1. Introduction
In the context of the launch of T7 Release 8.0 and due to Member feedback referring to the new release, Eurex Frankfurt AG revised the default transaction size limits defined by the exchange.
The default exchange transaction size limits are valid on a per product level and for all Trading Participants. A Trading Participant can reduce the transaction size limits for themselves and for their traders.
The new Default Transaction Size Limits will come into effect on 25 November 2019.
2. Required action
After the change will come into effect, the entry of on-book and off-book orders must be compliant with the new Default Transaction Size Limits.
3. Details
The old and the new Default Transaction Size limits are outlined in the table below:
Default Transaction Size Limits | | Old value | | New value as of 25 November 2019 |
Maximum Order Limit | | 9,999 | | 5,000 (for all products except fixed income futures) 7,500 (for fixed income futures only) |
Maximum Calendar Spread Order Limit | | 99,999 | | 50,000 |
Maximum TES Order Limit | | 999,999 | | 250,000 |
If the transaction size limits of a Trading Participant or any of their traders are above the new Default Transaction Size Limit, the corresponding limits of the Trading Participant or traders are reduced to the new values, effective as of 25 November 2019. The transaction size limits of a Trading Participant or any of their traders will remain untouched if they do not exceed the new Default Transaction Size Limits.
In case a trader placed orders in the central limit order book with validity Good-till-Cancelled or Good-till-Date before 25 November 2019 with order sizes higher than the new limits, those orders will not be deleted when the new Default Transaction Size Limits come into effect. The execution of those orders will take place regardless whether the order size is compliant with the new limit.
Any order modification applied to those orders will be rejected except if the order modification includes a reduction of the order size not larger than the new default limit. Please note that a reduction of the order size does not change the time priority of the corresponding order.
Recipients: | All Trading Participants of Eurex Deutschland and Vendors, Central Coordinators of Eurex Clearing AG |
Target groups: | Front Office/Trading, Middle + Backoffice |
Contact: | Jonas Ullmann, jonas.ullmann@eurexchange.com; Thomas Winter, thomas.winter@eurexchange.com |
Web: | T7 Release 8.0 |
Authorized by: | Randolf Roth |