With Eurex circular 082/17, Eurex Deutschland and Eurex Zürich (collectively: the Eurex Exchanges) have announced the redesign of Eurex Market-Making in the context of MiFID II, effective January 2018. This circular contains information on the changes with respect to the following topics:
1. Introduction of Regulatory Market-Making (RMM)
2. Introduction of Eurex Liquidity Provider Framework
3. Relationship between Regulatory Market-Making and Liquidity Provisioning
4. Introduction of Market Conditions
5. Introduction of Requirements and Incentives for Liquidity Providers for quotation under Stressed Market Conditions.
The items under 1. and 4. will be introduced on 3 January 2018, subject to approval of the Exchange Council of Eurex Deutschland and the Board of Directors of Eurex Zürich AG and the competent authorities.
The items under 2. and 5. will be introduced on 1 January 2018.
The respective parameters of the models as well as the rebate levels will be announced at a later stage.