On Jan. 30, 2025, ECC announced it will update the C7 FIXML interface, to enable direct connectivity for Derivatives Clearing Activities for CMs and connected NCMs.
The update will involve two key improvements: first, enhanced technology.
Java version 17 will be supported, which offers improved performance and stability.
Second, strengthened security: Deutsche Börse PKI infrastructure will be implemented for a more robust security posture; migration to new process scheduled for Q2 2025.
On May 23, 2025 the new process will be available for testing in SIMU environment.
On Jun. 14, 2025, the new process will be mandatory in the PROD environment.
On May 27, EUREX Clear issued information on new C7 releases.
EUREX Clear announced production launch of C7 Release 11.0, which is scheduled for Monday, Nov. 18, 2024, with simulation environment available from Sep. 11, 2024.
Release 11.0 is a mandatory Release for all clearing members, for ISA direct clearing members, for all disclosed direct clients of Eurex Clearing AG and across all vendors.
To increase the transparency of software usage, EUREX Clear will also be implementing a new process for registering Independent Software Vendors (ISVs) under the system.
Also, EUREX Clear will introduce a process for registering third-party software offered by ISVs and in-house software developed by participants, used to connect to accounts.
Consequently, each clearing participant and ISV will have to enhance the details on software usage in Member Section on an account level, for FIXML and FpML accounts.
Further details of individual changes are included within the text of Circular 037/24, which follows on from an original mention of some changes, within Circular 023/23.
Action Overview
All of the clearing participants are required to adjust their systems, and all clearing members and vendors will be impacted on C7 GUI, the FIXML and on report changes.
Users must prepare for the Release and make sure that all their Release contacts have subscribed for EUREX Clear Circulars and Newsflashes on the EUREX Clearing website.
EUREX Clear recommends clients to participate in the simulation phase and clearing Members are requested to submit their Readiness Statement by Friday, Nov. 8, 2024.
Future Plans
In 2025 EUREX Clear plans to launch two Releases and to ease planning of members, it is including intended dates for the Releases, in C7 announcement for Release 11.0.
C7 Release 11.1 is currently planned to be introduced on May 19, 2025, whereas the new C7 Release 12.0 is currently scheduled for Nov. 10, 2025, to provide for planning.
Jun. 2024 Additional Documentation
On Jun. 18, 2024, EUREX Clear announced publication of additional documentation.
As announced in EUREX Clear Circular 037/24, the C7 Release 11.0 will be launched in production on Nov. 18, 2024 and before that simulation will start on Sep. 11, 2024.
Documentation on C7 Release 11.0, including circulars, timeline and more information, is available on EUREX Clear dedicated initiative page under the following path Support > Initiatives & Releases > C7 Releases > C7 Release 11.0 > System Documentation.
Aug. 2024 Update and Release Notes
On Aug. 27, 2024, EUREX Clear confirmed that, as announced in Circular 037/24, C7 Release 11.0 will launch in production on Nov. 18, 2024, and simulation Sep. 11, 2024.
Simulation on Type of Money (ToM) Quota and Exercise/Assignment overview window changes - additional information on Illogical Exercises will be delayed to Sep. 30, 2024.
All documentation on C7 Release 11.0, including updated C7 Release Notes, circulars, timeline and much more information, is available within the dedicated initiative page.
Sep. 2024 Clearing Readiness
On Sep. 4, 2024, EUREX Clear issued Clearing readiness newsflash on C7 release 11.0.
Provided update on user ID deletion in simulation and production environment.
Eurex Clearing is set to implement a user ID deletion process with the simulation scheduled for Oct. 8, 2024 and the production release scheduled for Nov. 18, 2024.
The process will be accompanied by specific deletion criteria and action required.
Deletion process involves compiling list of total number of users per Member ID, and identifying specific Admin User IDs that will be subject to deletion according to criteria.
Under the criteria, all accounts that have not been used for more than 2 years will be deleted, with the exception of users listed in the Outsourcing relationship overview.
