A member of
Eurex
1. Introduction
This circular informs you about amendments to the
The changes in the rulebooks will come into effect on different dates. Please refer to the attached Amendment Ordinances for details.
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
2. Required action
Companies admitted to Eurex Deutschland that wish to grant direct electronic access to another person in the form of Sponsored Access as a Sponsored Access provider should familiarize themselves with the technical set-up and connectivity options. In order to grant Sponsored Access to other persons, i.e. companies not admitted to Eurex Deutschland, it is necessary for the latter to sign a Connectivity Agreement with Eurex Frankfurt AG, order appropriate connectivity from Eurex Frankfurt AG and ensure access to the Eurex Trading System with their trading software.
3. Details
I. Amendments to the Exchange Rules
Expansion of settlement opportunities for Transactions concluded at Eurex Deutschland
Performance of transactions concluded at Eurex Deutschland shall in the future be possible via an additional Settlement Institute which is included in § 19 (2) of the Exchange Rules.
II. Amendments to the Trading Conditions
a) Number 3.7 Trading Conditions – Expansion of “Self-Match Prevention” Functionality
The provisions regarding “Self-Match Prevention” (SMP) in Number 3.7 Trading Conditions will be expanded.
In the future, Trading Participants will be able to choose one of the variants specified in Number 3.7 of the Trading Conditions if an incoming order or quote with an SMP flag meets opposite orders or quotes with the same SMP flag in the same order book ("SMP Event"). In addition to the "Cancel Aggressive and Passive" variant already offered, Trading Participants can also choose from the "Cancel Passive" and "Cancel Aggressive" variants.
The expansion of the SMP functionality is intended to give Trading Participants the opportunity to make the prevention of self-executions more flexible and suitable for different trading strategies.
b) Numbers 2.2.1, 2.2.2, 2.5, 2.9.3, 2.9.4, 2.9.4a, 2.9.7 - 2.9.9 Trading Conditions – Introduction of Condor Synthetic
For the introduction of the Condor Synthetic, aforementioned provisions in the Trading Conditions are amended.
At Eurex Deutschland, best-priced orders or quotes stored in different order books can be combined in such a way that they correspond to the side opposite the incoming order or quota ("Synthetic Path"). So far, only those synthetic paths resulting from a combination of tradable contracts and calendar spreads have been taken into account. Calendar spreads are combined instruments consisting of two legs.
In the future, synthetic paths may also include combined instruments consisting of more than two legs. The combined instruments which will be taken into account consisting of three legs are Butterflies and combined instruments consisting of four legs are Condors (see Number 2.2.1 Trading Conditions).
The expansion of the synthetic paths described above is intended to improve liquidity in the Butterfly and Condor order books.
The provisions on the cancellation and price correction of transactions (Number 2.9 et seq. Trading Conditions) will be amended. In accordance with Number 2.9.4a Trading Conditions, the Management Board of Eurex Deutschland should be able to make a price correction of the transactions in tradable contracts in special outright transactions with more than two legs under certain conditions. Numbers 2.9.3, 2.9.4, 2.9.10 Trading Conditions clarify that in the case of special outright transactions with more than two legs, there is no choice to take over or cancel the transaction.
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: | ||
Authorized by: | Jonas Ullmann |
Market Status ⓘ
XEUR
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