Introduction of C7 Release 10.1

1.   Introduction   

With this circular, Eurex Clearing announces the production launch of C7 Release 10.1, which is scheduled for Monday, 13 May 2024. The simulation environment will be available from 25 March 2024.

Learn more about C7 Release 10.1 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 10.1

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

Simulation start: 25 March 2024
Production start: 13 May 2024

2.   Required action

Clearing participants are required to adjust their systems. Clearing Members and vendors will be impacted on C7 GUI, FIXML and report changes.

Please prepare for the Release and make sure that all your Release Contacts have subscribed for Eurex Clearing Circulars and Newsflashes on the Eurex Clearing website www.eurex.com/ec-en/ under the following path: Find > Subscriptions.

We recommend clients to participate in the simulation phase. Clearing Members are requested to submit their Readiness Statement by Friday, 3 May 2024.

3.   Details of the initiative

3.1 Flexible Future Contracts out of EFP Index Futures Trading 

Eurex Trading will support the creation of flexible futures contracts as part of EFP-Index futures trading. The trade type (Orig Trade type) of the flexible transactions created out of the EFP-Index futures trading will be different from the flexible transactions created out of the existing TES functionality. 

The trade type (Orig Trade type) value will be:

• “1016” (“S”), if the flexible transaction is created out of EFP Index trading
• “54” (“F”), if the flexible transaction is created out of the normal TES trading

FIXML changes

New value “1016” for the field TrdType (tag 828) will be introduced.

C7 GUI Changes

The flexible transactions created out of EFP-Index Futures Trading will display value “S” (Flexible EFP-Index Futures Trade) as “Orig trade type”.

Report Changes

The flexible transactions created out of EFP-Index Futures Trading will have a value “S” (“Flexible EFP-Index Futures Trade”) in existing field “TrdTyp” in relevant C7 reports.

3.2 Clean-up of GUI user accounts (early announcement)

Eurex Clearing Monitoring application reveals a large amount of unused C7 GUI user accounts in the system. After considering security aspects, Eurex Clearing decided to delete all C7 GUI user accounts that have not been used for more than 2 years.

While preparing for this clean-up in production (earliest in Q4 2024), Clearing Members will be enabled to check in advance on inactive users via the User Maintenance window in the Entitlement area of the C7 GUI. All Clearing Members should check upfront which accounts are to be deleted.

3.3 Decommission of Cash Only Transfer 

After consultations with Clearing Members, it was agreed to decommission the cash only transfer functionality.

C7 GUI Changes

“Cash Transfer Amount” and “Cash Adjustment price” entry fields on “cash only transfers” will be disabled when long and short quantities are specified as zero. A position greater than 0 must be entered.

No changes will be made to FIXML and Clearing Reports.

3.4 Decommission of compression service

Eurex discontinued the compression service providers to offer portfolio compression services to Exchange Participants for listed derivatives at Eurex Deutschland effective 31 July 2023, as announced in Eurex Circular 050/23.

With introduction of C7 Release 10.1, the following changes will take place in the clearing infrastructure in relation to the deletion of this service:

FIXML changes

Value “1008” for the FIXML field TrdTyp (tag 828) will be deleted.

C7 GUI 

Value “K” in existing field “Orig trade type” will be deleted.

Report changes

Value “K” in existing field “TrdTyp” will be deleted.

3.5 Currency Haircut File

The Currency Haircut file contains currency haircut parameters and adjusted exchange rates information.

With this release, the txt format “FTHCPARMPUBLIYYYYMMDD.TXT.ZIP” located in the public folder of the Common Report Engine (CRE) will be removed.

In addition, the publication of the excel file “CrossCurrencyHaircuts.xls” will be decommissioned from this webpage: Services > Risk parameters

As a result, only the version in csv format will remain:

FTHCPARAPUBLIYYYYMMDD.CSV.ZIP provided via Common Report Engine (CRE) and HCNYYYYMMDD.CSV located on the Eurex Clearing website under following path:

Services > Risk parameters > Haircut and adjusted exchange rates.

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, as applicable.

Further information