Eurex
1. Introduction
An incident occurred in Eurex’s T7 trading system on 1 July 2020 with the result that no trading and quoting activity could take place for an extended period of time. Therefore, the performance of Liquidity Providers was not measured correctly. Eurex will address this issue by granting coverage scores for Liquidity Providers for the day 1 July 2020.
2. Required action
None.
3. Details
3.1 Erroneous Liquidity Provider performance measurement on 1 July 2020
The T7 incident on 1 July 2020 resulted in the inability to quote and trade on the Eurex system for an extended period of time. This was not correctly reflected in the Liquidity Provider reports TD955, TD956 and TD957, as these reports assume longer production times as were actually available on this day, resulting in accumulated times and required times that were higher than expected.
Due to a theoretical price validation issue, it was difficult to respond to Eurex EnLight RFQs. Therefore, the Eurex EnLight performance will also be adjusted.
3.2 Adjustment of Liquidity Provider performance scores
The Liquidity Provider performance scores will be adapted
The Liquidity Provider performance scores will also be adapted for Eurex EnLight
3.3 Reflection of adjusted performance scores in Liquidity Provider reports
The adjusted performance scores will be made available from Wednesday, 8 July 2020 in the Liquidity Provider reports.
3.4 Waiving of ESU fees
Due to the T7 incident, all ESU fee violations will be disregarded and no ESU fees will be charged for the day 1 July 2020.
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: | Eurex Market Development, marketmaking@eurexchange.com, tel. +49-69-211-1 34 41 |
Web: | Market-Making and Liquidity provisioning |
Authorised by: | Randolf Roth |
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.
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