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Redesign of the Order-to-Trade Ratio (OTR) in the context of MiFID II

Release date: 09 Nov 2017 | Eurex Exchange

No. 123/2017 Redesign of the Order-to-Trade Ratio (OTR) in the context of MiFID II

As of January 2018, the Order-to-Trade Ratio (OTR) concept in place at Eurex Deutschland and Eurex Zürich AG (collectively: the Eurex Exchanges) will be redesigned. The following changes are planned:

1. Reduction of the observation period from monthly to daily.

2. Introduction of a transaction-based OTR and change of the methodology of the current volume-based OTR.

A one-month testing phase for the new OTR will start on 4 December 2017. On 3 January 2018, the new OTR regime will come into effect. This circular provides a brief description of the new OTR and further relevant information.

The changes outlined in this circular are subject to the approval by the relevant bodies, such as the Exchange Council of Eurex Deutschland, the Board of Directors of Eurex Zürich AG, and the competent authorities. Approval is expected until mid-December 2017.

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