Announcement of T7 Release 12.0

1.    Introduction

Deutsche Börse plans to introduce T7 Release 12.0 on 20 November 2023. The simulation for T7 Release 12.0 is planned to start on 11 September 2023.

This circular provides Eurex T7 Trading Participants with the T7 Release 12.0 timeline, planned scope and the communication schedule.

The following enhancements will be introduced in T7 Release 12.0:

• MiFID II/MiFIR enhancements
• Introduction of Total Return Futures Delta Neutral Strategies
• Enhancements of the Transaction Size Limits regime
• Introduction of a new Crossing Procedure and Pre-Arranged Trade Entry Possibility
• Usage of the Legal Entity Identification for the identification of the buy side disclosure clients

Simulation start:   11 September 2023      
Production start:   20 November 2023 

Learn now more about T7 Release 12.0 on our dedicated initiative page under the following link: www.eurex.com > Support > Initiatives & Releases > T7 Release 12.0. 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 12.0 on 20 November 2023.

3.    Details of the initiative

A. Introduction Schedule and Communication Calendar for T7 Release 12.0

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 12.0 will be published, including existing documents that will be revised for T7 Release 12.0.

In July 2023, Eurex Exchange will publish the detailed preliminary Release Notes listing the functional and technical enhancements that will be available in T7 Release 12.0.

Deutsche Börse 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, independently of the T7 production environment. 

In addition to the T7 Release Simulation, Trading Participants and ISVs can also use the T7 Cloud Simulation that allows testing 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 to the usual Release Simulation.

For more information on the T7 Cloud Simulation, please refer to the Eurex website www.eurex.com 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 12.0 to support adequate planning and to ensure a successful launch. 

B. Overview of functional enhancements

The following sections provide an overview of the functional enhancements which will be introduced in T7 Release 12.0:

MiFID II/MiFIR enhancements

With T7 Release 12.0, Eurex will introduce a dedicated validation scheme for the fields Execution ID, Investment Decision ID and Client ID in all trading interfaces. The validation scheme relates to the submission requirements of the short code and algo ID information in the transactions. For better readability, the term “short code” shall hereafter also include the algo ID. The following validations will be in place:

Submission of a zero as short code (or algo ID) will no longer be permitted.

Introduction of Total Return Futures Delta Neutral Strategies

Eurex will enable its Trading Participants to trade an Index Total Return Future (TRF) in conjunction with the respective Index Future on that same Index simultaneously via the T7 Trade Entry Service.

The initial product scope is envisioned to be TESX (EURO STOXX 50^® Index Total Return Futures) versus FESX (EURO STOXX 50^® Index Futures) where the strategies will be set up in the following way:

• BUY Strategy = Buy TRF + Sell Index Future
• SELL Strategy = Sell TRF + Buy Index Future

Enhancements of the Transaction Size Limits regime

Eurex will introduce the possibility to define Exception Transaction Size Limits (ETSLs) based on a TSL user group and product combination in addition to the existing ETSL definition for a user and product combination.

Introduction of a new Crossing Procedure and Pre-Arranged Trade Entry Possibility

Eurex will introduce a new crossing procedure and entry possibilities for on-exchange pre-arranged trades based on the Eurex Improve functionality. This will enable Trading Participants to provide all required information at the appropriate time while ensuring the time management and compliance of announcements as required by the Eurex Rules and Regulations for all participating orders. Eurex will thus ensure the proper sequencing of the new cross requests and pre-arranged trade entries by the introduction of an automated workflow utilizing the Eurex Improve workflow.

Please note that the current Cross Request entry will continue to be supported in T7 Release 12.0.

Usage of the Legal Entity Identification for the identification of the buy side disclosure clients

Eurex will enable Trading Participants and buy side disclosure clients to use the Legal Entity Identification (LEI) for the Buy Side Disclosure as an alternative to the five-character identification string. Please note that a buy side disclosure client identification can only either be a LEI or a five-character identification string.
 

Attachment: 

• Introduction Schedule for T7 Release 12.0, Communication Calendar for T7 Release 12.0

Further information