Introduction of T7 Release 14.1

1.  Introduction

Deutsche Börse plans to introduce T7 Release 14.1 on 18 May 2026 for the trading venues Deutsche Börse Xetra and Deutsche Börse Frankfurt. The Simulation period for T7 Release 14.1 is planned to start on 23 March 2026.

This circular provides T7 Trading Participants with the T7 Release 14.1 timeline and the communication calendar.

The following enhancements are planned be introduced in T7 Release 14.1:

• Introduction of the Quote Request Solution in the trading model Continuous Auction with Market Maker
• Introduction of the Enhanced Drop Copy Interface for Cash Markets
• Introduction of Auction Volume Discovery in the trading model Continuous Trading with Auctions

Simulation start:   23 March 2026

Production start:  18 May 2026

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.

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, 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 14.1.

Deutsche Börse will provide a dedicated release Simulation environment and asks Trading Participants and Independent Software Vendors (ISVs) 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 to the usual Release Simulation.

For more information on the T7 Cloud Simulation, please refer to the Deutsche Börse website www.cashmarket.deutsche-boerse.com under the following path:

Data & Tech > Technology > T7 Cloud Simulation

B. Scope of T7 Release 14.1

The following paragraphs provide an overview of the functional enhancements which will be introduced in
T7 Release 14.1:

Introduction of the Quote Request Solution in the trading model Continuous Auction with Market Maker

With T7 Release 14.1, Deutsche Börse will introduce the Quote Request Solution (QRS) in the Continuous Auction with Market Maker trading model (currently only used for structured products on the trading venue Deutsche Börse Frankfurt (MIC: XFRA)).

The QRS will be introduced to allow for dedicated request of a Trading Participant to the respective Market Maker/Issuer of a structured product. After the response to the request by the Market Maker/Issuer, the Trading Participant may accept the response which might lead to a full execution of the participant’s order within the next auction.

The new functionality resembles the QRS functionality of the Continuous Auction with Specialist trading model (for more details, please refer to the T7 Release 14.0 Functional Reference, Version 3, Chapter 5.7.3 Quote Request Solution), but caters to the specifics of this trading model. The main difference will be that any QRS order received in T7 after a previous successful negotiation will trigger an auction and in case of no execution, the QRS order will be deleted at the end of the auction in case the timer had not yet expired. This is important for the respective Market Maker/Issuer. For the Trading Participants there is no difference between the two functionalities.

Introduction of the Enhanced Drop Copy Interface for Cash Markets

Currently, Deutsche Börse is offering a listener broadcast for Trading Participants to receive a consolidated feed of all order activities of their business unit. The listener broadcast offers “drop copies” for standard orders to sessions within the same business unit but does not include lean orders (which are exclusively bound to the session entering the lean orders).

Based on T7 Release 14.1, Deutsche Börse will launch a new Enhanced Drop Copy (“EDC”) interface to provide a comprehensive overview of all orders (including lean orders). The service aims at Trading Participants and Clearing Members who want to improve their pre-trade risk monitoring or want to obtain a complete overview of their order inventory including lean orders. 

Consequently, Deutsche Börse will extend the T7 system landscape with a new dedicated EDC gateway to connect to the interface. Like the existing EDC interface for Eurex, the interface will be FIX Latest with Simple Binary Encoding, own Session Layer, and TLS Encryption. Trading Participants interested in consuming their EDC broadcast and Clearing Members interested to receive the EDC broadcast of their Trading Participants will have to sign up for a new EDC session. For load balancing purposes, the session content must be configured in the T7 Clearer GUI or T7 Admin GUI. 

For legal reasons, the Clearing Member needs to request the approval from his Trading Participant to receive their order flow. The approval procedure is supported via the T7 Clearer GUI initiating an approval request triggered by the Clearing Member and via the T7 Admin GUI to respond to the approval request by the corresponding Trading Participant.

For Clearing Members, this feature will be particularly useful from a risk management perspective. The Clearing Member will be able to perform a pre-trade risk monitoring by overseeing the order book activity of their Trading Participants in real time. This offering complements the existing Trade Drop Copy service already offered to the Clearing Members.

For Trading Participants, benefits are foreseen for their internal risk management, as well as for reconciliation purposes. For risk management departments within the Trading Participant, it could be beneficial to receive order data in real time rather than obtaining the data through their trading desks.

Introduction of Auction Volume Discovery in Continuous Trading with Auctions

With T7 Release 14.1, Deutsche Börse will introduce the new functionality “Auction Volume Discovery” (AVD) for all scheduled auctions in the trading model “Continuous Trading with auctions” on Xetra (Opening Auctions, Intraday Auctions, and Closing Auctions). By flagging limit and market orders as “AVD Orders”, Trading Participants will be enabled to get an execution in the selected auction, at the respective auction price, but without impacting the auction price. Brokers will be able to use AVD orders to conveniently comply with participation/volume constraints imposed by their end clients.

AVD Orders will not participate in the auction price formation and they will not be part of the displayed indicative auction volume or indicative surplus. They will be activated immediately after the regular auction price determination takes place and they will be executed against orders from the remaining auction surplus or other AVD Orders only. Optionally, Trading Participants will be able to add an “Internalization ID” to their AVD orders. AVD Orders from the same Business Unit (Member ID) and identical Internalization IDs will be matched with the highest priority.

Attachment: 

• Introduction Schedule and Communication Calendar for T7 Release 14.1 

Further information