09 Jun 2021

Eurex

Eurex Exchange Readiness Newsflash | Clarification regarding Order Routing System (ORS)

Eurex Exchange Readiness Newsflash | Clarification regarding Order Routing System (ORS)


Dear Eurex Participant,

With this newsflash, we would like to inform you about an envisaged clarification for the use of the Order Routing System (ORS) as defined in § 60 of Exchange Rules of Eurex Deutschland, which would require Exchange Participants to provide an identification of an admitted trader acting as an ORS user in the T7 system of Eurex.

An ORS is a software used by the Exchange Participant that enables an ORS user of this software to transmit orders to the trading system of Eurex Deutschland under the Trader ID of an Exchange Trader (so-called ORS Filter Trader).

The envisaged clarifications are as following: 

  • ORS users may be indirect trading participants according to § 2 clause 8 sentence 2 of the Exchange Act (non-members) or Exchange Traders
  • An Exchange Trader who uses an ORS software as an ORS user shall additionally submit their own Member ID-Trader ID combination (e.g. ‘ABCFRTRD001’) to the trading system of Eurex Deutschland via tag 2404 ‘ComplianceText’

Please find more detailed information on the clarified use cases:

Use Case

ORS User

Applicable Trading Capacity

Trader Identification via Tag 2402 ‘ComplianceText’

Responsibilities & Liabilities

ORS user is a client of the ORS Provider (not an Exchange Trader) 

Indirect trading participant

Agency

N/A

ORS Filter trader is fully responsible for the compliance with § 60 of Exchange Rules of Eurex Deutschland

ORS user is an Exchange Trader acting for the ORS provider

Exchange trader

Proprietary 

Member ID-Trader ID combination (e.g. ‘ABCFRTRD001’) 

Given that the ORS user is an Exchange Trader, ORS user is fully responsible for compliance with the Exchange Rules and should identify her/himself in the trading system of Eurex

ORS user is an Exchange Trader acting for another Exchange Participant 

Exchange trader

Agency

Member ID-Trader ID combination (e.g. ‘ABCFRTRD001’) 

Given that the ORS user is an Exchange Trader, ORS user is fully responsible for compliance with the Exchange Rules and should identify her/himself in the trading system of Eurex

The effective date for the rule and the associated trader identification will follow.

Please note that the corresponding change to the Exchange Rules of Eurex Deutschland is subject to the approval by the Exchange Council of Eurex Deutschland in its upcoming meeting in June 2021.

More detailed information on the Eurex ‘ComplianceText’ field can be found in the document ”Enhanced Trading Interface – Derivatives Message Reference”, available on the Eurex website under Support > Initiatives & Releases > T7 Release 9.1 > Trading Interfaces.

If you have any questions or comments, please do not hesitate to contact us at: client.services@eurex.com.

Learn more about Eurex topics! To help Trading Participants keep up with all Eurex updates, all support information is now available via Eurex Support and on the go via the personalized Eurex App.

Kind regards

Your Client Services Team
 

 

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Recipients:

All Trading Participants of Eurex Deutschland and Vendors

Target groups:

Front Office/Trading, Middle + Back Office, IT/System Administration, Auditing/Security Coordination

Contact:

client.services@eurex.com 

Web:

Eurex Support


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