Announcement of T7 Release 14.0

– This circular is only available in English. / Dieses Rundschreiben ist nur in Englisch verfügbar. –
 

1. Introduction

Eurex plans to introduce T7 Release 14.0 on 10 November 2025. The simulation period for T7 Release 14.0 is planned to start on 1 September 2025.

This circular provides Eurex T7 Trading Participants with the T7 Release 14.0 timeline, planned scope and the communication schedule.

The following enhancements will be introduced in T7 Release 14.0:

• Synthetic Matching for Butterflies and Condors

• Self-Match Prevention Enhancements

• Sponsored Access

• TRF Forward Implied Spreads

Simulation start: 1 September 2025
Production start: 10 November 2025

Learn more about T7 Release 14.0 on our dedicated initiative page on the Eurex website www.eurex.com under the following link: Support > Initiatives & Releases > T7 Release 14.0.

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 14.0 on 10 November 2025.

3. Details

A. Introduction Schedule and Communication Calendar for T7 Release 14.0 

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 14.0 will be published, including existing documents that will be revised for T7 Release 14.0.

In June 2025, Eurex Exchange will publish the detailed preliminary Release Notes listing the functional and technical enhancements that will be available in T7 Release 14.0. 

Eurex 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, independent of the T7 production. 

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 of the usual Release Simulation. 

For more information on the T7 Cloud Simulation, please refer to the Eurex website 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 14.0 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 14.0:

Synthetic Matching for Butterflies and Condors in STIR Markets

In addition to the currently existing calendar spread synthetics, Eurex will introduce synthetic matching for butterflies and condors in STIR futures (FEU3, FST3).

Eurex will support synthetic matching in butterflies and condors by allowing incoming orders in butterflies and condors to be matched against the synthetic combination of orderbook sides of simple instruments and/or calendar spreads representing the butterfly or condor orderbook side opposite to the incoming order (implied-in).

To prevent publishing crossed butterfly or condor order books in market data, synthetic combinations of simple instruments and calendar spreads involving a butterfly or condor are also considered for matching (implied-out) but do not contribute to public market data. 

Self-Match Prevention Enhancements

With T7 Release 14.0, Eurex will enhance the Self-Match Prevention (SMP) processing to support different deletion instructions in case a SMP event was detected and needs to be resolved. A trader will be enabled to define an SMP deletion instruction when entering an order or quote and the incoming aggressive order or quote will set the SMP deletion context in case of an SMP event. The following SMP deletion instructions will be supported: 

• “Cancel Aggressive and Passive” – netting of orders/quotes
  In case of a SMP event, the quantity of both, aggressive and passive, orders will be reduced until at least one order is completely cancelled. Currently, this is the only way how SMP events are processed.

• “Cancel Aggressive”
  This Instruction will result in the cancellation of the incoming order or quote in case of an SMP event.

• “Cancel Passive” 
  In case of an SMP event, this Instruction will result in the cancellation of the entire book order(s) or quote(s) on the matchable price levels, regardless of the size of the incoming (aggressive) order with the same SMP ID

A default handling for SMP Instructions will be defined by Eurex, which is used in case of a SMP event and the entering trader did not specify an SMP deletion instruction for the incoming order or quote. Initially, the default SMP Instruction will be set to “Aggressive and Passive”, reproducing the current SMP netting behavior and it will be the only SMP deletion instruction supported immediately after the launch of T7 Release 14.0. After activating the SMP enhancement at a later point in time, all three deletion instructions will be supported and the default SMP deletion instruction will be changed to “Cancel Passive”.

Sponsored Access

Eurex will introduce a new alternative of getting access to the Eurex markets denoted as “Sponsored Access” (“SpA”) supplementing the already existing “Direct Market Access” (DMA) and “Order Routing System” (ORS).

Any registered Eurex Trading Participant will be allowed to act as SpA Provider, granting access to indirect trading participants (“SpA User Company”) to use this new SpA for low-latency trading at Eurex.

Consequently, it is assumed that SpA User Companies will use their own applications and algos for on-book trading in Eurex markets. SpA User Companies will be directly connected via specific SpA High and Low Frequency sessions indicated by new session sub-types (trading and back office). Alternatively, specific SpA FIX LF back-office sessions will also be supported. These SpA sessions will support data confidentiality between the SpA User Company and its SpA Provider. Off-book trading or on-book quoting is not supported for SpA User Companies. 

In line with the already existing ORS and DMA, a SpA Provider will set up one or several SpA User Companies within the T7 Trading Platform and will also manage their SpA sessions. Already existing T7 risk solutions can be used by the SpA Provider to monitor the trading activities of its SpA User Companies.

New TRF Strategies: Total Return Futures Forward Implied Spread

Eurex will offer Total Return Futures (TRF) Forward Implied Spreads for on-book and off-book trading. A TRF Forward Implied Spread is a two-leg strategy composed of contracts of the same TRF having different maturities.

TRF Forward Implied Spreads will replace the TRF calendar spreads currently only supported for off-book trading. Similarly to delta-neutral TRF, there will be four different types of TRF Forward Implied Spreads defining corresponding instrument sub-types, which belong to the instrument type TRF Strategies already introduced with T7 Release 13.1.

Attachment:

• Introduction Schedule and Communication Calendar for T7 Release 14.0

Further information