T7 Release 14.0: Announcement on Eurex T7 Functionality activations after Release Launch Date

1. Introduction

As announced in the Eurex Release Notes for T7 Release 14.0, the following functionalities will be activated in the production environment after the official release date:

a. Synthetic Matching for Butterflies and Condors in STIR Markets (FEU3 and FST3):

• Simulation: Already activated
• Production: 17 November 2025* 

b. Sponsored Access:

• Simulation: Already activated**
• Production: 17 November 2025** 

c.  Self-Match Prevention Enhancements:

• Simulation: Already activated 
• Production: 1 December 2025*

d. TRF Forward Implied Spreads:

• Simulation: Already activated
• Production: 24 November 2025

e. Increase in Maximum Number of TSL User Groups

• Simulation:  6 November 2025
• Production: 17 November 2025

f. Corporate Action Harmonization

• Simulation: Already activated for all Single Stock Options
• Production: 14 November 2025

* The introduction is subject to the approval of a change to the Exchange Rules of Eurex Deutschland or the Conditions for Trading at Eurex Deutschland.

** The Market Readiness section (SAP) for registration will be available on 10 November 2025.

Learn now more about T7 Release 14.0 on our dedicated initiative page under the following link: Support > Initiatives & Releases > T7 Release 14.0. System documentation, circulars, timeline and much more information is available there for you.

2. Required action

a. Trading Participants are encouraged to get familiar with synthetic matching in Butterflies and Condors for Money Market Index Futures and test different scenarios in the simulation environment.

b. Trading Participants are encouraged to test the following scenarios in the simulation environment:

• Set-up of SpA trader, their product and corresponding user group, and user risk group assignments
• Set-up of SpA User company/companies (as SpA Unit) and assigning their SpA traders
• Familiarizing with respective risk limits and corresponding SpA user risk groups (TSL, PTR Limits)
• The deletion of SpA trader and/or SpA user company (SpA Unit) 

c. Trading Participants are encouraged to test different SMP deletion instructions in the simulation environment.

d. Trading Participants interested in Total Return Futures are encouraged to test TRF Forward Implied Spread strategies in the simulation environment.

e. No action required.

f. Trading Participants can participate in the respective Focus Days stated in the Eurex Clearing Readiness Newsflash from 19 August 2025.

3. Details of the initiative 

As announced in the Eurex Final Release Notes for T7 Release 14.0, the following functionalities will be activated in the Production environment after the official release launch date:

a. Synthetic Matching for Butterflies and Condors in STIR Markets

With T7 Release 14.0, Eurex introduces synthetic matching for additional futures strategies of type Butterfly or Condors denoted as Condor synthetics. For STIRs Futures, namely Euribor and €STR futures, these strategies are available and will be switched on for synthetic matching. The concept complements the already existing synthetic matching of calendar spreads (calendar spread synthetics) and enhances orderbook liquidity as well as increases transparency in the STIRs market.

The Condor synthetics represents a synthetic matching concept considering the most essential combinations to create synthetic Butterfly and Condor prices and quantities by involving synthetic paths containing combinations of orderbook sides of simple instruments and/or calendar spreads in a consistent way. For more information and details of the concept, please have a look at the Final Release Notes for Release 14.0 and the latest version of the Functional Reference Guide, chapter 19.3.

b. Sponsored Access 

With T7 Release 14.0, Eurex introduces “Sponsored Access (SpA)” as an additional Direct Electronic Access (DEA). As a complementary to the already existing Direct Market Access (DMA), this service aims to provide low latency access to the T7 trading platform for indirect participants (denoted as SpA user companies). 

With T7 Release 14.0, specific SpA sessions were introduced to allow SpA user companies to connect to the T7 trading platform. Eurex trading participants can be registered as Sponsored Access Provider (SpA provider) to handle the connectivity of SpA user companies via SpA sessions. The T7 Trading Platform will be adapted to support SpA providers in setting up and monitoring the trading activities of SpA user companies.  

The initial setup in the Market Readiness section (SAP), which allows registration as a SpA provider and as a SpA user company, will be available on 10 November 2025.

c. Self-Match Prevention Enhancements

With T7 Release 14.0, Eurex introduces the possibility to set SMP deletion instruction on order/quote level specifying the SMP behavior of the incoming order in case of an SMP event. The already existing SMP deletion instruction “cancel aggressive and passive” will be the only deletion instruction supported immediately after the launch of T7 Release 14.0, and the usage of any other SMP deletion instruction will be rejected. 

The activation of new SMP deletion instructions will be effective on 1 December 2025, and the default SMP deletion instruction defined by Eurex will be changed from “cancel aggressive and passive” to “cancel passive”. Additionally, the SMP fee will be changed on the same date. The new SMP fee structure will be explained in more detail in a separate Eurex circular.
   
d. TRF Forward Implied Spreads

Eurex T7 Release 14.0 will introduce Forward Implied Spread (FIS), which allows for on-book and off-book trading of TRF spreads with different expiries. This new structure enhances price transparency, order book liquidity, and creates efficient opportunities for hedging and arbitrage. TRF FIS will be available as four different subtypes of the complex instrument type ‘TRF STRATEGY’ introduced with T7 Release 13.1.

e. Increase in Maximum Number of TSL User Groups

Eurex will increase the number of TSL User Groups from 10 to 20 to make setup and maintenance of TSL User Groups more efficient for the members. The increase might also be for the benefit of SpA providers in setting up additional TSL User Groups reflecting the structure of SpA user companies.   

f. Corporate Action Harmonization

With C7 Release 12.0, Eurex Clearing adjusts its corporate action processing for Options on stocks (OSTK) aligning it with the processing of other clearing houses in Europe. The handling of corporate actions on Single Stock Futures contracts will not be changed.

Please refer to Eurex Clearing Readiness Newsflash from 7 October 2025 for more details on the initiative and the strategic rollout of harmonized corporate action processing into the production environment.

Further information