Introduction of T7 Release 11.0

Release date: 05 Apr 2022

016/2022 Introduction of T7 Release 11.0Xetra Circular 016/22

1. Introduction

Deutsche Börse plans to introduce T7 Release 11.0 on 21 November 2022 for the trading venues Xetra and Börse Frankfurt. The simulation for T7 Release 11.0 is planned to start on 12 September 2022.

This circular provides T7 Trading Participants with the T7 Release 11.0 timeline, planned scope and the communication schedule.

The following enhancements will be introduced in T7 Release 11.0:

  • Pre-Trade Risk Limits for Xetra as basis for the improvement of risk management
  • Introduction of non-recoverable Xetra EnLight Quotes in order to minimize the (persistency layer) footprint of Xetra
  • Message Encryption for ETI Low Frequency Gateways
  • Preparatory measures for potential trading of digital assets on T7

Please note that T7 Release 11.0 will not be backwards compatible.

2. Required action

As there will be no backwards compatibility, Trading Participants are requested to initiate the preparatory steps to ensure software readiness for the new T7 Release 11.0 on 21 November 2022.

3. Details of T7 Release 11.0

A. Introduction schedule and Communication Calendar

The introduction schedule in the Attachment provides an overview of the timeline.

The Communication Calendar lists all important dates on which documents for T7 Release 11.0 will be published, including existing documents that will be revised for T7 Release 11.0.

In July 2022, the 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 11.0.

Deutsche Börse will provide a dedicated simulation environment in order to give Trading Participants and Independent Software Vendors (ISVs) the opportunity to perform comprehensive testing of their trading applications, independently 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 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:

B. Scope of T7 Release 11.0

The following paragraphs provide an overview of the functional enhancements which will be introduced in T7 Release 11.0.

Pre-Trade Risk Limits for Xetra as basis for the improvement of risk management

With T7 Release 11.0, the Pre-Trade Risk Limit (PTRL) functionality for Xetra will be introduced to improve risk management capabilities for Xetra Trading Participants. 

The PTRL functionality allows Trading Participants, Clearing Members and the Exchange to set limits for long/short positions of a product that will be checked prior to the acceptance of an order or quote. In case a limit is breached, the incoming order or quote will be rejected.

The PTRL functionality for Xetra is based on the Eurex PTRL functionality with the difference that the limits will be set as notional value, i.e. the quantity multiplied by a PTRL reference price per product. The PTRL reference price will be determined at the time of order/quote entry or modification and used as reference for the PTRL consumption calculation of open orders/quotes. Once an execution takes place, the execution price will be used to determine the PTRL consumption of the executed orders/quotes and the PTRL reference price will be used to reduce the open order/quote PTRL consumption.

Introduction of non-recoverable Xetra EnLight Quotes in order to minimize the (persistency layer) footprint of Xetra

With T7 Release 11.0, Xetra will introduce a change in the Xetra EnLight functionality to only offer non-recoverable Xetra EnLight quotes to minimize its (persistency layer) footprint. It will be possible to recover the state of the Xetra EnLight quote but not the history. Additionally, there will be a new Xetra EnLight quote attribute for visibility – to be set at the time of the Xetra EnLight quote entry. Non-visible Xetra EnLight quotes will only be distributed to the submitting session of the related Xetra EnLight Responder and all subscribed sessions of the Businesses Unit of the Requester of the related Xetra EnLight negotiation. Furthermore, non-visible Xetra EnLight quotes will be deleted in case of a T7 session loss of the submitting session.

Preparatory measures for potential trading of digital assets on T7

Deutsche Börse will take preparatory measures to enable T7 for a potential inclusion of new instrument types like digital assets in a central limit order book and on Xetra EnLight. The aim is to enable secure and efficient trading of these new security types on a reliable platform.

Backwards compatibility

T7 Release 11.0 will not be backwards compatible.

Attachment:

  • Introduction schedule, Communication Calendar


Further information

Recipients:

All Xetra® and Börse Frankfurt Members and Vendors

Target groups:

Traders, Technical Contacts, System Administrators, Nominated Persons, General

Contact:

client.services@deutsche-boerse.com

Web:

www.xetra.com

Authorised by:

Michael Krogmann, Holger Patt (on behalf of the Management Board)


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