A member of
Eurex
Dear Trading Participant,
We would like to draw your attention to the requirements that Eurex Trading Participants will have to meet when the planned introduction of a mandatory PIN procedure for Trading on Behalf (ToB) takes place.
Introduction of the mandatory PIN procedure for ToB is planned to come into effect shortly after the T7 Release 8.1 scheduled for June 2020. The mandatory PIN procedure is subject to the approval of the relevant Exchange committees.
Hereby, we would like to provide you with an overview of the existing model and the target model in order to ensure a seamless migration.
Current process
Upon a request of an Exchange Participant, Eurex Market Operations may delete/add/modify or mass delete orders and quotes on behalf in those cases specified in the Conditions for Trading at Eurex Deutschland.
Currently, Exchange participants can define how to authenticate themselves, either by providing their active trader ID or, alternatively, by providing the trader ID/PIN combination. In those cases where a PIN is currently assigned to a trader ID, the user ID/PIN combination authentication is mandatory.
Eurex Deutschland has already streamlined in the past, since 3 December 2018, the functional handling of ToB requests by consistently applying user level validation for each deletion request, irrespective of the user ID or user ID/PIN legitimation.
Target model
Eurex will further enhance the ToB authentication process such that the trading user ID/PIN legitimation will become mandatory for all Eurex traders for ToB requests and all information-specific inquiries via phone, implying that:
Eurex Market Operations will reject a ToB and specific information inquiry from a trader in case the authorisation details mentioned above are not provided.
Therefore, the User Entity Attribute “PINCode” will become mandatory for all Eurex traders with the launch of T7 Release 8.1. Consequently, new Eurex traders can only be set up with a dedicated PINCode immediately after the T7 Release 8.1 is launched.
Required actions
Please note that Eurex traders set up before T7 Release 8.1 are allowed to have no PINCode only until the mandatory PIN procedure enforced by Eurex Market Operations will become effective in the weeks after the launch of T7 Release 8.1. The effective date of the mandatory PIN enforcement will be communicated separately and in due time.
In case a Eurex trader has not set up a dedicated PINCode until the mandatory PIN Procedure enforcement takes place, Eurex will automatically assign a randomised PINCode to the Eurex traders with missing PINCode immediately before the mandatory PIN enforcement will become effective. Additional details will be provided in the communication mentioned above.
When logging in to the T7 trading platform, the PINCode of a Eurex trader is displayed on the T7 “Eurex Trader Login” GUI window. The Eurex trader can also inquire their PIN via the T7 Trader GUI any time. The PINCode of individual traders is visible for the T7 admin user via the T7 Admin GUI and can be maintained by them for each trader belonging to their business unit via the T7 “User Maintenance” GUI window.
Eurex highly recommends that Eurex Participants start as soon as possible (already before the launch of T7 Release 8.1) to set up a PINCode for their individual traders via the T7 Admin User of the corresponding business unit and to familiarise themselves with the trader ID/PIN combination authentication. Please note that once a PINCode is set, the user ID/PIN legitimation becomes instantly mandatory for ToB.
Kind regards,
Your Client Services Team
| Recipients: | All Trading Participants of Eurex Deutschland and Vendors |
| Contact: | client.services@eurexchange.com |
| Web: | www.eurexchange.com |
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