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


T7 R10.0 Timeline

System Documentation


Enhanced Trading Interface

Please note: In the Quote Execution Notification with T7 Release 10.0, the value of QuoteEventType (28539) has changed from 3 (Removed Quote Side) to 6 (Quote Quantity Removed) for Quote Deletion due to Passive Liquidity Protection and Pending Cancellation Executed.

FIX Gateway

  • T7 FIX Gateway Manual (FIX 4.4) v.10.0-1
    Published 4 Nov 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 4 Nov 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 4 Nov 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


  • N7-Network-Access-Guide-v2.1.3
    Published 07 Dec 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_2.2
    Published 29 Nov 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.

  • T7 Release 10.0 - Participant Simulation Guide v.1.1
    Published 11 Jan 2022 - This document describes the timeline, new and changed features as well as the simulation focus days for this T7 release. Please use this document to plan and prepare your T7 Release simulation participation.

  • 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.
  • Known Limitations for T7 Release 10.0 Production v.1.0
    Published 19 Nov 2021 - At the moment we do not list any Known Limitations for T7 Release 10.0 production.

Circulars

Circulars

Newsflashes

Readiness Videos

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 

Please note that SMP will be offered only via FIX LF interface, but not via the existing FIX gateway. The existing FIX gateways will neither support the original nor the enhanced SMP functionality after Release 10.0. Trading participants relying on this functionality are required to migrate to the new FIX LF interface with T7 Release 10.0.

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

With T7 Release 10.0, Eurex will introduce the corresponding T7 FIX LF trading sessions. Find more information about the new FIX LF interface and associated 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

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