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Eurex
1. Introduction
Eurex plans to introduce T7 Release 14.1 on 18 May 2026. The simulation period for T7 Release 14.1 is planned to start on 23 March 2026.
This circular provides Eurex Trading Participants with the T7 Release 14.1 timeline, planned scope and the communication schedule.
The following enhancements will be introduced in T7 Release 14.1:
Please also note that as indicated in the Release Notes of T7 Release 13.1, §3, the old ETI order handling requests will only be available in the backward compatibility mode of T7 Release 14.1 and will be decommissioned with T7 Release 15.0.
Learn more about T7 Release 14.1 on our dedicated initiative page on the Eurex website www.eurex.com under the following link: Support > Initiatives & Releases > T7 Release 14.1.
System documentation, circulars, timeline and much more information will be available there for you.
2. Required action
Trading Participants are requested to initiate the preparatory steps to ensure software readiness for the new T7 Release 14.1 on 18 May 2026.
3. Details of the initiative
A. Introduction Schedule and Communication Calendar for T7 Release 14.1
Please refer to the Attachment for the Introduction Schedule and the Communication Calendar.
The Communication Calendar lists all important dates on which documents for T7 Release 14.1 will be published, including existing documents that will be revised for T7 Release 14.1.
In December 2025, Eurex Exchange will publish the detailed preliminary Release Notes listing the functional and technical enhancements that will be available in T7 Release 14.1.
Eurex 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.
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 of the usual Release Simulation.
For more information on the T7 Cloud Simulation, please refer to the Eurex website under the following path:
Support > Technology > T7 Cloud Simulation
Eurex Exchange is committed to providing Trading Participants and ISVs with information updates throughout the development of T7 Release 14.1 to support adequate planning and to ensure a successful launch.
B. Overview of functional enhancements
The following paragraphs provide an overview of the functional enhancements which will be introduced in T7 Release 14.1:
Synthetic Matching for Packs and Bundles in STIR Markets
In addition to the currently existing calendar spread synthetics and the butterfly and condor synthetics introduced with T7 Release 14.0, Eurex will introduce synthetic matching for packs and bundles in STIR futures.
Synthetic matching in packs and bundles will enable the matching of incoming orders in packs and bundles against the synthetic combination of orderbook sides of simple instruments representing the pack or bundle orderbook side opposite to the incoming order (implied-in). Price and/or quantity information of synthetically created packs and bundles will be published via the market data interfaces provided they contribute to the best price level.
Synthetic combinations involving several simple instruments and a pack or bundle on the passive side resulting into a synthetic simple instrument are also considered for matching against an opposite incoming simple instrument orders (implied-out).
Sponsored Access – Wave 2
With T7 Release 14.0, Eurex introduced the new alternative of getting low-latency access to the Eurex markets denoted as “Sponsored Access” (“SpA”) supplementing the already existing “Direct Market Access” (DMA) and “Order Routing System” (ORS).
Any registered Eurex Trading Participant is allowed to act as SpA Service Provider, granting access to indirect trading participants (“SpA User Company”) to use this new SpA for low-latency trading at Eurex.
With T7 Release 14.1, Eurex will offer further functionalities for the participating SpA Service Providers and SpA User Companies.
The enhancements for the SpA Service Providers will include the introduction of FIX LF Trading and Drop Copy functionalities for FIX LF Backoffice sessions to receive order information of the SpA User Companies. Enhancements for the Pre-Trade Risk Limit functionality will allow SpA Service Providers to facilitate stopping trading activities of their SpA User Companies via a corresponding ETI request. The enhancements for the SpA User Companies will include access to the T7 Trader GUI for order and trade management as well as the introduction of FIX LF Trading and Drop Copy functionalities for FIX LF Backoffice sessions to receive order information.
Attachment:
Further information
Recipients: | All Trading Participants of Eurex Deutschland and Vendors | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination | |
Contact: | client.services@eurex.com | |
Web: | Support > Initiatives & Releases > T7 Release 14.1 | |
Authorized by: | Jonas Ullmann |
Market Status ⓘ
XEUR
The market status window is an indication regarding the current technical availability of the trading system. It indicates whether news board messages regarding current technical issues of the trading system have been published or will be published shortly.
Please find further information about incident handling in the Emergency Playbook published on the Eurex webpage under Support --> Emergencies and safeguards. Detailed information about incident communication, market re-opening procedures and best practices for order and trade reconciliation can be found in the chapters 4.2, 4.3 and 4.5, respectively. Concrete information for the respective incident will be published during the incident via newsboard message.
We strongly recommend not to take any decisions based on the indications in the market status window but to always check the production news board for comprehensive information on an incident.
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