Initiatives & Releases

C7 Releases

C7 Release 12.0

With the introduction of the C7 Release 12.0,  Eurex Clearing will implement several key features, including the Fee Code Logic, Reason code for external position transfers, Open/close Flag for Give-up via FIXML, VBAP functionalities, a new Admissible Securities file, and Harmonization of Corporate Action processing. 

Simulation start: 01 September 2025
Production start: 10 November 2025

Timeline C712.0 Release









System Documentation

  • C7 Advanced Risk Protection GUI - User Manual
    Publication date: 27 May 2025
    This user manual for the Eurex Clearing's C7 ARP Clearing GUI provides final descriptions of all windows and related functions.
  • Clearing GUIs - Access Guide V3.11
    Publication date: 27 May 2025
    This document describes the technical requirements to access the Eurex Clearing GUIs: C7 Clearing GUI, EurexOTC Clear GUI and EurexOTC Clear Margin Calculator GUI.

Circulars

Release Items/Participants Requirements

Feature/Enhancement  

Details  

Action Item  

Adjustment on Fee Code Logic 

Eurex Clearing will introduce the following fee changes:


Fee Eligibility Changes:

  • P-account fees will now be granted only to Disclosed Clients (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.
  • Transactions for DCs not granted the P-account fee will have the new value “D” in the Fee Code for the fee qualifier “Fee Trade Originator” for transactions booked on P/M accounts.
  • Information on whether a client is granted the P-account fee can be obtained from a new flag available in the C7 GUI and the CA770 Account Maintenance report.


Alternative Fee Currency for FX Products:

  • Participants can register for an alternative fee currency for FX-Futures and FX-Options with deviating quote currency.
  • This will apply in future for all products with alternative fee currency offered after registration.
  • The alternative fee currency will also be considered during Take-up and other position-driven events.
  • For FX products, Eurex Clearing members must use the Fee Code where the “Fee Member-Specific” qualifier reports the value “A” for all transaction and position-related bookings.

These updates will require careful attention from Clearing Members to ensure accurate fee calculations and compliance with the new rules.


In case of any questions contact your Clearing Key Account Manager or client.services@eurex.com.

Add Reason code for External Position Transfer

Eurex Clearing will adopt a standardized set of reason codes, developed by the Futures Industry Association (FIA). This aims to improve transparency, boost efficiency, and strengthen risk control.


The C7 GUI enhancements will introduce a mandatory "Reason Code" field.

Additionally, the CB730 report will be revised to include the new "Reason Code" field.

Clearing Members should be aware about upcoming changes and make necessary preparations.

Open/Close flag for Give-up via FIXML

Eurex Clearing will mandate the "AllocPosEfct" (tag 1047) field in the FIXML AllocationInstruction messages for Give-up instructions and VBAP allocations with Give-up. This aligns with its existing mandatory status in the C7 GUI.

Clearing Members should be aware of the of the mandatory inclusion and other changes and make necessary preparations.

Value Based Average Pricing (VBAP) Functionality Enhancements 

Eurex Clearing will support multiple VBAP allocations in a single FIXML request. Each allocation must include a unique "IndividualAllocID" (tag 467), streamlining processing and reducing message volume.
 
Eurex introduces the optional "FirmGroupID" (tag 1728), enabling members to assign additional identifiers to VBAP groups. The 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 will also allow average price transactions to be closed directly in the VBAP allocation request. These updates are also reflected across the C7 GUI, and key reports like CB012, CB716, CB750, and CB751.

Eurex Clearing Members should be aware of a revised FIXML request message structure in addition to new fields in FIXML messages, including "IndividualAllocID", "FirmGroupID", "AllocPosEfct", and "ClearingFreeTextGrp", introduced to support enhanced VBAP functionality and reporting.

Harmonization of Corporate Action (CA) Processing for Stock Options

Eurex Clearing will revise the stock option (OSTK) corporate action processing by rounding trading units to whole lots. Fractional lots will be eliminated with an equalization payment.

Clearing Members should ensure readiness for the updated CA logic and note the initial conversion (one-off corporate actions (R-factor 1) to remove fractional OSTK option lots, excluding baskets).

New Admissible Securities File

Eurex Clearing has introduced a new version of the Admissible Securities file, which is 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.

Clearing Members should be aware of the required transition to the new Admissible Securities file (00FILADMISPUBLI) format prior to the implementation of C7 Release 12.0.


Eurex Initiatives Lifecycle

From the announcement till the rollout, all phases of the Eurex initiatives outlined on one page! Get an overview here and find other useful resources.

Are you looking for information on a previous initiative? We have stored information about our previous initiatives in our Archive for you!


Contacts

Eurex Frankfurt AG
Customer Technical Support / Technical Helpdesk

Service times from Monday 01:00 – Friday 22:00 CET
(no service on Saturday and Sunday)

Please contact your Technical Account Manager via your personal VIP number which can be found in the Member Section.

T +49-69-211-VIP / +49-69-211-1 08 88 (all)

cts@deutsche-boerse.com

Eurex Frankfurt AG
Key Account Management

Service times from 09:00 - 18:00 CET

client.services@eurex.com