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# Order to Trade Ratio

## Order to Trade Ratio

Eurex Exchanges will redesign the Order to Trade Ratio (OTR) with effect from 3 January 2018. Main changes compared to the current OTR regime are the switch from monthly to daily observation period and the introduction of a transaction based OTR.

The limits for the volume based OTR are set on the ratio between volume of all order-entries (ordered volume) and the trading volume per product and per day generated by orders and quotes sent by the Participants to T7. The limits for the Transaction based OTR are set on the ratio between number of all order-entries (number of orders) and the number of trades per product and per day generated by orders and quotes sent by the Participants to T7. For calculation of the ordered volume (respectively the number of orders), all types of orders and/or quotes are considered. This includes all of the following: add, modify and delete. For calculation of the traded volume (number of trades) all executions are taken into account. Please note, aggregation of volume and numbers is done on a daily basis.

The limits are defined based on the product type. For some products with a different behaviour, the limits are increased by a product specific factor. In case a participant fulfilled the minimum quotation requirements the limits will be increased considering the quotation performance.

If the value of an OTR for a particular product for a particular Participant is greater than a pre-defined limit, such instance is considered a violation. Such a violation may trigger sanctions against the Participant.

Participants can calculate a preliminary value of the OTR as well as the respective limit by themselves with the supplied intraday reports. However, the conclusion on whether the OTR is violated can be drawn only at the end of a day.

Please find below a concept paper describing the calculation (including an example) in detail.

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