T7 Release 10.0

With T7 Release 10.0 Eurex will introduce the following new features, changes and enhancements:

  • Next Generation Exchange Traded Derivatives (ETDs) Contracts
  • Self-Match Prevention (SMP) and Matching Cascades
  • Eurex EnLight: Staging of Request-For-Quote and Auto Pulling of Quotes
  • Enhancing Pre-Trade Risk Limits for Future Spreads
  • Aggregation of off-book Trade Sides
  • SFTP up/download functionality for non-MiFIR transaction reporting - Art. 26 (5) MiFIR
  • SFTP upload functionality for short codes and algoIDs
  • Trading Sessions for the T7 FIX LF interface

Please note that T7 Release 10.0 will not provide backwards compatibility for ETI or FIX.

Simulation start: 13 September 2021
Production start: 22 November 2021

Readiness Statement 

We kindly ask all trading participants to submit the Readiness Statement for T7 Release 10.0  by Friday, 12 November 2021 latest. Please note, that all trading participants are required to provide the Readiness Statement. For your convenience a online submission process has been introduced. The online Readiness Statement for T7 Release 10.0 is here available: Readiness Statement. Please enter your dedicated Eurex PIN in the online questionnaire. The PIN for your company has been sent to the Central Coordinator.


T7 R10.0 Timeline

System Documentation

Overview and Functionality


Trading Interfaces

Enhanced Trading Interface

FIX Gateway

  • T7 FIX Gateway Manual (FIX 4.4) v.10.0-1
    Published 30 Aug 2021 - The document provides information on the T7 FIX Gateway for both the Cash and Derivatives Markets and contains a detailed description of the concepts and messages used by the interface. This document is only applicable for FIX version 4.4.
  • T7 FIX Gateway - FPL Repository v.10.0-1
    Published 30 Aug 2021 - The FPL (FIX Protocol Language) repository contains the XML representation of the T7 FIX Gateway version 4.4 for both the Cash and Derivatives markets.
  • T7 FIX Gateway - Fiximate v.10.0-1
    Published 30 Aug 2021 - The package provides a browser-based representation of the repository for the T7 FIX Gateway version 4.4 for both the Cash and Derivatives markets with navigation capabilities.

FIX LF

Market & Reference Data Interfaces


GUI Solutions

Network Access

  • N7-Network-Access-Guide-v2.1
    Published 15 Oct 2021 - 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_2021_v_2.1
    Published 18 Oct 2021 - 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.

Reports

Simulation

Production

  • T7 Release 10.0 - Incident Handling Guide v.5.2
    Published 30 Aug 2021 - 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.

Supporting Documents

Circulars

Circulars

Newsflashes

Readiness Videos

MiFID II/MiFIR


Readiness Statement 

We kindly ask all affected Trading Participants to submit the Readiness Statement for the Regulatory Reporting Solution for non-MiFIR members by Friday, 12 November 2021 latest. The online Readiness Statement is here available: Readiness Statement. Please enter your dedicated Eurex PIN in the online questionnaire. 

For further information on MiFID II/MiFIR, please visit our dedicated page: MiFID II/MiFIR

Release Items/Participants Requirements

Feature/Enhancement 

Details

Action Item

Next Generation Exchange Traded Derivatives (ETDs) Contracts

Eurex is aiming to introduce a more flexible set-up of ETDs by implementing an enhanced contract identification concept allowing more than one expiration per month on product level (sub-monthly contracts).

New business initiatives:

Integration of weekly expiring instruments on product level

Volatility Strategies in Single Stock Options

Market-on-Close Futures T+X (Basis Trading in Equity Index Futures)

Trading Members need to:

Adjust the Trading GUI due to required changes in displaying adapted contract names.

Check their system landscape whether contract handling is referring to limiting expiry month-year information.

Due to the integration of weekly options, there might be an impact on the handling of MM protection and the Pre-trade risk limits. We recommend, that Trading Members make the necessary adjustments if required.

