Eurex
1. Introduction
This circular reminds Trading Participants of the upcoming enhancements of T7 field validations, the Member Section upload functionality and required actions. It provides information about the already published circulars and new and updated documents.
As announced with Eurex Circulars 043/23 and 063/23, Eurex will introduce a dedicated validation scheme for the submission of Short Codes and Algo IDs in all trading interfaces with T7 Release 12.0 on 20 November 2023. Additionally, as announced with Eurex Circular 073/23, the Member Section upload functionality will be enhanced with a new Graphical User Interface (GUI) on 4 December 2023. Timelines are as follows:
T7 simulation start: 11 September 2023
T7 production start: 20 November 2023
Member Section Upload functionality simulation start: 20 November 2023
Member Section Upload functionality production start: 4 December 2023
Parallel operation of the current and new Member Section upload functionality: 4 December 2023 to 31 January 2024
Decommissioning of current upload functionality: 31 January 2024 end of business
2. Required action
Trading Participants must submit orders and quotes according to the European Securities and Markets Authority's (ESMA) regulatory requirements, which depend on the trading capacity. Short Codes of the natural persons who are primarily responsible for the Execution Decision and Investment Decision (if applicable) must be available for submission in the MiFID fields and registered with the trading venues.
In addition to flagging requirements, Trading Participants must ensure that short codes and algo IDs have a value equal to or greater than 1. Submission of a zero as short code or algo ID will technically be disabled as the value zero is not a permissible value.
Participants using the Member Section upload functionality must use the new GUI latest from 1 February 2024, which replaces the current upload frontend. As technical pre-requisite, Trading Participants who do not already have a Common Upload Engine (CUE) user are obliged to set up a CUE user.
3. Details of the initiative
Please refer to Eurex Circular 073/23 for the T7 enhancements and the Member Section upload functionality enhancements.
For further details about the T7 MiFID field validations please follow the T7 Release 12.0 publications on the Eurex website www.eurex.com under the following path:
Support > Initiatives & Releases > T7 Release 12.0
For further details about the new upload functionality please refer to the “GUI - Short Code and AlgoID upload” user manual and the “Information handbook for audit trail and other regulatory reporting under the MiFID II/MiFIR regime” on the Eurex website under the following path:
Rules & Regs > MiFID II/MiFIR > Client & Member Reference Data
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 circulars: | ||
Contact: | Your Key Account Manager or client.services@eurex.com; for technical questions, your Technical Key Account Manager or cts@deutsche-boerse.com | |
Web: | Support > Initiatives & Releases > T7 Release 12.0 > Reports; Rules & Regs > MiFID II/MiFIR > Client & Member Reference Data | |
Authorized by: | Melanie Dannheimer |
Market Status ⓘ
XEUR
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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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