21 Nov 2025
Eurex
Eurex Readiness Newsflash | T7 Release 14.0: Activation of Self-Match Prevention Enhancements
Following the successful introduction of T7 Release 14.0, we would like to remind you of the upcoming functional activation of the Self-Match Prevention Enhancements occurring on 1 December 2025.
SMP Instruction Default Adjustment:
As outlined in Eurex Circular 091/25, the activation of the Self-Match Prevention (SMP) Enhancements will result in a change of the default setting for the SMP deletion scope.
The default SMP deletion instruction is considered by Eurex when sending an order or quote containing a SMP ID without an SMP deletion instruction. Currently, the default SMP deletion instruction is “cancel aggressive and passive” (CAP). Starting on 1 of December 2025, the default SMP deletion instruction will be “cancel passive” (CP).
SMP Deletion Instruction Details:
The following detailed changes are effective as of 1 December 2025:
All new SMP deletion instructions can be sent using ETI Tag 31625 (“CrossMatchInstruction”):
- “1” = Cancel incoming order = Cancel aggressive (CA)
- “2” = Cancel resting order = Cancel passive (CP)
- “3” = Reduce / cancel both incoming and resting order = Cancel aggressive and passive (CAP)
All technical details can be found in the ETI Derivatives Message Reference Document.
Automatic Application of Default SMP Instruction:
As of 1 December 2025, in case an SMP event occurs, the default SMP deletion instruction “CP” will be applied to any order containing a valid SMP ID without the inclusion of a corresponding SMP deletion instruction (Cross Match Instruction) resulting in the cancellation of the passive/resting order/quote opposing the incoming order.
Kind regards,
Your Client Services Team
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Further Information
Recipients: | All Trading Participants of Eurex Deutschland and Vendors | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination | |
Related circular: | Eurex Circular 091/25 | |
Contact: | client.services@eurex.com | |
Web: |