Update to Self-Match Prevention (SMP) and Matching Cascades 

The revised SMP functionality will facilitate matching without price level restriction (beyond the first price level) from the same Business Unit. The New SMP will lead to changes in ETI and FIX order and quote related messages (not backwards compatible!) and will only be offered for the new FIX LF gateway. 

Trading Members need to adapt changes and upgrade to T7 Release 10.0. 

New Market Order Validation for Options 

Depending on the instrument state, the new validation for Market orders in options will be applied to all Market order entries/modifications as well as validated for book Market orders during instrument state changes.

The new Market order validation checkMarketOrder (reflecting the enabling / disabling of the new Market order validation) will be distributed as part of the RDI/RDF product information. 

Pre-trade Risk Limits (PTRL); introduction of Netting Coefficient (NC) for Future Spreads 

Eurex will change the way Futures Spreads are counted in Pre-Trade Risk Limits (PTRL) by introducing a Netting Coefficient (NC) that allows Trading Members to determine how much weight Futures Spreads contribute to calculating the relevant quantity consumptions. 

Trading Members need to maintain PTRL and NC via the upload functionality of the T7 Trader GUI. The upload functionality will also support amending and deleting existing PTRL and NC. 

SFTP Up/Download Functionality for non-MiFIR Transaction Reporting 

Eurex will change the use of RRH in order to fulfill their requirements acc. to Art. 26 (5) Regulation (EU) 600/2014 and replace the current use of Axway SFTP servers with the Common Upload Engine (CUE, for uploading transaction data) and Common Report Engine (CRE, for downloading transaction data). 

Non-MiFIR Trading Members have to migrate their upload processes to CUE and CRE. 

SFTP Upload Functionality for Short Codes and algoIDs 

Eurex will migrate the upload functionality from Axway SFTP server to the Common Upload Engine with T7 10.0 Release. 

Trading Members need to migrate their upload processes to CUE. 

ORS Trader Identification Obligation  

An identification obligation will be introduced for Eurex Exchange traders when submitting orders via an Order Routing System (ORS) -ComplianceText (2404). The usage of an ORS by internal employees/trading assistants of the ORS provider who are not admitted as Eurex Exchange traders is not allowed according to §19(1) of the German Exchange Act. 

All ORS Providers and ORS Users must comply with the amended rules and the associated identification obligation that will become effective for Trading Members as of 22 November 2021 with T7 Release 10.0. 

Eurex EnLight Enhancements

“Staging of RFQs” allows users to define only a few mandatory fields of an RfQ before submitting it to Eurex EnLight in a suspended state.  

“Auto Pulling of Quotes” will be introduced in the T7 Trader GUI for the purpose of improving the management of quotes for respondents and requesters. 

If you are currently supporting the Eurex EnLight, you can make use of the additional functionality that will be introduced with Release 10.0. 

Trading Sessions for the T7 FIX LF interface

The new FIX LF interface & sessions will use FIX 4.4 protocol and be integrated closer into the T7 architecture in a stepwise approach (initially offered in parallel to existing FIX Gateway, replacement after transition period).

Trading Members need to make sure to order new session in time and perform sufficient testing.


Next Generation ETD Contracts

Next Generation ETD Contract - a more flexible set-up of Exchange Traded Derivatives (ETD) products. Visit our dedicated website to find out more!
Find out more!

FIX Gateway Migration

The introduction of the T7 FIX LF interface for trading sessions will take place together with the introduction of T7 Release 10.0. Find more information about the new FIX LF interface and associated FIX LF sessions on our dedicated website!
Find out more!


In case of any questions or your require further information, please contact us at client.services@eurex.com

Are you looking for information on previous releases? We have stored information about our previous releases in our Archive for you!

Market Status

XEUR

The market status window is an indication regarding the current technical availability of the trading system. It indicates whether news board messages regarding current technical issues of the trading system have been published or will be published shortly.

We strongly recommend not to take any decisions based on the indications in the market status window but to always check the production news board for comprehensive information on an incident.

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