12.1 initiative page.

Additional note:

Advance notice on upcoming changes to PKI and certificate renewals:

As part of planned security enhancements, Deutsche Börse Group will update its Public Key Infrastructure (PKI). This will introduce changes to the certificate renewal timelines for Eurex C7. The advance notice is provided to ensure that technical teams are prepared for a new process and a more frequent renewal cycle. 

A dedicated Eurex Circular with full details, technical specifications, and required actions will be published in Q1/2026. 

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