Exchange Regulations

2 Exchange Bodies of the Eurex Exchanges

2.1 Eurex Deutschland

2.1.3 Trading Surveillance Office

2.1.3.1 Responsibilities of the Trading Surveillance Office

The Trading Surveillance Office must fulfill the responsibilities conferred upon it under the Exchange Act.

In particular, it shall

1. monitor options and futures trading at Eurex Deutschland and the settlement of exchange transactions (i.e. the recording of the transactions and positions of an Exchange Participant, including customer positions),

2. systematically and completely collect all data regarding options and futures trading and the settlement of exchange transactions and evaluate such data.

If the Trading Surveillance Office, in connection with its activities, establishes facts justifying the conclusion that violations of exchange laws and orders are occurring or that other irregularities exist which may impair the orderly conduct of trading at Eurex Deutschland or the settlement of exchange transactions, it shall promptly notify the Board of Management of Eurex Deutschland and the Exchange Supervisory Authority thereof.

The head of the Trading Surveillance Office and his or her deputy shall be appointed and removed by the Exchange Council at the recommendation of the Board of Management and in agreement with the Exchange Supervisory Authority.

The personnel of the Trading Surveillance Office may, to the extent necessary for the discharge of their duties, demand information and the production of documents from the Trading Participants (§ 1a paragraph (1) of the Exchange Act), conduct inspections and, during normal working hours, enter the property and business premises of Eurex Deutschland and the Trading Participants. In particular, they may require that Eurex Deutschland and the Trading Participants provide all data from the EDP system relating to trading or settlement. § 1a paragraph (1) sentences 3, 6 and 7 and § 1a paragraph (3) of the Exchange Act shall apply in all other respects.

In addition, subsection 1.3 paragraph (2) sentence 4 shall apply mutatis mutandis.

The Exchange Supervisory Authority may give instructions to the Trading Surveillance Office of Eurex Deutschland and assume responsibility for investigations. The Board of Management of Eurex Deutschland may delegate the conduct of investigations to the Trading Surveillance Office within its area of responsibility.

The Board of Management of Eurex Deutschland may, with the consent of the Exchange Supervisory Authority, also transfer other duties to Trading Surveillance Office personnel entrusted with monitoring responsibilities.

2.2 Eurex Zürich

2.2.5 Reporting Office

The reporting office within the meaning of Article 15 of the Swiss Law on Stock Exchange and Securities Trading (Gesetz über die Börsen und den Effektenhandel, BEHG) in connection with Article 7 et seq. of the Ordinance of the Swiss Banking Commission (EBK) on Stock Exchange and Securities Trading (Verordnung über die Börsen und den Effektenhandel, BEHV) shall be the Swiss Stock Exchange SWX.

2.3 Joint Arbitration Tribunal

Any disputes arising out of options and futures transactions on the Eurex Exchanges and any disputes between participants and/or Exchange Traders on the one hand and Eurex Zürich on the other shall be settled by an Arbitration Tribunal comprising three members at the exclusion of any recourse to the general courts of law. German law shall apply, unless the matter under dispute concerns the admission to options and futures trading at Eurex Zürich. Each party shall appoint an arbitrator, to be selected from a list of competent persons compiled jointly by the Boards of Management of the two Eurex Exchanges. In exceptional cases, the Boards of Management of the two Eurex Exchanges may permit the appointment of an arbitrator who is not on such list. The two arbitrators shall appoint an umpire, who must be selected from the aforementioned list of experts. The Arbitration Tribunal shall adopt rules of procedure. The Arbitration Tribunal shall be located in the country of the registered office of the accused party. Should Germany provided that the registered office of the accused party be is not in Switzerland or in the Principality of Liechtenstein,. In those cases, the Arbitration Tribunal shall be located in Switzerland. If the registered office is in neither of the aforementioned countries, One or several members of the Boards of Management of the Eurex Exchanges may participate in the negotiations of the Arbitration Tribunal. shall be located in Germany. The Boards of Management of the Eurex Exchanges may also authorize a third person each to participate in the session.

3 Admission to Trading at Eurex Deutschland and Eurex Zürich

3.4 Orderly Settlement of Options and Futures Transactions; Technical Equipment; Order Routing Systems

The admission of an enterprise to options and futures trading requires that the orderly settlement of options and futures transactions is ensured, particularly through participation in the clearing process of Eurex Clearing AG, and that the technical requirements for connection to the EDP system of the Eurex Exchanges are satisfied. The orderly settlement of transactions requires the provision of adequate technical equipment and the necessary staff (back office).

