MiFID II/MiFIR

Regulatory approval on deferred publication of MiFIR post trade transparency requirements

In the scope of MiFIR post trade transparency requirements for trading venues Eurex Deutschland (Eurex) received regulatory approval by the Exchange Supervisory Authority of Hesse, on deferred publication for derivatives that are entered according to the contract specifications via the Eurex EnLight or the Eurex T7 Entry Services into the trading system.

Eurex received permission from the Exchange Supervisory Authority of Hesse to defer publication of the post-trade transparency details as per Art. 10(1) Regulation (EU) 600/2014 (MiFIR) for the following asset classes: 

Equity derivatives

  • Single Stock Futures and equity options 
  • Equity index futures and options 
  • Single Stock Dividend Futures and options
  • ETF futures and options
  • Volatility futures and options 

The permission to defer post-trade transparency details for equity derivatives was granted in accordance with Art. 11 (1) (a) MiFIR and Art. 8 (1) (a) of the Delegated Regulation (EU) 2017/583 (RTS 2). The permission for equity derivatives became effective on 3 January, 2018 and on 2 May, 2019.

Interest rate derivatives

  • Bond futures and bond options
  • Interest rate futures and interest rate options
  • Exchange Traded Commodities (ETC) futures and ETC options (only for TES)
  • Futures on Fixed to Float Single Currency Swaps (only for TES)

The permission to defer post-trade transparency details for bond futures, bond options, interest rate futures, interest rate options and futures on fixed to float single currency swaps was granted in accordance with Art. 11 (1) (a) MiFIR and Art. 8 (1) (a) RTS 2. The permission for these interest rate derivatives became effective on 17 May 2022.  

The permission to defer post-trade transparency details for ETC futures and ETC options was granted in accordance with Art. 11 (1) (b) MiFIR and Art. 8 (1) (b) RTS 2. The permission for ETC derivatives became effective on 18 December 2017.  

Foreign exchange derivatives

  • Foreign exchange (FX) futures and FX options
  • Other FX derivatives

The permission to defer post-trade transparency details for FX derivatives was granted in accordance with Art. 11 (1) (b) MiFIR and Art. 8 (1) (b) RTS 2. The permission for ETC derivatives became effective on 15 May 2021.  

C10 derivatives

  • Property derivatives

The permission to defer post-trade transparency details for C10 derivatives was granted in accordance with Art. 11 (1) (b) MiFIR and Art. 8 (1) (b) RTS 2. The permission for C10 derivatives became effective on 3 January 2018.  

Liquid package transactions – equity derivatives and interest rate derivatives

  • Futures combinations
  • Standard and non-standard option strategies
  • Option volatility strategies (only for interest rate derivatives)
  • Vola trades (only for interest rate derivatives on TES)
  • Exchange for physical combinations (only for interest rate derivatives on TES)
  • Exchange for Swaps (only for interest rate derivatives on TES)

The permissions to defer post-trade transparency details for package transactions in liquid equity derivatives and interest rate were granted in accordance with Art. 2(1)(50)(b), Art. 11(1)(a) MiFIR and Art. 8(1)(d)(ii). The permission for package transactions in equity derivatives was granted on 3 January 2018 and 2 May 2019, for package transactions in interest rate derivatives on 2 May 2019 and 17 May 2022.

Illiquid package transactions – Interest rate derivatives, FX derivatives, C10 derivatives

  • Futures combinations (for interest rate and C10 derivatives only for TES)
  • Standard and non-standard option strategies (for interest rate and C10 derivatives only for TES)
  • Option volatility strategies (only for FX derivatives)
  • Exchange for physical combinations (for FX derivatives, for interest rate derivatives only for TES) 
  • Exchange for Swaps (only for interest rate derivatives on TES)

The permissions to defer post-trade transparency details for package transactions in illiquid interest rate derivatives, FX derivatives and C10 derivatives were granted in accordance with Art. 2(1)(50)(a) and (b), Art. 11(1)(b) MiFIR and Art. 8(1)(d)(i). The permission for package transactions in interest rate derivatives was granted on 3 January 2018 and 2 May 2019, for package transactions in FX derivatives on 15 May 2021 and for package transactions in C10 derivatives on 03 January 2018. 

Market Status

XEUR

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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. 

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