Introduction of C7 Release 12.0

1.  Introduction

With this circular, Eurex Clearing announces the production launch of C7 Release 12.0, which is scheduled for Monday, 10 November 2025. The simulation environment will be available from 1 September 2025.  

Learn more about C7 Release 12.0 on the dedicated initiative page on the Eurex Clearing website  www.eurex.com/ec-en/ under the following link:  

Support > Initiatives & Releases > C7 Releases > C7 Release 12.0. 

System documentation, circulars, timeline and much more information will be available there for you. 

Simulation start: 1 September 2025  
Production start: 10 November 2025   

2.  Required action

Clearing Participants are required to adjust their systems. Clearing Members and vendors will be impacted on C7 GUI, FIXML and report changes. 

Please prepare for the Release and make sure that all your Release Contacts have subscribed for Eurex Clearing Circulars and Newsflashes on the Eurex Clearing website under the following path: Find > Circulars & Newsflashes Subscriptions. 

We recommend clients to participate in the simulation phase.

3.  Details of the initiative

A. Adjustment of Fee Code Logic  

Eurex Clearing will introduce changes to fee eligibility for Disclosed Clients (DCs) in C7, granting the P-account fee only to DCs that are either trading participants of Eurex Deutschland or affiliates of such participants. Non-affiliated DCs will be subject to A-account fees for volumes cleared in their A/P/M accounts.

For FX-Futures and FX-Options with deviating quote currency, participants can register for an alternative fee currency. This will apply in future for all products with alternative fee currency offered after registration. Newly, the alternative fee currency will also be considered during Take-up and other position driven events.

 B.  Reason Codes for External Position Transfers 

C7 will enhance transparency in external position transfers by requiring standardized reason codes. 
These codes must be indicated during real-time external transfers, either via the GUI or in upload files.

C. Open/Close Flag in Give-Up via FIXML

Eurex Clearing is aligning its FIXML interface with the C7 GUI by making the “AllocPosEfct” (tag 1047) field mandatory in “AllocationInstruction” messages for Give-up and value-based average pricing (VBAP) allocation with Give-up requests.

Previously optional, this field will now be required to specify whether the proposed position effect is to be to open or to close. This change ensures consistency across communication channels and supports the Take-up Member in correctly processing the position.

D. Harmonization of Corporate Actions processing for Stock Options

To bring corporate action processing in line with European clearing house practices, Eurex Clearing will modify how stock options (OSTK) are adjusted following corporate action events. When a capital adjustment results in a fractional trading unit, the new methodology will round the lot size to the nearest whole share. The resulting difference will be settled through an equalization payment, calculated based on the series settlement price and processed as an option premium on Ex-date +1.

Additionally, Eurex will initiate a one-time corporate action with an R-factor of 1 to round all existing adjusted OSTK option series to whole-share units.

E. VBAP (value-based average pricing) Functionality Enhancements

With C7 Release 12.0, Eurex Clearing will support multiple VBAP allocations in a single FIXML request. Each must include a unique “IndividualAllocID” (tag 467), streamlining processing and reducing message volume.

Additionally, Eurex Clearing introduces the optional “FirmGroupID” (tag 1728), allowing Members to assign additional identifiers to VBAP groups. 

A new “ClearingFreeTextGrp” structure allows Members to enter separate free-text fields for offset, average price, take-up proposals, and account transfers, improving clarity in VBAP allocation instructions.

Eurex Clearing will also allow average price transactions to be closed directly with the VBAP allocation request.

F. New Admissible Securities File

Eurex Clearing has introduced a new version of the Admissible Securities file, available via the Common Report Engine and the Eurex Clearing website.

This enhanced version includes additional fields indicating eligibility for Title Transfer and European Commodity Clearing (ECC). Published in parallel with the legacy format since March 2025, it will fully replace the old version with the launch of C7 Release 12.0.

G. General GUI and Report Updates

C7 Release 12.0 also includes a wide array of updates to reports and GUI screens to support the new fields and functionalities. 

Unless the context requires otherwise, terms used and not otherwise defined in this circular shall have the meaning ascribed to them in the Clearing Conditions or FCM Clearing Conditions of Eurex Clearing AG, as applicable.

Further information