Eurex
1. Introduction
This circular outlines important information regarding changes to §17 (a) (4) of the Exchange Rules of Eurex Deutschland (Exchange Rules), which require Exchange Participants to mark specific algorithmically generated orders and quotes with a SMP ID, applying particularly Eurex T7 SMP functionality.
The above-mentioned flagging obligation only applies to proprietary trading via a computer algorithm, where the latter is responsible for both the investment decision and the execution decision. In all other application scenarios, the usage of the T7 SMP functionality remains voluntary.
The new rules and the associated flagging obligation will become effective for Exchange Participants as of 1 April 2021.
2. Action required
According to the new rule, proprietary trading orders and quotes, for which the investment decision according to Article 8 of Commission Delegated Regulation (EU) 2017/590 and the execution decision according to Article 9 of Commission Delegated Regulation (EU) 2017/590 have both been determined by the same algorithm (Algo ID), are required to be entered with the additional execution restriction SMP and the same SMP identification (Tag 28744 – MatchInstCrossID) during Continuous Trading with the use of the T7 SMP functionality.
In order to adhere to the Eurex Exchange Rules, Exchange Participants are highly advised to properly set their algorithms internally in future, and to additionally use the Eurex T7 SMP functionality, in order to avoid potential Cross Trades (self-matches).
3. Details
For further details concerning the rule change, please refer to the “Ninth Amendment Ordinance to the Exchange Rules of Eurex Deutschland”, on the Eurex website www.eurex.com under the following path:
Rules & Regs > Eurex Rules & Regulations > Exchange rules > Amendment history
The detailed information on Eurex SMP functionality can be found on the Eurex website www.eurex.com under the following links:
Tech > T7 Trading architecture > Release 8.1 > Overview and Functionality > T7 Release 8.1 - Functional Reference Section 7.6
Rules & Regs > Eurex Rules and Regulations > Trading Conditions Section 3.7
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 |
Related newsflash: | |
Web: | www.eurex.com |
Authorised by: | Michael Peters |
Market Status ⓘ
XEUR
The market status window is an indication regarding the current technical availability of the trading system. It indicates whether news board messages regarding current technical issues of the trading system have been published or will be published shortly.
Please find further information about incident handling in the Emergency Playbook published on the Eurex webpage under Support --> Emergencies and safeguards. Detailed information about incident communication, market re-opening procedures and best practices for order and trade reconciliation can be found in the chapters 4.2, 4.3 and 4.5, respectively. Concrete information for the respective incident will be published during the incident via newsboard message.
We strongly recommend not to take any decisions based on the indications in the market status window but to always check the production news board for comprehensive information on an incident.
An instant update of the Market Status requires an enabled up-to date Java™ version within the browser.