3.4.1 Back-Office Personnel

The orderly settlement of transactions requires, in addition to the provision of adequate technical equipment pursuant to subsection 3.4, the engagement of the necessary staff (back office). Every Exchange Participant is required to employ at least one qualified staff member in the back office for the orderly fulfillment of its back office obligations. A sufficient qualification of the back office staff members for the fulfillment of these obligations shall be presumed if the aptitude test for back office staff members ("Clearer Test") offered by the Eurex clearing house has been passed successfully. It is required that at least one qualified staff member is present at any time during the Exchange day and that he or she is available by telephone or fax.

3.4.2 Technical Requirements

The technical requirements for connection to the EDP system of the Eurex Exchanges are observed if the Participant has available the EDP equipment which fulfils the requirements of the Implementation Regulations of Eurex Deutschland and Eurex Zürich Concerning Technical Equipment. Upon application by an Exchange Participant or by an applicant for Exchange admission, the Boards of Management of the Eurex Exchanges may permit the installation of Participant Front End Systems in locations of the Participant outside the country in which the enterprise admitted to exchange trading or the enterprise applying for admission, as the case may be, has its registered office, if the application of and compliance with the provisions of the rules and regulations of the Eurex Exchanges and the supplemental conditions thereto are also ensured in the country in which the additional location is situated.

3.4.3 Order Routing Systems
If the Boards of Management of the Eurex Exchanges permit a Trading Participant to use order routing systems to input orders in accordance with the Implementation Regulations, such Trading Participant shall be responsible for ensuring that the order routing facility is used properly, for the designated purpose and in accordance with the provisions of exchange law. This also applies to any orders which are entered in the trading system via order routing by third parties who are not admitted to the exchange. Should the Trading Participant fail to comply with these requirements, the Boards of Management of the Eurex Exchanges shall restrict or revoke the permission to use an order routing system.

3.7 Obligation to Cooperate

Each Exchange Participant which participates directly in options and futures trading at the Eurex Exchanges through its user device Participant Front End System located outside the Federal Republic of Germany or Switzerland must - to the extent permitted by law - ensure that all installations operated outside the Federal Republic of Germany or Switzerland (user devicesParticipant Front End System, input devices, etc.), as well as the activities of such Exchange Participant conducted within the scope of the use of such devices, may be subject to inspection pursuant to the provisions of the Eurex Exchange Rules and the Implementation Regulations of the Eurex Exchanges Concerning Technical Equipment. The same shall apply if an Exchange Participant participates in options and futures trading at one of the Eurex Exchanges by means of input devices outside the Federal Republic of Germany or Switzerland which are connected to user devices Participant Front End System within the Federal Republic of Germany or Switzerland.

4 General Provisions

4.7 Position Limits

4.7.3 Monitoring of Position Limits

The Trading Surveillance Office of Eurex Deutschland and the Surveillance Office of Eurex Zürich examine all positions of an Exchange Participant, including Agent Position Accounts, to verify compliance with the position limits. For this purpose, the Board of Management shall may use the services of a suitable auditor. Subsection 3.8.11.3 sentence 4 shall apply mutatis mutandis in all other respects.

4.9 Evaluation of Data and Publication of Turnover

Data and Information received from the EDP system of the Eurex Exchanges shall only be used by the Exchange Participants for own purposes of trade and settlement. A transmission of such data to third parties or a processing of the data received shall, to the extent that this is not necessary for trading at the Eurex Exchanges, not be permitted without the prior consent by the Boards of Management of the Eurex Exchanges; this shall also apply to any kind of commercial use of such data.

Any data entered by the Exchange Participants into the EDP system of the Eurex Exchanges as well as reports and information received by the Eurex Exchanges from the Exchange Participants shall be treated confidentially.

The Boards of Management of the Eurex Exchanges are authorized to publish turnover figures from options and futures trading or have these published. In addition thereto, they are authorized to make publications that serve the purpose of properly informing the public about market news. The identity of the individual Exchange Participants shall not be disclosed without its prior consent.

The provisions of subsection 4.10 shall remain unaffected thereby.

4.910 Announcements

Unless otherwise provided, announcements by any of the Exchange Bodies of Eurex Deutschland and Eurex Zürich shall be published by suitable means, generally in electronic media. The respective Boards of Management of the Eurex Exchanges shall determine the electronic medium.