Eurex
1. Introduction
With this circular, we would like to inform you in detail about the Order Routing System (ORS) usage, as defined in § 60 of the Exchange Rules of Eurex Deutschland, and provided with Eurex Readiness Newsflash as of 9 June 2021.
An ORS is a software used by an Exchange Participant (ORS Provider) that enables the users of this software (”ORS User”) to transmit orders to the trading system of Eurex Deutschland under the user ID of an approved Eurex Exchange Trader admitted for the ORS Provider (herein and after referred to as an “ORS Filter Trader”).
On 17 June 2021, the Eurex Exchange Council approved the amended rules and the associated identification obligation that will become effective for Exchange Participants as of 22 November 2021 with T7 Release 10.0.
Start of production: 22 November 2021
Learn now more about the ORS Trader Identification Obligation on our dedicated initiative page under the following link: Support > Initiatives & Releases > Projects > ORS Trader Identification Obligation. System documentation, circulars, timeline and much more information will be available there for you.
2. Required action
All ORS Providers and ORS Users must comply with the amended rules and the associated identification obligation that will become effective for Exchange Participants as of 22 November 2021 with T7 Release 10.0.
3. Details
The details are as follows:
The list of use cases mentioned below cover common ORS set-ups of Eurex Exchange Participants, however, the potential cases are not limited to those provided.
As a general rule, please note that Exchange Traders have to identify themselves when they use the ORS system.
Use case | ORS User | Applicable trading capacity | Trader Identification via Tag 2404 ‘ComplianceText’ | Responsibilities and liabilities |
ORS User is a client of the ORS Provider (not an Exchange Trader) | Indirect Trading Participant | Agency | N/A | ORS Filter trader is fully responsible for the compliance with § 60 of Exchange Rules of Eurex Deutschland. |
ORS User is an Exchange Trader acting for the ORS Provider | Exchange Trader | Proprietary | Member ID-Trader ID combination (e.g. ‘ABCFRTRD001’) | Given that the ORS User is an Exchange Trader, the ORS Users are fully responsible for the compliance of their actions with the Exchange Rules, and must identify themselves in the trading system of Eurex. In addition, the ORS Provider is responsible for the compliance of their system with Exchange Rules. |
ORS User is an Exchange Trader acting for another Exchange Participant | Exchange Trader | Agency | Member ID-Trader ID combination (e.g. ‘BCDFRTRD001’) | Given that the ORS User is an Exchange Trader, ORS Users are fully responsible for the compliance of their actions with the Exchange Rules, and must identify themselves in the trading system of Eurex. In addition, the ORS Provider is responsible for the compliance of their system with Exchange Rules. |
For further details concerning the rule change, please refer to the “Tenth Amendment Ordinance to the Exchange Rules of Eurex Deutschland”, on the Eurex website www.eurex.com under the following path:
Rules & Regs > Eurex Rules & Regulations > Exchange rules
More detailed information on tag 2404 ‘ComplianceText’ can be found in the document ”Enhanced Trading Interface - Derivatives Message reference”, available under the following path:
Support > Initiatives & Releases > T7 Release 9.1 > Trading Interfaces
Further information
Recipients: | All Trading Participants of Eurex Deutschland and Vendors | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination | |
Related Newsflash: | Eurex Readiness Newsflash as of 9 June 2021 | |
Contact: | client.services@eurex.com | |
Web: | Support > Initiatives & Releases > Projects > ORS Trader Identification Obligation | |
Authorized by: | Michael Peters |
Market Status ⓘ
XEUR
The market status window is an indication regarding the current technical availability of the trading system. It indicates whether news board messages regarding current technical issues of the trading system have been published or will be published shortly.
Please find further information about incident handling in the Emergency Playbook published on the Eurex webpage under Support --> Emergencies and safeguards. Detailed information about incident communication, market re-opening procedures and best practices for order and trade reconciliation can be found in the chapters 4.2, 4.3 and 4.5, respectively. Concrete information for the respective incident will be published during the incident via newsboard message.
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