Announcement of T7 Release 10.1

1.  Introduction

Deutsche Börse plans to introduce T7 Release 10.1 on 27 June 2022. The simulation period for T7 Release 10.1 is planned to start on 2 May 2022.

This circular provides T7 Trading Participants with the T7 Release 10.1 timeline, planned scope and the communication schedule.

The following functional enhancements will be introduced in T7 Release 10.1:

• Simplified Variance Futures
• Transaction Size Limits Enhancements including the introduction of Clearer TSLs
• New Instrument Subtype for Future Calendar Spreads

Simulation start:      2 May 2022
Production start:    27 June 2022

Learn more about T7 Release 10.1 on our dedicated initiative page under the following link: Support > Initiatives & Releases > T7 Release 10.1. 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 10.1 on 27 June 2022.

3.  Details of the initiative

A. Introduction Schedule and Communication Calendar for T7 Release 10.1

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 10.1 will be published, including existing documents that will be revised for T7 Release 10.1.

In January 2022, Eurex Exchange will publish the detailed preliminary Release Notes listing the functional and technical enhancements that will be available in T7 Release 10.1.

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 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 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 10.1 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 10.1:

Simplified Variance Futures

T7 Release 10.1 will introduce a new simplified handling of Variance Futures. Currently, T7 creates two types of trade notification for trades in Variance Futures: i) preliminary, which are disseminated immediately, and ii) final, which are generated at the end of the trading day. For the new simplified Variance Futures, T7 will provide a single trade notification immediately at trade, including the final trade price in clearing notation.

Transaction Size Limits Enhancements including the introduction of Clearer TSLs

The Transaction Size Limit (TSL) definition will be enhanced to resemble the usage already available for Pre-Trade Risk Limits in T7. These changes include, amongst others, the ability for Clearing Members to define Clearer TSLs for their Trading Participants.

Therefore, a new TSL regime will be offered by Eurex and EEX, which will be based on the concepts below:

• The exchange will group products in TSL Product Groups.
• For these TSL Product Groups, the Exchange will be able to define TSL limits for on-book, TES, or Futures Calendar Spreads.
• Clearing Members will be able to define TSL limits for on-book, TES, or Futures Calendar Spreads per Trading Participant.
• Trading Participants may define User TSL Groups and assign users to those groups. Each group will be given a dedicated TSL limit for on-book, TES, or Futures Calendar Spreads
• Additionally, Trading Participants may define exceptions for certain users and products up to an Exchange-defined maximum number.

New Instrument Subtype for Future Calendar Spreads

In the context of the Next Generation ETD Contracts project, the future calendar spreads are enhanced to distinguish between future calendar spreads with a near term leg containing a daily expiring futures contract ("basis spread") and those future calendar spreads with a near term leg containing the monthly expiring futures contracts ("calendar spread"). The latter are usually considered for rolling positions. 

With T7 Release 10.1, future calendar spreads will be equipped with an instrument subtype to differentiate between basis spreads and calendar spreads in a conceptually similar way to how this is already done in the options area (e.g. instrument type identical to "standard option strategy" and associated instrument subtypes like bull strategy (BUL), bear strategy (BER), straddle (STD) etc.).

Attachment:

• Introduction Schedule for T7 Release 10.1, Communication Calendar for T7 Release 10.1

Further information