Excessive System Usage Fee
Eurex has introduced the Excessive System Usage Fee on 1 December 2013. In order to encourage a responsible attitude towards the use of the T7 system resources, Eurex defines daily limits for the number of transactions sent by a Participant. If a Participant exceeds the defined limits then fees for excessive system usage may apply.
The transaction limit is calculated per Participant, per product, per trading day and per limit type. There are three types of transaction limits: a transaction limit for the order type "standard orders", a transaction limit for "all transactions", and a transaction limit for "transactions which do not lead to an market data update and order modifications which lead to an order cancelation without a trade". Every day, for each Participant, the actual transactions are counted per product. If this transaction count exceeds the transaction limit, then such instance is considered to be a violation of the limit.
There are two different types of violations:
- Accidental violation: A violation of the limit is considered to be "accidental", if a limit is exceeded less than four times for a product in a calendar month. An accidental violation is not subject to the ESU Fee.
- Systematic violation: A violation of the limit is considered to be "systematic", if a limit is exceeded more than three times for a product in a calendar month. All systematic violations are subject to the ESU Fee. The ESU Fee is applied to all violations in that particular month.
Violations are counted per product across three limit types.
