Introduction of T7 Release 10.1

Release date: 29 Nov 2021

084/2021 Introduction of T7 Release 10.1Xetra Circular 084/21

1. Introduction

Deutsche Börse plans to introduce T7 Release 10.1 on 27 June 2022 for the trading venues Xetra and Börse Frankfurt. The simulation for T7 Release 10.1 is planned to start on 2 May 2022.

This circular provides T7 Trading Participants with the T7 Release 10.1 timeline, planned scope and the communication schedule.

The following enhancements will be introduced in T7 Release 10.1:

  • Xetra EnLight Auto Execution
  • Xetra EnLight Staging of Request-for-Quotes (RfQ)

Simulation start: 2 May 2022
Production start: 27 June 2022

2. Required action

Trading Participants are requested to initiate the preparatory steps to ensure software readiness for the new T7 Release 10.1 on 27 June 2022.

3. Details of the T7 Release 10.1

A. Introduction Schedule and Communication Calendar

Please refer to the attachment for the Introduction Schedule and the Communication Calendar. 

The Introduction Schedule provides an overview of the timeline, the Communication Calendar lists all important dates on which documents for T7 Release 10.1 will be published, including existing documents that will be revised for T7 Release 10.1.

In January 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 10.1.

Deutsche Börse will provide a dedicated simulation environment 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 (24/7) available 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 10.1

The following paragraphs provide an overview of the functional enhancements which will be introduced in T7 Release 10.1.

Xetra EnLight Auto Execution

The T7 Xetra EnLight Request-for-Quote (RfQ) service will be enhanced with an Auto Execution functionality. The requester will be able to enable auto execution for the negotiation event when starting the event. The requester defines a quote collection duration for this negotiation event. All the quotes entered during this time duration will be subject to the following criteria:

  • Pre-defined minimum number of quotes for auto execution
  • Price criterion

If the user-defined minimum number of quotes is reached and one or multiple quotes fulfil the price criteria at the end of the quote collection duration, the quote with the best price will be matched automatically. If there are multiple quotes at the best price, one of them will be chosen randomly.

The Auto Execution feature thus ensures that requesters will not have to continuously monitor quote responses to ensure best execution of the RfQ transaction. 

Xetra EnLight Staging of Request-for-Quotes (RfQ)

Starting with T7 Release 10.1, Xetra will offer a staging mechanism for Xetra EnLight RfQs by introducing so-called suspended RfQs. Suspended RfQs will initially be inactive in T7 until the activation by the user. Activated RfQs resemble the existing RfQ mechanism. This enhancement will support requesters using Xetra EnLight via the T7 Xetra Trader GUI while also integrating Xetra EnLight into their existing Execution Management System/Order Management System. 

Attachment:

  • Introduction Schedule and Communication Calendar for T7 Release 10.1


Further information

Recipients:

All Xetra® Members and Vendors

Target groups:

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

Contact:

cts@deutsche-boerse.com

Web:

 

www.xetra.com

Authorized by:

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