Announcement of T7 Release 13.0

– Dieses Rundschreiben ist nur in Englisch verfügbar. –

1. Introduction

Eurex plans to introduce T7 Release 13.0 on 18 November 2024. The simulation period for T7 Release 13.0 is planned to start on 9 September 2024.

This circular provides Eurex T7 Trading Participants with the T7 Release 13.0 timeline, planned scope and the communication schedule.

The following enhancements will be introduced in T7 Release 13.0:

• Enhanced Drop Copy Service

• Basket TRF Calendar Roll Strategy and Early Termination

• MiFID II/MiFIR order flagging requirements: 
  Enhancements of the Short Code (SC) and Algo ID solution

• ISV and Software Registration process

Simulation start: 9 September 2024
Production start: 18 November 2024

Learn more about T7 Release 13.0 on our dedicated initiative page on the Eurex website www.eurex.com under the following link: Support > Initiatives & Releases > T7 Release 13.0.

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

2. Required action

Trading Participants are requested to initiate the preparatory steps to ensure software readiness for the new T7 Release 13.0 on 18 November 2024.

3. Details

A. Introduction Schedule and Communication Calendar for T7 Release 13.0 

Please refer to the Attachment for the Introduction Schedule and the Communication Calendar. 

The Communication Calendar lists all important dates on which documents for T7 Release 13.0 will be published, including existing documents that will be revised for T7 Release 13.0.

In June 2024, Eurex Exchange will publish the detailed preliminary Release Notes listing the functional and technical enhancements that will be available in T7 Release 13.0. 

Eurex will provide a dedicated release simulation environment to give Trading Participants and Independent Software Vendors (ISVs) the opportunity to perform comprehensive testing of their trading applications, independent of the T7 production. 

In addition to the T7 Release Simulation, Trading Participants can also use the T7 Cloud Simulation that allows Trading Participants and ISVs to test against the current T7 production and simulation software versions. In this environment, Trading Participants can initiate predefined market scenarios and test-specific strategies more easily than in a shared environment. The T7 Cloud Simulation is permanently available (24/7) for a fixed price per hour and is accessible using an SSL-encrypted internet connection. The T7 Cloud Simulation will start in advance of the usual Release Simulation and will be offered free of charge for the month of August 2024. With this waiver, Eurex aims to incentivize early development and testing before the start of the regular T7 simulation. 

For more information on the T7 Cloud Simulation, please refer to the Eurex website under the following path:

Support > Technology > T7 Cloud Simulation

Eurex Exchange is committed to providing Trading Participants and ISVs with information updates throughout the development of T7 Release 13.0 to support adequate planning and to ensure a successful launch. 

B. Overview of functional enhancements

The following paragraphs provide an overview of the functional enhancements which will be introduced in T7 Release 13.0:

Enhanced Drop Copy Service 

Currently, Eurex is offering a listener broadcast for Trading Participants to receive a consolidated feed of all order activities of their business unit. The listener broadcast offers "drop copies" for standard orders to sessions within the same business unit but does not include lean orders (which are exclusively bound to the session entering the lean orders).

Based on T7 Release 13.0, Eurex will launch a new Enhanced Drop Copy (“EDC”) interface to provide a comprehensive overview of all orders (including lean orders). The service aims at Trading Participants and Clearing Members who want to improve their pre-trade risk monitoring or want to obtain a complete overview of their order inventory including lean orders. 

Consequently, Eurex will extend the T7 system landscape with a new dedicated EDC gateway to connect to the interface. The interface will be FIX Latest with Simple Binary Encoding, own Session Layer, and TLS Encryption. Trading Participants interested in consuming their EDC broadcast and Clearing Members interested to receive the EDC broadcast of their Trading Participants will have to sign up for a new EDC session. For load balancing purposes, the session content must be configured in the T7 Clearer GUI or T7 Admin GUI. For legal reasons, the Clearing Member needs to request the approval from his Non-Clearing Member (NCM) to receive the NCM’s order flow. The approval procedure is supported via the T7 Clearer GUI initiating an approval request triggered by the Clearing Member and via the T7 Admin GUI to respond to the approval request by the corresponding NCM.

For Clearing Members, this feature will be particularly useful from a risk management perspective. The Clearing Member will be able to perform a pre-trade risk monitoring by overseeing the order book activity of their NCMs in real time. This offering complements the existing Trade Drop Copy service already offered to the Clearing Members.

For Trading Participants, benefits are foreseen for their internal risk management, as well as for reconciliation purposes. For risk management departments within the NCM, it could be beneficial to receive order data in real time rather than obtaining the data through their trading desks.

​The general documentation of the EDC Interface will be covered by the usual release documents. However, details about the interface layout (message references drafts) will be provided at a later point in time. The start of the simulation and production launch will be communicated separately and will take place after the simulation start respectively production start of T7 Release 13.0.

Basket TRF Calendar Roll Strategy and Early Termination

With T7 Release 13.0, Eurex will introduce an advanced feature in the T7 Trader GUI and ETI to roll Basket Total Return Futures (“BTRF”) in a single basket operation. Additionally, Eurex will enable the counterparties of a BTRF to mark a basket for early termination.

The new basket operation Calendar Roll will help a user to close a basket position and open a new basket in a single operation. It will automatically create an amend operation to trade-at-close and a new basket entry operation with all positions of the old basket pre-filled in the T7 Trader GUI. New requests in ETI will also be provided that will enable ETI users to roll BTRF as well. 

At the time of basket entry, a buyer will be able to mark a basket TRF trade for early termination. After submission of the BTRF trade, the seller will be informed that the buyer has the possibility to terminate the basket early. The seller will be legally obliged to approve the early termination if the basket is terminated ahead of its expiry. Such a termination will be done with a new basket operation available in the T7 Trader GUI and ETI.

MiFID II/MiFIR order flagging requirements: Enhancements of the Short Code (SC) and Algo ID solution

With T7 Release 13.0, report enhancements will be introduced that aim to provide Trading Participants with more frequent feedback and to assist in the resolution of missing SCs and Algo IDs, upload errors, and a comprehensive registration and maintenance process of SCs and Algo IDs.

The enhancements will be implemented in the reports listed below, including a new structure and three new intraday versions that will be provided in addition to the already existing end-of-day reports:

• TR160 Identifier Mapping Error
• TR161 Identifier Mapping Status
• TR162 Algo HFT Error
• TR163 Algo HFT Status

In addition, the new report “TR169 Final Error Ongoing Corrections” will be introduced to facilitate the provision of missing SC data in an ongoing manner and to provide Trading Participants with a convenient process to fulfil data provision obligations.

ISV and Software Registration process 

Eurex 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 Trading Participants, which is used to connect ETI and FIX LF sessions. Consequently, each Trading Participant and ISV will have to enhance the details on software usage in the Member Section on a session level for ETI and FIX LF Sessions. Implementation of the new registration processes will take place in a staggered approach. More information will be provided on a dedicated Support page in due time. 

Outlook T7 Releases in 2025

Eurex plans to launch two T7 releases in 2025. In order to ease the planning of participants, Eurex already provides the intended dates for the releases in the T7 Release Announcement 13.0: T7 Release 13.1 is planned to be introduced on 19 May 2025 whereas T7 Release 14.0 is scheduled for 10 November 2025.

Attachment:

• Introduction Schedule and Communication Calendar for T7 Release 13.0

Further information