Also, users flagged as Initial User and users created within last 2 years but not active.
Also, admin users with role Service Administrator and privilege A001INQ internal user inquire who have capability to view all users in User Entitlement Maintenance window.
Members should review C7 GUI user accounts, ensure active accounts used regularly.
Administrators may need to delete outdated accounts before the effective date.
Sep. 10, 2024 Member Simulation Start
On Sep. 10, 2024, EUREX Clear announced an update for the Member simulation start.
As previously announced, C7 Release 11.0 will be launched in production on Nov. 18, 2024 and the main simulation will start on Sep. 11, 2024, but now with one exception.
The simulation start date of the C7 Release 11.0 scope item Customer Order Handling Instruction (Rate ID) for VBAP Grouping/Allocations will be delayed to Sep. 30, 2024.
All of the documentation on the C7 Release 11.0, including all circulars, timeline and much more additional information, is fully available on the dedicated initiative page.
Oct. 4, 2024 Additional Documentation
On Oct. 4, 2024, EUREX Clear announced publication of additional documentation on C7 Release 11.0; the newly published document is the C7 Clearing GUI - User Manual.
C7 Release 11.0 production launch on Nov. 18, 2024; simulation start Sep. 11, 2024.
Document dated Oct. 4, 2024, received from EUREX Clear Oct. 7, summarized Oct. 9.
In Oct. 2024 ECC updated technical equipment implementation regulation, #229384.
Oct. 10, 2024 C7 Release 11.0
On Oct. 10, 2024, ECC issued circular 50/2024 on release announcement of C7 11.0.
Noted that a simulation environment is already available and that, besides technical compatibility with changes in participant interfaces (C7 GUI, CRE reports, FIXML), a clean-up of GUI user accounts is planned - set up but inactive in the last 2 years.
In Dec. 2024 ECC will introduce an automated solution for the EUR Cash Quota processing for Cash Collaterals (see ECC clearing circular 17/2023, #171874).
For that purpose, a new Type of Money (ToM) Quota will be introduced.
In the simulation environment, activation is planned for Oct. 29, 2024.
Automated cash quota processing introduced to end-of-day collateral evaluation in C7.
With automated solution, cash quota must be fulfilled for an individual collateral pool.
Oct. 21, 2024 Readiness Statement
On Oct. 21, 2024, EUREX Clear announced the publication of the Readiness Statement for C7 release 11.0, which must be submitted by Nov. 8, 2024.
For the submission, the dedicated PIN is required which iis available via the member section, accessible to central coordinators and their deputies only.
Keeping the PIN in a secure place to avoid misuse is strongly recommended.
Now that the PIN is available in the member section, it will no longer be sent via email.
C7 release 11.0 focus call recording Oct. 9, 2024 is available under Readiness Videos.
Oct. 31, 204 Level 3 Breach E-mail Notification
On Oct. 31, 2024, EUREX Clear notified of planned changes for ARP: e-mail notification in case of level 3 breaches, and C7 GUI user account clean up, effective Nov. 18, 2024.
C7 ARP members can choose to receive e-mail notifications in addition to GUI pop-up, FIXML message; e-mail service not considered legally binding form of communication.
Due to data protection rules governing the C7 service, only generic mailbox addresses will be permitted, no personal e-mail addresses; trading participants can opt in for this.
The notification e-mail will include type of breach (soft/hard); timestamp of breach; maintenance member ID; affected member ID; All C7 GUI accounts that have not been used for more than two years in C7 GUI will be deleted, with some exceptions (listed).
Members should review C7 GUI user accounts and ensure active accounts are used regularly; administrators may need to delete outdated accounts before effective date.
Nov. 2024 Production Launch
On Nov. 12, 2024, EUREX Clear issued circular 082/24 which reminded clearing members of the production launch of C7 Release 11.0 on Nov. 18, 2024.
Announced simulation start: Sep. 11, 2024; production start: Nov. 18, 2024.
Detailed information on the release is available here.
