Introduction of T7 Release 9.0

Release date: 06 May 2020

031/2020 Introduction of T7 Release 9.0Xetra Circular 031/20

1. Introduction

Deutsche Börse AG plans to introduce T7 Release 9.0 on 23 November 2020 for the trading venues Xetra and Börse Frankfurt. The simulation for T7 Release 9.0 is planned to start on 14 September 2020.

The following enhancements will be introduced in T7 Release 9.0, besides functional and technical enhancements:

  • Trade-at-Close functionality
  • New T7 FIX LF Gateway

This circular provides T7 Trading Participants with the T7 Release 9.0 timeline, planned scope, and the communication schedule.

  • Simulation start: 14 September 2020
  • Production start: 23 November 2020

2. Participation requirements

Trading Participants are requested to initiate the preparatory steps for software readiness for the new T7 Release 9.0 on 23 November 2020.

3. Details of the T7 Release 9.0

3.1    Timeline and communication schedule for T7 Release 9.0

The launch of T7 Release 9.0 is planned for 23 November 2020 for the trading venues Xetra and Börse Frankfurt. Figure 1 in the attachment gives an overview of the introduction schedule.

Deutsche Börse AG 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. 

The simulation is planned to start on 14 September 2020.

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 following path:        

In June 2020, Deutsche Börse AG will publish the detailed Preliminary Release Notes listing the functional and technical enhancements that will be available in T7 Release 9.0.

The existing documents that will be revised in T7 Release 9.0 are outlined in the communication calendar in Figure 2 in the attachment.

3.2    T7 Release 9.0 scope

With T7 Release 9.0, among other enhancements, T7 Xetra will offer Trade-at-Close functionality for the trading model “Continuous Trading in connection with auctions”, and the new T7 FIX LF Gateway for T7 Xetra and T7 Börse Frankfurt. 

The Trade-at-Close functionality

The Trade at Close (TaC) phase will be a prolonged trading phase of an instrument in the “Continuous Trading in connection with auctions” model, directly after the closing auction. During this phase, Trading Participants will have the possibility to enter orders that will result in trades at the fixed closing auction price, if available. Executions will take place continuously; no price discovery will be necessary.

Orders will only be able to participate in the TaC phase if the Trading Participant has previously flagged the order accordingly. The order will then be potentially executed at the fixed closing auction price. TaC will be a transparent phase with both pre trade transparency and post-trade transparency compliant with MiFID II/MiFIR requirements. 

New T7 FIX LF Gateway

As part of T7 Release 9.0, Deutsche Börse AG will start an initiative to integrate the FIX gateway closer into the T7 architecture. 

This new customer interface, using the FIX 4.4 Protocol, will be offered in parallel to the existing FIX interface and will, after a transition period, replace the existing interface. As initial step, Deutsche Börse AG will introduce new T7 FIX LF Gateways for back-office sessions in Q1 2021. A detailed timeline will be provided with sufficient lead time.

Attachment:

  • Introduction schedule for the introduction (Fig. 1), communication calendar (Fig. 2)

Further information

Recipients:All Xetra® and Börse Frankfurt Members and Vendors
Target groups:Traders, Technical Contacts, Security Administrators, System Administrators, Nominated Persons, General
Contact:client.services@deutsche-boerse.com
Web:www.xetra.com
Authorised by:Martin Reck, Holger Patt (on behalf of the Management Board)

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