C7 Release 9.1: Fee Code Report activation after Release Date

1.  Introduction

As announced in Eurex Clearing Circular 090/22, Eurex Clearing will launch C7 Release 9.1 on Monday, 22 May 2023 and as announced in Eurex Clearing Readiness Newsflash from 27 January 2023, the simulation environment will be available from 4 April 2023.

Learn more about C7 Release 9.1 on our dedicated initiative page on the Eurex Clearing website www.eurex.com/ec-en/ under the following link:

Support > Initiatives & Releases > C7 Releases > C7 Release 9.1

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

Simulation start: 4 April 2023
Production start: 22 May 2023

2.  Required action

Clearing Members who wish to incorporate the Fee Identification Code into their systems at the time of C7 Release 9.1 go-live, please be aware that a transition period is planned until the Fee Identification Code is fully supported on the T7 and C7 side. 

In Simulation: The Fee Identification Code will be technically published starting on 4 April 2023. At this point in time the code will be functionally invalid. Starting on 6 April 2023, the Fee Identification Code will be functionally valid for all newly executed trades. For Clearing Members only: C7 Transaction Adjustments performed on transactions executed before 6 April 2023 will return an invalid Fee Identification Code (i.e., no conversion of historical transactions). New Clearing Fee Report CB002 will be published starting 6 April 2023.

In order to support Member implementation, the following measures are planned for Simulation:

• Additional T7 and C7 simulation batch days on Friday 21 April 2023 and Friday 28 April 2023
• From 6 April 2023 until 19 May 2023, billing reports will be available for each batch day.

In Production: The Fee Identification Code will be technically published starting on 22 May 2023. At this point in time the code will be functionally invalid. Starting on 29 May 2023, the Fee Identification Code will be functionally valid for all newly executed trades. For Clearing Members only: C7 Transaction Adjustments performed on transactions executed before 29 May 2023 will return an invalid Fee Identification Code (i.e., no conversion of historical transactions). New Clearing Fee Report CB002 will be published starting 5 June 2023.

3. Details of the initiative

With C7 Release 9.1, the Clearing C7 system will support the technical infrastructure needed for the launch of the Fee Complexity Reduction Initiative. The target of this initiative is to unbundle business complexity from operational complexity regarding fee handling. The complete set of relevant fee information will be provided in a transparent and comprehensive way to the participants so that this information is manageable and can be used for the fee calculation.

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