Eurex
1. Introduction
This circular informs you about amendments to the
Above-mentioned Amendment Ordinances and the amended sections are attached to this circular. The amended Rules and Regulations including corresponding Amendment Ordinances are available for download on the Eurex website www.eurex.com under the following link: Eurex Rules & Regulations
The amendments will come into effect on 25 November 2024.
2. Required action
There is no specific action required by the participants.
3. Details
A. Amendments in the Exchange Rules
a) § 56 Exchange Rules – Removal of the ban on entering quotes, Cross Trades, Pre-Arranged Trades via Order Routing Systems
§ 56 Paragraph 1 No. 3 Exchange Rules is amended so that the prohibition on entering, modifying and deleting quotes as well as entering Cross Trades and Pre-Arranged Trades and corresponding Trade Requests via Order Routing Systems is no longer applicable. It is also possible, for example, to enter the Cross Trades via an Order Routing System and to enter the corresponding orders or quotes via a separate personal user ID (or vice versa).
b) § 30 Exchange Rules – Editorial changes
§ 30 Paragraph 4 Exchange Rules is editorially amended to remove the outdated term "trading screens" from the Exchange Rules. However, the change does not involve any changes in content.
B. Changes in the Trading Conditions
a) Number 2.5 Trading Conditions – Consummation of Transactions in case of Combined Instruments
Number 2.5 Paragraph 1 Trading Conditions is amended to clarify in detail how transactions are matched in the case of Combined Instruments within the meaning of Number 2.2 in the Eurex Trading System. However, the change does not involve any changes in content.
b) Number 2.6 Paragraph 2 Trading Conditions – Abusive Entry of a Trade Request
Number 2.6 Paragraph 2 Trading Conditions is amended to the effect that the prohibition of entering trade requests without a corresponding order or quote entry only covers trade requests that are made improperly. The criterion of abusive behaviour is intended to limit the validity range of the provision to cases in which the trade request function is not used to announce imminent order/quote entries that can be executed against each other, but instead improperly to generate liquidity, having a disruptive effect on the market. The following criteria in particular are taken into account in the evaluation: Number of trade requests by the Participant without subsequent corresponding order/quote entries, liquidity of the relevant orderbook, market reaction to the trade request as well as explanations provided by the Participant upon enquiry as to why the subsequent entry of corresponding orders or quotes was not made after a trade request was entered (e.g. changed market conditions, such as changes in prices, withdrawn customer orders, technical errors).
c) Number 2.9.5 Trading Conditions – Determination of the Mistrade Range for Options and Options Volatility Strategies
Number 2.9.5 Paragraph 3 Trading Conditions is amended to clarify how the Mistrade Ranges are determined for standardised and Non-standardised options strategies as well as for standardised and Non-standardised options volatility strategies.
d) Number 4.4 Trading Conditions – Transfer of TES periods to the Contract Specifications
Number 4.4 Trading Conditions is amended so that the determination of the periods for entering and confirming the TES Offer Conditions is defined in the Contract Specifications.
e) Number 4.9 Trading Conditions – prohibition of the identity of the beneficial owner in Off-book Transactions
Number 4.9 Trading Conditions is deleted so that in Off-book Transactions, the prohibition of the identity of the beneficial owner on the buy and sell side no longer applies. Such an identity may exist, for example, in the case of Off-book Transactions between trading desks of the same entity or between the main and branch offices of the same entity, which for reasons of efficiency are to be entered into the Eurex Trading System in the same way, then cleared and settled as other Off-book Transactions with another counterparty.
The deletion of Number 4.9 Trading Conditions does not conflict with any legal or regulatory requirements. In particular, the inadmissibility of cross trades if the beneficial owner is identical on the buy and sell side does not result from the MAR or the Delegated Regulation (EU) 2016/522.
The Eurex Trading System currently still does not allow entries of Off-book Transactions in which P or M accounts of the same Member ID are specified on the buy and sell side. This general restriction will be lifted with one of the next technical changes to the Eurex Trading System and will be announced accordingly in advance by means of the corresponding release communication.
Attachments:
Further information
Recipients: | All Trading Participants of Eurex Deutschland and Vendors | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination | |
Contact: | client.services@eurex.com | |
Web: | www.eurex.com | |
Authorized by: | Jonas Ullmann |
Market Status ⓘ
XEUR
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