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C7 Updates

C7 Updates

With Eurex Clearing's C7 enhancements, Eurex Clearing continues to reduce infrastructure complexity for its Clearing Members. The upcoming C7 upgrade includes several enhancements and is planned for Monday, 3 December 2018.

Changes to reports CB001 and CB165
Please also note that Eurex Clearing will implement changes to reports CB001 and CB165 to answer FIA requirements. The report CB001 will be extended to incorporate a fee change within a short time before the effeteness close to its publication by circular to be able to see the previous, current and new fee. Report CB165 will be extended to show additional the calculated fee without any reductions (i.e. without the application of the reduced fee above a certain contract volume threshold).

Migration of C7 Payment Service
Eurex Clearing will migrate its Cash Payment Services to the C7 infrastructure. With the introduction of new C7 enrichments, Exchange Traded Derivatives (ETD) and OTC product related cash payments as well as margin calls and cash collateral will no longer be available in the reports CD010/CD011/CD012/CD015. The information will be reflected in the new reports CD710/711/712/715.

Migration of Advanced Risk Protection Service
Eurex Clearing will also migrate the Advanced Risk Protection (ARP) service including limit maintenance and stop/release function from Eurex Classic to Eurex Clearing’s C7 with upcoming C7 upgrade.

Extension of Transaction duration / lifetime
Eurex Clearing will extend the transaction duration from two to three days, adopting market standard. Once introduced, Clearing Members can perform transaction management functions on the actual trade day as well as on T+1, T+2 and T+3.

Gross position keeping on M-accounts
With the upgrade of the C7 system in December, it is planned to introduce a gross-handling of M-Accounts and Zero Cost Quantity (ZCQ) for M-Accounts responding to an FIA request to enhance transaction management functionality on these position accounts. A table is available here.

The Auto Close-out functionality including ZCQ calculation will be activated for M-accounts simultaneously. Please note, that Eurex Clearing will set the Auto Close-out flag to “yes” and the ZQC to “no” during the conversion, to mirror current behaviour as much as possible. Clearing Members can enable/disable the setting for Auto Close-out in combination with the use of the ZCQ via the C7 Derivatives Clearing GUI.

Final decommissioning of AMQP 0-10 version
AMQP versions 0-10 and 1.0 are supported as protocol for Eurex Clearing FIXML Interface

•    AMQP 1.0 can be used for inquiries and broadcasts
•    AMQP 0-10 can be used for broadcasts only

Due to Red Hat’s termination of support for AMPQ 0-10, Eurex Clearing has decided to disable the AMQP 0-10 connectivity in December 2018 for all production systems.

Product State Change via C7
In December the product state change will be available via C7. The C7 system differentiates between the following product phases:

  • Clearing Phase - All clearing activities are allowed.
  • No Position Move Phase - All clearing activities are allowed but restrict the transfer of quantity to other participants via give-up or External Position Transfer. Internal position transfers and Transaction Account Transfer are allowed (include the Transaction Account Transfer from the Clearing Member to one of the RC).
  • No Settlement Phase – All clearing activities are allowed but Exercise, Abandonment from Automatic Exercise or Notifications are not allowed.
  • Restricted Access Phase - Restricted Access, position and transaction management is not possible.

For further details please have a look at the Derivatives Clearing Functional Reference document.
Clearing Members will be able to request the current product phase for the clearing products. In order to list only certain products, a filter function will be implemented. For further details about the current phase overview, please have a look at our system documentation: C7 Clearing GUI – User Manual.
For further detailed technical information, please also visit Eurex Clearing´s section for system documentation: www.eurexclearing.com > Technology > Eurex Clearing´s C7 > System Documentation.

If you have any questions or require further information, please contact your dedicated Group Client Key Account Manager Clearing or send an email to customer.readiness@eurexclearing.com.

Further information