Eurex
1. Introduction
This circular informs you about amendments to the
Above-mentioned Amendment Ordinances and the amended sections are attached to this circular. The amended rulebooks including the corresponding Amendment Ordinances are available for download on the Eurex website www.eurex.com under the following link: Rules & Regs > Eurex Rules & Regulations.
The amendments will come into effect on 13 May 2024.
2. Required action
There is no specific action required by the participants.
3. Details of the initiative
A. Introduction of dynamic and static volatility interruptions
According to Number 1.5 of the currently valid Conditions for Trading, a volatility interruption takes place if the next expected execution price of a given instrument is outside of a specific price range, whereby the price range is determined on the basis of the last prices within a specific time frame prior to order matching. Hence, the price range is constantly adjusted. This so-called dynamic volatility interruption shall be supplemented by a static volatility interruption. During this static volatility interruption, continuous trading is interrupted and an auction is triggered if the next expected execution price of a given instrument is outside of a specific price range, the latter being determined on the basis of a static reference price. Both the price ranges and the dynamic and static parameters are determined per product by the Management Board. For the introduction of dynamic and static volatility interruptions, Number 1.5 of the Trading Conditions has been amended accordingly.
B. Introduction of a new Self-Match Prevention feature
In the future, Trading Participants will be offered an additional execution restriction “SMP Market-wide”, as an alternative to the existing execution restriction “SMP Type A”. The already offered execution restriction “SMP Type A” allows to prevent self-matching on the level of the Admitted Company. The new, additionally available execution restriction “SMP Market-wide” allows to detect and, where appropriate, prevent self-matching beyond this on the level of the clients of the Admitted Companies. To introduce the new Self-Match Prevention feature, Number 3.7 of the Conditions for Trading and § 15 of the Exchange Rules were amended.
C. Introduction of Non-standardised Options Volatility Strategies
Eurex Deutschland is planning to offer a new form of Combined Instruments in the form of Non-standardised Options Volatility Strategies. These instruments are now defined in Number 2.28 of the Conditions for Trading. By introducing Non-standardised Options Volatility Strategies, the current gap between Options Volatility Strategies and Non-standardised Options Strategies is closed.
D. Revocation of the written form requirement for Order Routing Systems
To simplify the application process for Order Routing Systems, the requirement of the written form is revoked in § 56 Paragraph (1) Number 2 of the Exchange Rules. In the future, notification of the Filter Trader to the Management Board of Eurex Deutschland shall be possible via the Member Section Portal.
E. Editorial changes in Number 2.9 of the Conditions for Trading
In Number 2.9 of the Conditions for Trading, editorial changes have been made. Number 2.9.1 has been simplified for the purpose of clarification. With the introduction of the last sentence in Number 2.9.10 Conditions for Trading (forfeit of voting right), synchronization with Number 2.9.3 Paragraph 2 and Number 2.9.4 Paragraph 3 Conditions for Trading is explicitly established. Further content-relevant changes are not associated with the adjustments.
Attachments:
Further information
Recipients: | All Trading Participants of Eurex Deutschland and Vendors | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination | |
Related circular: | Eurex Circular 041/24 | |
Contact: | client.services@eurex.com | |
Web: | www.eurex.com | |
Authorized by: | Jonas Ullmann |
Market Status ⓘ
XEUR
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