With T7 Release 10.0 Eurex will introduce the following new features, changes and enhancements:
Please note that T7 Release 10.0 will not provide backwards compatibility for ETI or FIX.
Simulation start: 13 September 2021
Production start: 22 November 2021
We kindly ask all trading participants to submit the Readiness Statement for T7 Release 10.0 by Friday, 12 November 2021 latest. Please note, that all trading participants are required to provide the Readiness Statement. For your convenience a online submission process has been introduced. The online Readiness Statement for T7 Release 10.0 is here available: Readiness Statement. Please enter your dedicated Eurex PIN in the online questionnaire. The PIN for your company has been sent to the Central Coordinator.
Enhanced Trading Interface
T7 Release 10.0 - FIX LF Manual v.1.1
Published 30 Aug 2021 - The document provides information on the T7 FIX LF interface for both the Cash and Derivatives Markets and contains a description of the conncectivity, concepts and messages used by FIX LF.
T7: FIX LF Interface - Derivatives Message Reference v.10.0-D0001
Published 30 Aug 2021 - The purpose of this document is to provide all message formats for the derivatives markets part of the FIX LF interface.
T7: FIX LF Interface - Cash Message Reference v.10.0-C0001
Published 30 Aug 2021 - The purpose of this document is to provide all message formats for the cash markets part of the FIX LF interface.
T7 FIX LF QuickFix Engine Dictionary and Message Reference v.1.1
Published 30 Aug 2021 - The package contains the QuickFix Engine dictionaries (FIXLF44_Derivatives.xml, FIXLF44_Cash.xml) and message reference files including message and field descriptions (FIXLF_DerivativesExt.xml, FIXLF_CashExt.xml) for the T7 FIX LF interface per marketplace type.
We kindly ask all affected Trading Participants to submit the Readiness Statement for the Regulatory Reporting Solution for non-MiFIR members by Friday, 12 November 2021 latest. The online Readiness Statement is here available: Readiness Statement. Please enter your dedicated Eurex PIN in the online questionnaire.
For further information on MiFID II/MiFIR, please visit our dedicated page: MiFID II/MiFIR.
Release Items/Participants Requirements
Next Generation Exchange Traded Derivatives (ETDs) Contracts
Eurex is aiming to introduce a more flexible set-up of ETDs by implementing an enhanced contract identification concept allowing more than one expiration per month on product level (sub-monthly contracts).
New business initiatives:
Integration of weekly expiring instruments on product level
Volatility Strategies in Single Stock Options
Market-on-Close Futures T+X (Basis Trading in Equity Index Futures)
Trading Members need to:
Adjust the Trading GUI due to required changes in displaying adapted contract names.
Check their system landscape whether contract handling is referring to limiting expiry month-year information.
Due to the integration of weekly options, there might be an impact on the handling of MM protection and the Pre-trade risk limits. We recommend, that Trading Members make the necessary adjustments if required.
Update to Self-Match Prevention (SMP) and Matching Cascades
The revised SMP functionality will facilitate matching without price level restriction (beyond the first price level) from the same Business Unit. The New SMP will lead to changes in ETI and FIX order and quote related messages (not backwards compatible!) and will only be offered for the new FIX LF gateway.
Trading Members need to adapt changes and upgrade to T7 Release 10.0.
New Market Order Validation for Options
Depending on the instrument state, the new validation for Market orders in options will be applied to all Market order entries/modifications as well as validated for book Market orders during instrument state changes.
The new Market order validation checkMarketOrder (reflecting the enabling / disabling of the new Market order validation) will be distributed as part of the RDI/RDF product information.
Pre-trade Risk Limits (PTRL); introduction of Netting Coefficient (NC) for Future Spreads
Eurex will change the way Futures Spreads are counted in Pre-Trade Risk Limits (PTRL) by introducing a Netting Coefficient (NC) that allows Trading Members to determine how much weight Futures Spreads contribute to calculating the relevant quantity consumptions.
Trading Members need to maintain PTRL and NC via the upload functionality of the T7 Trader GUI. The upload functionality will also support amending and deleting existing PTRL and NC.
SFTP Up/Download Functionality for non-MiFIR Transaction Reporting
Eurex will change the use of RRH in order to fulfill their requirements acc. to Art. 26 (5) Regulation (EU) 600/2014 and replace the current use of Axway SFTP servers with the Common Upload Engine (CUE, for uploading transaction data) and Common Report Engine (CRE, for downloading transaction data).
Non-MiFIR Trading Members have to migrate their upload processes to CUE and CRE.
SFTP Upload Functionality for Short Codes and algoIDs
Eurex will migrate the upload functionality from Axway SFTP server to the Common Upload Engine with T7 10.0 Release.
Trading Members need to migrate their upload processes to CUE.
ORS Trader Identification Obligation
An identification obligation will be introduced for Eurex Exchange traders when submitting orders via an Order Routing System (ORS) -ComplianceText (2404). The usage of an ORS by internal employees/trading assistants of the ORS provider who are not admitted as Eurex Exchange traders is not allowed according to §19(1) of the German Exchange Act.
All ORS Providers and ORS Users must comply with the amended rules and the associated identification obligation that will become effective for Trading Members as of 22 November 2021 with T7 Release 10.0.
Eurex EnLight Enhancements
“Staging of RFQs” allows users to define only a few mandatory fields of an RfQ before submitting it to Eurex EnLight in a suspended state.
“Auto Pulling of Quotes” will be introduced in the T7 Trader GUI for the purpose of improving the management of quotes for respondents and requesters.
If you are currently supporting the Eurex EnLight, you can make use of the additional functionality that will be introduced with Release 10.0.
Trading Sessions for the T7 FIX LF interface
The new FIX LF interface & sessions will use FIX 4.4 protocol and be integrated closer into the T7 architecture in a stepwise approach (initially offered in parallel to existing FIX Gateway, replacement after transition period).
Trading Members need to make sure to order new session in time and perform sufficient testing.
In case of any questions or your require further information, please contact us at firstname.lastname@example.org.
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