Initiatives & Releases

T7 Release 13.1

With T7 Release 13.1 the following enhancements will be introduced:

  • Delta-neutral Trading Strategies in Total Return Futures
  • Average Price Notation for Packs and Bundles in Money Market Futures
  • Adaptations to Pre-trade Risk Limits for Options
  • Adaptation of Excessive System Usage (ESU) Limits 


Simulation start: 31 March 2025
Production start: 19 May 2025

T7 Release 13.1








System Documentation

Enhanced Trading Interface

FIX LF

  • N7_-_Network_Access_Guide.v.2.5
    Published 22 Jan 2025 - This document provides details on the network access options for T7 and Eurex Clearing's interfaces. It includes detailed technical background information, such as router equipment information and port numbers for the configuration of firewalls.
  • T7 Disaster Recovery Concept 2025 - Interface Configuration Details v.1.0
    Published 3 Mar 2025 - This document provides an overview of Deutsche Börse’s disaster recovery concept for the T7 trading system. It contains the required technical background information as well as functional features and limitations to enable participants to continue trading in a DR situation.
  • T7 Market Data Report Derivatives 2024-08-05
    Published 7 Aug 2024 - This file contains for one specific date (Frankfurt time) the number of packets per multicast address and port combination enhanced with the stream and market information. Please note that the number of packets varies per day and the “From” and “To” columns contain the first and last minute where data was received on that day for the respective combination.
  • T7 Market Data Report Cash 2024-08-05
    Published 7 Aug 2024 - This file contains for one specific date (Frankfurt time) the number of packets per multicast address and port combination enhanced with the stream and market information. Please note that the number of packets varies per day and the “From” and “To” columns contain the first and last minute where data was received on that day for the respective combination.
  • T7 Market Data Report Derivatives 2024-03-25
    Published 27 Mar 2024 - This file contains for one specific date (Frankfurt time) the number of packets per multicast address and port combination enhanced with the stream and market information. Please note that the number of packets varies per day and the “From” and “To” columns contain the first and last minute where data was received on that day for the respective combination.
  • T7 Market Data Report Cash 2024-03-25
    Published 27 Mar 2024 - This file contains for one specific date (Frankfurt time) the number of packets per multicast address and port combination enhanced with the stream and market information. Please note that the number of packets varies per day and the “From” and “To” columns contain the first and last minute where data was received on that day for the respective combination.



  • T7 Incident Handling Guide v.5.7
    Published 17 Mar 2025 - This document provides a detailed description of the reaction of Deutsche Börse's T7 trading system to technical incidents and provides best practices for handling them. In addition the document provides references to the respective focus days in the T7 simulation environment which are intended to simulate such incidents.

Circulars

Release Items/Participants Requirements

Feature/Enhancement 

Details

Action Item

Delta-neutral Trading Strategies in Total Return Futures

With T7 Release 13.1, Eurex will introduce the possibility for traders to define strategies for TRF which allow delta neutral hedging of TRF trades, and Eurex will support the trading of these strategies on book as well as off-book. By supporting on-book trading the aim is to improve the liquidity and price formation on Eurex screens.

Trading Participants that would like to make use of the delta-neutral Trading Strategies in Total Return Futures need to adapt to these changes and perform sufficient testing.

Average Price Notation for Packs and Bundles in Money Market Futures

T7 will support a new pricing notation regarding the instrument types “Packs and Bundles” and “Strips” in money market futures products. For money market futures, it is envisioned that the average pricing notation will replace the average net change pricing notation currently configured for both strips and packs & bundles which is given by the average price difference of leg price and the previous day settlement price of the simple instruments involved in the corresponding strategy.

Trading Members that trade Money Market Futures products need to adapt to changes related to the new pricing notation and perform sufficient testing.

Adaptations to Pre-trade Risk Limits for Options

Eurex will revisit the PTRL calculation of options to reduce complexity and to cope with the performance impact resulting from quote handling in PTRL. Due to the revision, options quotes will no longer be counted as PTRL. This will result in changes to several PTRL calculation formulae for options.

Trading Participants will need to consider the new PTRL calculation of options, need to adapt to these changes and perform sufficient testing.

Adaptation of Excessive System Usage (ESU) Limits

Eurex will amend the framework of the Excessive System Usage limits. The amendment will reflect a differentiation between passive and aggressive trading behaviour resulting in lower ESU fees for passive and to higher ESU fees for aggressive trading behaviour. 

Trading Participants will need to consider the amended Excessive System Usage limits, need to adapt to these changes and perform sufficient testing.

Mark old Single- and Multi-Leg ETI Requests as Deprecated

With T7 Release 12.0, Eurex added five new ETI requests which allowed to add, modify, and delete orders for both simple and complex instruments. The new requests were introduced to align order layouts across T7 exchanges, to combine simple and complex layouts into one request and rearrange fields specifically for latency sensitive trading participants.
 
With T7 Release 13.1, the old Single and Multi-Leg requests will be marked as deprecated in all technical documentation.

Trading Participants that use the deprecated ETI tags are advised to start the migration from the old ones to the new ones internally, adapt to these changes and perform sufficient testing.


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Contacts

Eurex Frankfurt AG
Key Account Management

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client.services@eurex.com

 


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