On Nov. 3, 2025, GE DBoerse issued Cir 051/25 informing that the planned production start for the announced Self-Match Prevention (SMP) Enhancements is Dec. 1, 2025.
Testing SMP Cross Match Instructions in the simulation environment is encouraged.
The new default SMP Cross Match instruction will be Cancel Passive as of Dec. 1, 2025, if no specific instruction has been provided with the order by the entering trader.
On May 5, GE DBoerse issued circular on T7 release 14.0 introduction.
GE DBoerse issued Xetra Circular 018/2025 on the introduction of T7 release 14.0.
The circular provides T7 Trading Participants with the T7 Release 14.0 timeline, planned scope, communication schedule and details on introduced enhancements.
I.e., new trading model for the extension of trading hours for execution of retail orders with impact for all Xetra Trading Participants; self-match prevention enhancements.
The extension of the trading hours will affect both the start and end of trading, e.g. early trading from 08:00 until 09:00 CET and late trading from 17:30 until 22:00 CET.
The start date for the trading hour extension and the exact trading hours will be published at a later point in time; the model supports all tradable Xetra instruments.
The Self-Match Prevention (SMP) processing will be enhanced to support different deletion instructions in case a SMP event was detected and needs to be resolved.
A trader can define a SMP deletion instruction when entering an order/quote and the incoming aggressive order/quote will set the SMP deletion in case of an SMP event.
In Jun. 2025, the Frankfurt Stock Exchange will publish the detailed preliminary Release Notes listing the functional and technical enhancements in T7 Release 14.0.
Participants must initiate the preparatory steps to ensure software readiness.
Effectiveness
Simulation starts on Sep. 1, 2025, and the production starts on Nov. 10, 2025.
Jun. 2025 Retail Trading Service Extension
On Jun. 4, 2025, GE DBoerse issued a Cash Market Readiness Newsflash entitled T7 Release 14.0: Xetra Retail Trading Service Extension, on newly established sub-site.
As announced in Circular 018/25 this new trading model, which leads to extension of trading hours for retail orders, will be implemented as part of the T7 Release 14.0.
Release simulation starts on Sep. 1, 2025, and the production starts on Nov. 10, 2025.
All clients, regardless of their participation within the new Xetra Retail Trading Service Extension, need to consider these changes, and to adapt any systems and procedures.
An FAQ will be published in due course, based upon all questions raised, and feedback.
In Jul. 2025, GE DBoerse issued newsflash on company contact types, see #264049.
Sep. 2025 Retail Trading Hours Focus Call
On Sep. 8, 2025, GE DBoerse issued a cash market readiness newsflash entitled T7 Release 14.0: Publication of Focus Call – screencast, on Focus call presentation/Q&A.
GE DBoerse also issued cash market readiness newsflash with attachments in German.
Focus call will consists of Video: Focus Call: Xetra Retail Trading Hours Extension and a Video: Focus Call: Xetra Retail Trading Hours Extension Q&A, followed by Focus Call Presentation and then a Focus Call Q&A Text, to provide users with more information.
On Sep. 12, 2025, GE DBoerse issued cash market readiness newsflash on T7 release 14.0: Xetra retail trading hours extension simulation start, which is on Sep. 17, 2025.
Urged all trading participants to take part & test various scenarios to ensure readiness.
Also advised of documents to assist during simulation phase, starting Sep. 17, 2025.
In Sep. 2025, GE DBoerse informed of new T7 graphical user interfaces, see #269393.
Sep. 29, 2025 Readiness Statement
On Sep. 29, 2025, GE DBoerse published Newsflash informing relevant parties of the publication of the relevant Readiness Statementdocument related to T7 Release 14.0.
GE DBoerse reminded users to participate in simulation environment and connection test for a smooth transition, with participation crucial for successful implementation.
All Trading Participants and registered Independent Software Vendors (ISVs) are now requested to submit the Readiness Statement by Friday, Oct. 31, 2025 at the latest.
For the submission, the dedicated Trading PIN is required, and this PIN is available via the Member Section, and is accessible to central coordinators and their deputies only.
Oct. 2025 Official Close Price
On Oct. 30, 2025, GE DBoerse issued a new Cash Market Readiness Newsflash entitled Dissemination time of Xetra T7 Official Close Price, with some important information.
T7 Functional Reference (Version 2) specifies an Official Close Price becomes available only after the product has entered in the product state Post-Trading and this behavior was also reflected during the T7 Release 14.0 simulation which began on Sep. 1, 2025.
Due to introduction of Retail Late trading phase, it has been determined the existing logic would delay official closing price in production for all instruments in retail trading.
To ensure Official Close Price dissemination time is unchanged, current T7 Release 14.0 system will be adjusted so closing price will be disseminated once product enters Late-Retail-Trading or Post-Trading phase, if retail trading hour extension is not scheduled.
An updated version of the T7 Functional Reference (Version 3) reflecting this change has been published on Xetra website www.xetra.com under Technology > T7 trading architecture > System documentation > Release 14.0 > Overview and Functionality.
To support clients with their review of this adjustment, the new dissemination logic will be available in Simulation as of Nov. 19, 2025 and can be tested on each batch day in Simulation, please see the Simulation Calendar which outlines simulation batch days.
Starting Dec. 1, 2025, Official Close Price will be issued when product enters the Late-Retail-Trading or Post-Trading phase, if retail trading hour extension is not scheduled.
Nov. 2025 Planned Production
On Nov. 3, 2025, GE DBoerse issued Cir 051/25 informing that the planned production start for the announced Self-Match Prevention (SMP) Enhancements is Dec. 1, 2025.
Testing SMP Cross Match Instructions in the simulation environment is encouraged.
The new default SMP Cross Match instruction will be Cancel Passive as of Dec. 1, 2025, if no specific instruction has been provided with the order by the entering trader.
