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Account structure

Account structure

Eurex provides several position accounts where a transaction may be kept until it is closed out. There are three types of accounts:

  • Agent account
  • Proprietary accounts
  • Market Maker accounts

Every order entered into the T7 system must be associated with one of these account types.

Agent and Proprietary accounts are kept on a gross basis. If a trader buys and sells identical contracts, he will have both a long position and a short position in the same account, unless the second trade is designated as a closing transaction. If an offsetting transaction is not marked as a closing transaction during entry, the designation can be adjusted later. Market Maker accounts are kept on a net basis.

Overview of account types 

Account
codes
Account typeActivityNet/Gross
A1 - A9AgentClients onlyGross
G2Designated Give-upWith the Member ID of receiving Clearing 
P1, P2ProprietaryOwn accountGross
M1, M2Market MakerOwn account
Quotes are automatically booked on the M1-account
Netted

Members have the option to extend the number of their agent accounts (A1 - A9). The names for these accounts can be freely chosen by Members subject to the condition that the account name is unique across all the accounts of the individual Exchange Member. The account names of these agent accounts have to be alphanumeric, valid characters are all capital letters and all numbers. Account names can further be up to 20 character long (uppercase), special characters and spaces are not allowed. The following names are reserved by the system and may not be used:

  • G# (#=0-9)
  • P# (#=0, 3-9)
  • M# (#=0, 3-9)
  • PP
  • CLIENT
  • HOUSE
  • ALL
 

Agent account

Trades entered into the T7 system on behalf of clients are recorded in the agent accounts (A1, …, A9). All give-up trades are considered part of account A1 and are displayed as such trades. The account code G2 declares that the trade is going to be sent to another Member, usually when a client uses one member to perform the execution and another to do the clearing.

G2 (Designated Give-up)
In designating a trade G2, the trader provides all the information necessary for the give-up at order entry, including the Clearing Member ID of the firm to which the take-up is being transferred. The give-up then happens automatically, assuming that the General Clearing Member involved has not specified that give-ups will be approved manually.

Proprietary accounts (P1/P2)

These two accounts are available for trades made for the participant's own account. The participant has full discretion over which account is used for an opening position, although close-outs must be directed to the same account as the open position.

Market Maker accounts (M1/M2)

These two accounts are available for trades made for the participant's own account. Positions are automatically closed out within an account. Trades resulting from quotes are booked automatically on the M1-account.

 
 
 
 

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