To increase the transparency of software usage, Eurex Clearing will implement a new process for registering Independent Software Vendors (ISVs). Additionally, Eurex will introduce a new process for registering third-party software offered by ISVs and in-house software developed by Clearing Members, which is used to connect FIXML and FpML accounts. Consequently, each Clearing Member and ISV will have to enhance the details on software usage in the Member Section on an account level for FIXML and FpML accounts.
This is a mandatory release for all Clearing Members, Basic Clearing Members, Disclosed Direct Clients and Vendors of Eurex Clearing.
Simulation start: 11 September 2024
Production start: 18 November 2024
Circulars
Newsflashes
We kindly ask all Clearing Members to submit the Readiness Statement for C7 Release 11.0 by Friday, 08 November 2024 latest.
For your convenience a online submission process has been published. The online Readiness Statement is here available: Readiness Statement. Please enter your dedicated Eurex PIN in the online questionnaire. The PIN is available for the Central Coordinator in the Member Section under the following path: My Profile > PIN.
Technically, these are two separate user IDs even if they belong to the same person and have the same name as ABCFRTRD001. T7 will keep the user ID while C7 will delete it - unless one of the rules favours deletion.
"Outsourcing Relationship Overview" is located in section "Reference Data" under menu point "Participant".
One can allocate the average priced transaction and perform the give-up and take-up. Hence, support for both is required.
There are currently no plans to repeat this deletion at CCP level. If plans change, this will be communicated in due time.
Yes, Field changes (field name, field description, field length) will be relevant for CI042 (Margin Call Report) and CN042 (Night Margin Call Report). All details about the reports can be found in the Prisma 14.0 Report Reference Manual which is available in the Member Section.
Release Items/Participants Requirements
Feature/Enhancement | Details | Action Item |
Broadcast VBAP Sub-group details through FIXML interface | The FIXML Allocation Instruction Alert (AIA) message will provide a fee type specific sub-quantity breakdown for remaining allocation quantities. The sub-group will be identified through a combination of "Trade Type", "Trade Publish Indicator" and "Customer Order Handling Instruction". Information at sub-group level quantities will be available in the Clearing report RPTCB716 and can be inquired using the C7 GUI. | Clearing Members are asked to test the FIXML change with new component “AllocGroupSubQtyGrp”. |
Customer Order Handling Instruction (Rate ID) for VBAP Grouping/Allocations | Customer Order Handling Instruction information will be retained in scenarios of VBAP grouping and will be considered while allocation process and relevant pro-rata calculations. C7 will maintain VBAP sub-group transactions for all possible combinations of “Trade Type”, “Trade Publish Indicator” and “Customer Order Handling Instruction”. | Clearing Members are to perform sufficient testing for the following changes:
|
New validation during allocation cancellation | While processing cancel allocations, the application first calculates forecasted (post-cancellation) average price (System Calculated Average Price (SCAP)). | Clearing Members should be aware of the added validation. |
Additional text fields in AllocInst on Allocation + Account transfer | Clearing Members will be able to use FIXML Allocation Instruction message to specify target text fields when requesting Account Transfer for average price transaction(s) out of the VBAP group aligning GUI and FIXML behavior. The already existing text fields in the AllocGrp of the Allocation Instruction message could be used in the future for the Account Transfer. To achieve this, the nested parties for the Target Member and Target Accounts have been moved to the AllocGrp. | The existing FIXML field “AllocGrp” in the AllocInstrctn FIXML message needs to be considered. |
'Ref O/C' mandatory GUI field | The Ref field has to be always filled. The default value will be "O" (open) but can be changed to "C" (close) by Clearing Members. | C7 GUI Change only, no further actions required. |
ARP (Advanced Risk Protection): Email notification in case of level 3 breaches | With this release, a new email service will be introduced in case of level 3 breaches. C7 ARP Members can choose to receive the new service in addition to the current GUI pop-up and FIXML message. Please note that this email service will not be considered as a legally binding form of communication. Due to data protection rules governing the C7 service, only generic email addresses will be permitted, not personal email addresses. | Clearing Members that would like to make use of this service shall contact their Clearing Key Account Manager or send an email to client.services@deutsche-boerse.com. |
Exercise/Assignment overview window changes - additional information on Illogical Exercises | Eurex is planning to enhance the C7 GUI window with additional fields, indicating whether the results are partially or fully exercised/assigned against the position held at the expiry. An IOA indicator column (-in the money, -out the money, -at the money) will be implemented, that also considers the
for OSTK in order to display illogical expectations. | C7 GUI change only, no further actions required. |
GUI User Account Clean up (2nd Step) | As already stated in the C7 10.1 Release Notes (released in December 2023), Eurex plans to perform a system clean-up. All users listed in the “Outsourcing Relationship Overview”
The deletion of the accounts will become effective with C7 Release 11.0 on 18 November 2024. | Clearing Members are asked to check prior to the deletion , if they still require those accounts, which have not been used for over two years. The User Entitlement Maintenance Window will be enhanced to show last activity of the user, day of user creation and initial user. |
Type of Money (ToM) Quota | The transactions (deposit/withdrawal) with ToM “Quota” will be generated to fulfill permanent cash ratio requirements. The cash transaction amounts to meet the permanent cash ratio will be calculated on collateral pool level on a daily basis (EoD values) and will be determined as a difference between the actual delivered cash collateral (Types of Money ‘Blocked’, ‘Term’ and ‘Quota’) and the required cash collateral (total/applicable margin requirements times permanent cash ratio). | New valid value “Q” for the ‘typeOfMoney’ field in C7 Reports CD020, CD080, CD100, CD230, CD231, CI720, CI731, and CD031 must be considered and tested. |
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