Initiatives & Releases

C7 Releases

C7 Release 11.0

To increase the transparency of software usage, Eurex Clearing 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 Clearing Members, which is used to connect FIXML and FpML accounts. Consequently, each Clearing Member and ISV will have to enhance the details on software usage in the Member Section on an account level for FIXML and FpML accounts. 

This is a mandatory release for all Clearing Members, Basic Clearing Members, Disclosed Direct Clients and Vendors of Eurex Clearing.
 

Simulation start: 11 September 2024
Production start: 18 November
 2024 

C7 9.1 timeline-01












System Documentation

  • C7 Member Communication Calendar
    Publication date: 27 May 2024
    This document provides the publication schedule for C7 member documentation planned in 2024.
  • C7 Release Notes
    Publication date: 27 May 2024
    This document gives you an overview of functional and technical enhancements and changes to be introduced.
  • C7 Fee Identification Code – User Guide
    Publication date: 27 May 2024
    This document provides an overview of the different values a Fee Identification Code can take and outlines examples on how to use this information.
  • C7 - Derivatives Clearing Functional Reference Guide
    Publication date: 27 May 2024
    This document provides detailed information about the transaction and position maintenance functionality of C7.
  • C7 - User Entitlement Guide
    Publication date: 27 May 2024
    This document describes the major components of the user entitlement model with the description of each privilege available for entitlement user.
  • C7 - Reference Data Functional Guide
    Publication date: 27 May 2024
    This document provides an overview of the reference data and related functionalities maintained in C7.

Circulars

Release Items/Participants Requirements

Feature/Enhancement  

Details  

Action Item  

Broadcast VBAP Sub-group details through FIXML interface

The FIXML Allocation Instruction Alert (AIA) message will provide a fee type specific sub-quantity breakdown for remaining allocation quantities.
 

The sub-group will be identified through a combination of "Trade Type", "Trade Publish Indicator" and "Customer Order Handling Instruction". Information at sub-group level quantities will be available in the Clearing report RPTCB716 and can be inquired using the C7 GUI.

Clearing Members are asked to test the FIXML change with new component “AllocGroupSubQtyGrp”.

Customer Order Handling Instruction (Rate ID) for VBAP Grouping/Allocations

Customer Order Handling Instruction information will be retained in scenarios of VBAP grouping and will be considered while allocation process and relevant pro-rata calculations.


C7 will maintain VBAP sub-group transactions for all possible combinations of “Trade Type”, “Trade Publish Indicator” and “Customer Order Handling Instruction”.

Clearing Members are to perform sufficient testing for the following changes: 

  • New FIXML field “CustOrderHandlingdlInst” with FIX Tag 1031 in the Allocation Instruction Alert FIXML message needs to be tested
  • VBAP windows on C7 GUI will be updated regarding the Rate ID
  • New field “rate Identifier” in the Clearing report RPTCB716 to be tested

New validation during allocation cancellation

While processing cancel allocations, the application first calculates forecasted (post-cancellation) average price (System Calculated Average Price (SCAP)).
If the group's forecasted SCAP falls outside the Group's High/Low Price range, then the Cancel Allocation request will be rejected with an appropriate message.

Clearing Members should be aware of the added validation.

Additional text fields in AllocInst on Allocation + Account transfer

Clearing Members will be able to use FIXML AIA message to specify target text fields when requesting Account Transfer for average price transaction(s) out of the VBAP group aligning GUI and FIXML behavior.


The already existing text fields in the AllocGrp of the AIA message could be used in the future for the Account Transfer. To achieve this, the nested parties for the Target Member and Target Accounts have been moved to the AllocGrp.

The existing FIXML field “AllocGrp” in the AllocInstrctn FIXML message needs to be considered.

'Ref O/C' mandatory GUI field

The Ref field has to be always filled. The default value will be "O" (open) but can be changed to "C" (close) by Clearing Members. 

C7 GUI Change only, no further actions required.

ARP (Advanced Risk Protection): Email notification in case of level 3 breaches

With this release, a new email service will be introduced in case of level 3 breaches. C7 ARP Members can choose to receive the new service in addition to the current GUI pop-up and FIXML message. 


Please note that this email service will not be considered as a legally binding form of communication. Due to data protection rules governing the C7 service, only generic email addresses will be permitted, not personal email addresses.

Clearing Members that would like to make use of this service shall contact their Clearing Key Account Manager or send an email to client.services@deutsche-boerse.com.

Exercise/Assignment overview window changes - additional information on Illogical Exercises

Eurex is planning to enhance the C7 GUI window with additional fields, indicating whether the results are partially or fully exercised/assigned against the position held at the expiry.


An IOA indicator column (-in the money, -out the money, -at the money) will be implemented, that also considers the

  • FSP (Final Settlement price) or
  • EDSP (Exchange Delivery Settlement Price) or
  • USP (Underlying Stock Price)

for OSTK in order to display illogical expectations.

C7 GUI change only, no further actions required.

GUI User Account Clean up (2nd Step) 

As already stated in the C7 10.1 Release Notes (released in December 2023), Eurex plans to perform a system clean-up.
All accounts that have not been used for more than two years will be deleted, except for the following:

All users listed in the “Outsourcing Relationship Overview”

  • users flagged as “initial user”
  • users which were created in the last two years but were not active
  • (Admin) users with role "Service Administrator" and privilege "A001INQ Internal User Inquire" are able to see all users on the "User Entitlement Maintenance window".


The deletion of the accounts will become effective with C7 Release 11.0 on 18 November 2024.

Clearing Members are asked to check prior to the deletion , if they still require those accounts, which have not been used for over two years. The User Entitlement Maintenance Window will be enhanced to show last activity of the user, day of user creation and initial user.

Type of Money (ToM) Quota

The transactions (deposit/withdrawal) with ToM “Quota” will be generated to fulfill permanent cash ratio requirements.


The cash transaction amounts to meet the permanent cash ratio will be calculated on collateral pool level on a daily basis (EoD values) and will be determined as a difference between the actual delivered cash collateral (Types of Money ‘Blocked’, ‘Term’ and ‘Quota’) and the required cash collateral (total/applicable margin requirements times permanent cash ratio).

New valid value “Q” for the ‘typeOfMoney’ field in C7 Reports CD020, CD080, CD100, CD230, CD231, CI720, CI731 must be considered and tested.


Eurex Initiatives Lifecycle

From the announcement till the rollout, all phases of the Eurex initiatives outlined on one page! Get an overview here and find other useful resources.

Are you looking for information on a previous initiative? We have stored information about our previous initiatives in our Archive for you!


Contacts

Eurex Frankfurt AG
Customer Technical Support / Technical Helpdesk

Service times from Monday 01:00 – Friday 23:00 CET
(no service on Saturday and Sunday)

Please contact your Technical Account Manager via your personal VIP number which can be found in the Member Section.

T +49-69-211-VIP / +49-69-211-1 08 88 (all)

cts@deutsche-boerse.com

Eurex Frankfurt AG
Key Account Management

Service times from 09:00 - 18:00 CET

T +49-69-211-10 333

client.services@eurex.com