Nov. 19, 2024 Temporary Rollback of Changes
On Nov. 19, 2024, EUREX Clear announced GUI, Exercise and Assignment overview Window temporary roll-back of changes introduced on Nov. 18, 2024.
Roll-back due to unexpected technical issue affecting display of exercises on Exercise / Assignment Overview window; window reverted to previous format on Nov. 20, 2024.
This means advanced filters introduced on Nov. 18, 2024 are temporarily unavailable.
Nov. 25, 2024 C7 FIXML Modernization
On Nov. 25, 2024, EUREX Clear announced commitment to reliable and secure clearing environment, and as part of this process it will now update current C7 FIXML interface.
Update will involve two improvements: Enhanced Technology - Java version 17 will be supported, offering improved performance and stability, and Strengthened Security - Deutsche Borse PKI infrastructure will be implemented for a robust security posture.
Migration to new process is scheduled for Q2 2025 with May 23, 2025 new process will be available for testing in SIMU, and on Jun. 14, 2025 new process will be mandatory.
EUREX Clear recommends members to review the documentation and video tutorials.
Dec. 2024 C7 Release 11.1
On Dec. 2, 2024, EUREX Clear announced production launch of C7 Release 11.1, scheduled for May 19, 2025; simulation environment available from Mar. 31, 2025.
Release is mandatory for all clearing members, ISA Direct clearing members, vendors.
With the introduction of C7 Release 11.1, EUREX Clear will implement several key features, including the Total Return Futures (TRF) Strategy, support for Negative Trade/Settlement Prices and Cross-Product Margining (CPM) for U.S. FCM Clients.
T7 will technically introduce a new instrument type called Total Return Futures (TRF) Strategy, where new strategies may or may not have different products in the legs.
C7 will allow negative transaction (trade) prices, daily settlement prices and final settlement prices for Futures products; first, selected ECC products will be supported, but EUREX Clear members must consider format changes to some report fields.
EUREX Clear aims to extend CPM benefits to US-based FCM clearing members, clients.
The initiative seeks to optimize, automate functionalities to maximize margin efficiencies under the LSOC clearing model; by automating identification of optimal positions for margin benefits and enabling automated position transfers between FCM and US clearing memberships, EUREX Clear will streamline the process.
In the initial phase, the scope will encompass EUR and CHF denominated IRS, OIS and FRAs, as well as CFTC approved-ETD short, mid, and long-term interest rate futures.
Clearing participants must adjust their systems; clearing members and vendors will be impacted on C7 GUI, FIXML and report changes; all clearing participants are requested to ensure all relevant contacts have subscribed for EUREX Clear circulars, newsflashes.
Information and support for C7 release 11.1 is available here.
Jan. 2025 ECC Introduction of C7 Release 11.1
On Jan. 23, 2025, ECC reminded of the introduction of he C7 Release 11.1 scheduled for May 19, 2025; simulation environment to test release available from Mar. 31, 2025.
C7 Release 11.1 includes functional enhancements including technical enhancements in preparation to allow processing of negative trading and settlement prices.
New field Asset Source in Reports CD710 and CD712; in addition, ECC announces the introduction of new T7 Drop Copy Service for Clearing Members to be offered by EEX.
Go-live takes place after T7 Release 13.1 - scheduled same dates as C7 Release 11.0.
C7 11.1 Release Notes and detailed documentation on the release are available here.
ECC recommended that clients participate in the simulation phase.
Jan. 30, 2025 Modernization of C7 FIXML Interface
On Jan. 30, 2025, ECC announced it will update the C7 FIXML interface, to enable direct connectivity for Derivatives Clearing Activities for CMs and connected NCMs.
The update will involve two key improvements: first, enhanced technology.
Java version 17 will be supported, which offers improved performance and stability.
Second, strengthened security: Deutsche Börse PKI infrastructure will be implemented for a more robust security posture; migration to new process scheduled for Q2 2025.
On May 23, 2025 the new process will be available for testing in SIMU environment.
On Jun. 14, 2025, the new process will be mandatory in the PROD environment.
