Impact on the derivatives market
The Markets in Financial Instruments Directive (MiFID II) and the accompanying Markets in Financial Instruments Regulation (MiFIR) regulate the provision of investment services in a multitude of financial instruments at regulated trading venues as well as in OTC trading.
The legal framework has been applicable since 3 January 2018.
Eurex achieved full MiFID II compliance and related technical changes were implemented with the T7 Release 6.0. This release went live on 4 December 2017. Please refer to most recent T7 release documentations on the Initiatives & Releases website.
Apart from the technical implementations, this website will keep you informed on MiFID II/MiFIR requirements that are relevant for trading participants.
In case of any questions or if you have further information needs, you may contact our dedicated MiFID II/MiFIR regulatory specialists via client.services@eurex.com. You can, of course, also always contact your Key Account Manager.
With MiFID II/MiFIR the reporting obligations for trading members as well as for trading venues have increased tremendously. In this section, we will provide you with information about the reporting requirements, according to MiFIR Art. 26 (5), of trading participants not subject to MiFIR.
Details about the upload of Short Codes and Algo IDs can be found under the section "Client & Member Reference Data".
MiFID II/MiFIR introduced a mandatory pre- and post-trade regime for non-equities.
Based on the Regulation (EU) No 600/2014 (MiFIR) supplemented by the Delegated Regulation (EU) 2017/567 (RTS), additional obligations for the publication of market data became effective 3 January 2018. For the market data price list including disaggregated information, cost allocation methodology and further required information on product content, please refer to "Agreements" on the Market Data + Services website.
With MiFID II the regulatory framework for Market-Making has been further enhanced. As of 3 January 2018, Market-Making is covered under public law. Market Makers will need to be formally admitted at Eurex as Regulatory Market Maker. Eurex will keep the current model for commercial Market Maker incentives (rebates) that operates under a civil law framework. This model will be renamed Liquidity Provision.
With the application of MiFID II/MiFIR on 3 January 2018, Eurex implemented a variety of IT requirements in order to comply with the regulatory obligations set out for Algorithmic Trading and HFT in the Delegated Regulation.
The requirement that trading participants using algorithmic trading technology identify the orders they submit algorithmically to the national competent authority was already introduced with the German HFT Act in 2013. With MiFID II this systematic changed. Hence, not only the execution but also the investment decision made by natural persons and algorithms must be identified accordingly.
The National Competent Authorities require a notification.
To comply with the MiFID II reporting obligations, trading participants are required to provide reference data to the trading venues. In this section, you will find several guides, which explain how to provide the respective data to Eurex.
Contacts
If you have any questions or require further information, please contact our dedicated MiFID II/MiFIR regulatory specialists via client.services@eurex.com or your dedicated Key Account Manager.
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.
We strongly recommend not to take any decisions based on the indications in the market status window but to always check the production news board for comprehensive information on an incident.
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