1. Introduction

Deutsche Börse plans to introduce T7 Release 12.1 on 13 May 2024 for the trading venues Xetra and Börse Frankfurt. The simulation for T7 Release 12.1 is planned to start on 25 March 2024. 

This circular provides T7 Trading Participants with the T7 Release 12.1 timeline, planned scope and the communication schedule.

The following enhancements will be introduced in T7 Release 12.1:

• Xetra Retail enhancements
• MiFID II/MiFIR order flagging requirements: Enhancements of the Short Code (SC) and Algo ID solution

Simulation start:  25 March 2024      
Production start:  13 May 2024 

2. Required action

Trading Participants are requested to initiate the preparatory steps to ensure software readiness for the new T7 Release 12.1 on 13 May 2024.

3. Details of T7 Release 12.1

A. Introduction Schedule and Communication Calendar

Please refer to the Attachment for the Introduction Schedule and the Communication Calendar. 

The Introduction Schedule provides an overview of the timeline.

The Communication Calendar lists all important dates on which documents for T7 Release 12.1 will be published, including existing documents that will be revised for T7 Release 12.1.

In December 2023, Frankfurter Wertpapierbörse (FWB^®, the Frankfurt Stock Exchange) will publish the detailed preliminary Release Notes listing the functional and technical enhancements that will be available in T7 Release 12.1.

Deutsche Börse 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 environment. 

In addition to the T7 Release Simulation, Trading Participants and ISVs 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 (24/7) available for a fixed price per hour and is accessible using an SSL-encrypted internet connection. The T7 Cloud Simulation will start in advance to the usual Release Simulation.

For more information on the T7 Cloud Simulation, please refer to the Xetra website www.xetra.com under the following path:

Technology > T7 trading architecture > Cloud Simulation

B. Scope of T7 Release 12.1

The following sections provide an overview of the functional enhancements which will be introduced in T7 Release 12.1, among other enhancements.

Xetra Retail enhancements

With T7 Release 12.1, enhancements will be implemented for Xetra Retail to activate the Retail Liquidity Provider Service. Registered Liquidity Providers can use the Trading Capacity "L" with the production start of Release 12.1. In simulation, the Liquidity Provider Role can already be tested with T7 Release 12.0 including script support provided by Deutsche Börse. 

MiFID II/MiFIR order flagging requirements: Enhancements of the Short Code (SC) and Algo ID solution

With T7 Release 12.1, report enhancements will be introduced that aim to provide Trading Participants with more frequent feedback and to assist in the resolution of missing SCs and Algo IDs, upload errors, and a comprehensive registration and maintenance process of SCs and Algo IDs.

The enhancements will be implemented in the reports listed below, including a new structure and three new intraday versions that will be provided in addition to the already existing end-of-day reports:

• TR160 Identifier Mapping Error
• TR161 Identifier Mapping Status
• TR162 Algo HFT Error
• TR163 Algo HFT Status

In addition, the new report “TR169 Final Error Ongoing Corrections” will be introduced to facilitate the provision of missing SC data in an ongoing manner and to provide Trading Participants with a convenient process to fulfill data provision obligations.

Backwards compatibility

T7 Release 12.1 will be backwards compatible to T7 Release 12.0.
 

Attachment:

• Introduction Schedule, Communication Calendar for T7 Release 12.1

Further information