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1. Introduction
As announced in the Eurex Release Notes for T7 Release 11.1, the following functionalities will be activated in Simulation and Production after the official Release Dates for Simulation, 4 April 2023, and Production, 22 May 2023:
A. Introduction of the Fee Identification Code:
B. Anonymous Baskets:
C. Buy-Side Trading Disclosure Framework:
Learn now more about T7 Release 11.1 on our dedicated initiative page under the following link: Support > Initiatives & Releases > T7 Release 11.1. System documentation, circulars, timeline and much more information is available there for you.
2. Details of the initiative
As announced in the Eurex Final Release Notes for T7 Release 11.1, the following functionalities will be activated in Production after the official Release Date:
a. With T7 Release 11.1, the T7 system will support the technical infrastructure needed for the launch of the Fee Complexity Reduction Initiative. The target of this initiative is to unbundle business complexity from operational complexity regarding fee handling. The complete set of fee relevant information will be provided in a transparent and comprehensive way to the participants so that this information is manageable and can be used for the fee calculation.
b. With T7 Release 11.1, Eurex will provide the possibility for the submission of basket trades flagged as anonymous by the initiating broker. When submitting an anonymous basket trade, the counterparties will not be disclosed to each other – only the initiating broker will see the involved counterparties. This functionality will be offered for a new Equity Total Return Futures segment that will be launched later in 2023.
c. With T7 Release 11.1, the T7 system will support the technical infrastructure needed for the launch of the Eurex Buy-Side Trading Disclosure Framework, i.e. the voluntary Buy-Side Disclosure program for automated trading business, which will be launched after T7 Release 12.0. The launch date including changes to the Buy-Side Disclosure field to incorporate the Legal Entity Identifier will be communicated separately via an additional Eurex Circular.
3. Required action
A. Fee Identification Code
Trading Participants that want to incorporate the Fee Identification Code into their systems should note that a transition period is planned until the Fee Identification Code is fully supported on the T7 and C7 side, the transition period is planned as follows:
Simulation: The Fee Identification Code will be technically published starting on 4 April 2023. At this point in time, the code will be functionally invalid. Starting on 6 April 2023, it will be functionally valid for all newly executed trades. For Clearing Members only: C7 Transaction Adjustments performed on transactions executed before 6 April 2023 will return an invalid Fee Identification Code (i.e. no conversion of historical transactions). Clearing Fee Report CB002 will be published starting 6 April 2023.
In order to support Trading Participants’ implementation, the following measures are planned for Simulation:
Production: The Fee Identification Code will be technically published starting on 22 May 2023. At this point in time, the code will be functionally invalid. Starting on 29 May 2023 it will be functionally valid for all newly executed trades. For Clearing Members only: C7 Transaction Adjustments performed on transactions executed before 29 May 2023 will return an invalid Fee Identification Code (i.e. no conversion of historical transactions). Clearing Fee Report CB002 will be published starting 5 June 2023.
B. Anonymous Baskets
Trading Participants active in trading Basket Total Return Futures (BTRF) should note that Eurex will activate the possibility to enter anonymous baskets only for B0 bucket in Simulation for 20 April 2023. For Production, the activation will be aligned with new product initiatives in 2023 that will launch after T7 Release 11.1.
C. Buy-Side Trading Disclosure Framework
Participants should note that the optional Buy-Side Disclosure field will be available in the respective T7 request and can be used and tested as of the Release start. No additional activation measures are planned for T7 Release 11.1. Trading. The final launch of the Eurex Buy-Side Trading Disclosure Framework, which also comprises the respective possibility to register in the Member Section as well as fee differentiations for disclosed indirect clients, will take place after the launch of T7 Release 12.0.
Further information
Recipients: | All Trading Participants of Eurex Deutschland and Vendors | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration | |
Contact: | client.services@eurex.com | |
Web: | Support > Initiatives & Releases > T7 Release 11.1 | |
Authorized by: | Jonas Ullmann |
Market Status ⓘ
XEUR
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