1.  Introduction

Deutsche Börse plans to introduce T7 Release 14.0 on 10 November 2025 for the trading venues Xetra and Börse Frankfurt. The simulation period for T7 Release 14.0 is planned to start on 1 September 2025.

This circular provides T7 Trading Participants with the T7 Release 14.0 timeline, planned scope and the communication schedule.

The following enhancements will be introduced in T7 Release 14.0:

• New trading model for the extension of trading hours for the execution of retail orders – Impact for all Xetra Trading Participants
• Self-Match Prevention enhancements

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

2.  Required action

Trading Participants are requested to initiate the preparatory steps to ensure software readiness for the new T7 Release 14.0 on 10 November 2025.

3.  Details of the initiative

A. Introduction schedule and Communication Calendar for T7 Release 14.0

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 14.0 will be published, including existing documents that will be revised for T7 Release 14.0.

In June 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 14.0.

Deutsche Börse will provide a dedicated release simulation environment to give Trading Participants and Independent Software Vendors (ISVs) the opportunity 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 of 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:

Technology > T7 trading architecture > Cloud Simulation

B. Scope of T7 Release 14.0

The following paragraphs provide an overview of the functional enhancements which will be introduced in T7 Release 14.0:

New trading model for the extension of trading hours for the execution of retail orders – Impact for all Xetra Trading Participants

A new trading model will be introduced that allows for an extension of the trading hours for retail orders. With the extension of the trading hours, retail orders from registered Retail Member Organisations (RMOs) can get executed based on orders and quotes from registered Retail Liquidity Providers (RLPs). The extension of the trading hours will affect both the start and end of trading, e.g. early trading from 08:00 until 09:00 (CET) and late trading from 17:30 until 22:00 CET. The start date for the trading hour extension and the exact trading hours will be published at a later point in time. The new trading model supports all tradable instruments on Xetra.

The new trading model will be offered as a pure Auction model (Retail Auction), allowing RMOs to submit Retail Orders to be executed based on RLP quotes. The auction price will be determined using the highest executable volume and lowest surplus. RMOs will be able to limit their retail orders to only participate in the main trading hours, i.e. 09:00 until 17:30 (CET).

Important information for all customers: Due to the introduction of the new trading model and the extension of trading hours, new product and instrument statuses will be published in the Market Data that will signify the early or late retail trading product statuses. Furthermore, the duration of the opening auction and the duration of Trade-at-close (TAC) might be reduced. Market Data from the early- and late-trading will be published in the Market Data during those new product statuses. The introduction of the late retail trading (until 22:00 CET) results in the End of Service of ETI and FIX LF sessions to be sent after the post-trading phase. Additionally, reports will also be generated at a later point in time.

Regular order maintenance will be enabled during those new product statuses as it would be during pre-trading (early retail trading) or closing (during late retail trading) for non-retail orders or quotes. 

Non-retail orders and quotes will not be affected by this Xetra Retail trading service extension and will not take part in these Retail Auctions.

Self-Match Prevention Enhancements

With T7 Release 14.0, Deutsche Börse will enhance the Self-Match Prevention (SMP) processing to support different deletion instructions in case a SMP event was detected and needs to be resolved. A trader will be enabled to define a SMP deletion instruction when entering an order or quote and the incoming aggressive order or quote will set the SMP deletion context in case of an SMP event. The following SMP deletion instructions will be supported: 

• “Cancel Aggressive and Passive” – netting of orders/quotes
  In case of an SMP event, the quantity of both, aggressive and passive, orders will be reduced until at least one order is completely cancelled. Currently, this is the only way how SMP events are processed.

• “Cancel Aggressive”
  This Instruction will result in the cancellation of the incoming order or quote in case of an SMP event.

• “Cancel Passive”
  In case of an SMP event, this Instruction will result in the cancellation of the entire book order(s) or quote(s) on the matchable price levels, regardless of the size of the incoming (aggressive) order with the same SMP ID.

A default handling for SMP Instructions will be defined by Deutsche Börse, which is used in case of an SMP event and the entering trader did not specify an SMP deletion instruction for the incoming order or quote. Initially, the default SMP Instruction will be set to “Aggressive and Passive”, reproducing the current SMP netting behavior and it will be the only SMP deletion instruction supported immediately after the launch of T7 Release 14.0. After activating the SMP enhancement at a later point in time, all three deletion instructions will be supported and the default SMP deletion instruction will be changed to “Cancel Passive”.

Attachment: 

• Introduction Schedule and Communication Calendar for T7 Release 14.0 

Further information