Announcement of T7 Release 13.1

– Dieses Rundschreiben ist nur in Englisch verfügbar. –

1. Introduction

Eurex plans to introduce T7 Release 13.1 on 19 May 2025. The simulation period for T7 Release 13.1 is planned to start on 31 March 2025.

This circular provides Eurex T7 Trading Participants with the T7 Release 13.1 timeline, planned scope and the communication schedule.

T7 Release 13.1 will be backwards compatible with T7 Release 13.0.

The following enhancements will be introduced in T7 Release 13.1:

• Delta-neutral Trading Strategies in Total Return Futures

• Average Price Notation for Packs and Bundles in Money Market Futures

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

Learn more about T7 Release 13.1 on our dedicated initiative page on the Eurex website www.eurex.com under the following link: Support > Initiatives & Releases > T7 Release 13.1.

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 13.1 on 19 May 2025.

3. Details

A. Introduction Schedule and Communication Calendar for T7 Release 13.1 

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 13.1 will be published, including existing documents that will be revised for T7 Release 13.1.

In December 2024, Eurex Exchange will publish the detailed preliminary Release Notes listing the functional and technical enhancements that will be available in T7 Release 13.1. 

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. 

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 13.1 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 13.1:

Delta-neutral Trading Strategies in Total Return Futures

​As a new functional requirement, T7 Release 13.1 will introduce delta-neutral trading strategies in total return futures (TRF). Delta-neutrality is achieved by hedging a TRF contract against the corresponding price future contract (DeltaTAM) or against the corresponding MOC futures contract (DeltaTAC) having the same underlying index. The approach of achieving delta-neutrality is similar to options strategy trading where the futures contract on the same underlying is balancing the delta of the options part. T7 Release 13.1 will lay the foundation to support TRF strategies in general and facilitate the introduction of additional TRF strategies in the future.

Average Price Notation for Packs and Bundles in Money Market Futures

T7 Release 13.1 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.

C. Backwards compatibility

T7 Release 13.1 will be backwards compatible with T7 Release 13.0.

Attachment:

• Introduction Schedule and Communication Calendar for T7 Release 13.1

Further information