Dear Eurex Participant,
With this newsflash, we would like to clarify the rules for the set-up of Trading Algorithms at Eurex Deutschland, including Electronic Eyes and Quote Machines.
MiFID II has formulated an algorithmic trading framework, where all algorithms are equally treated and there is no reference with respect to specific types of Trading Algorithms to be used by Exchange Participants. Therefore, it has been concluded to amend §62 of the Eurex Exchange Rules, to generally refer to the term “Algorithmic Trading” according to Art. 4 No 1 (39) MiFID II, encompassing every Trading Algorithm type.
Thus, it will no longer be necessary to additionally register Electronic Eyes or Quote Machine systems with the application forms as well as to setup Electronic Eyes or Quote Machine of respective labelled trader IDs in the Member Section and T7 (i.e. trader category Electronic Eyes (EE) or Quote Machine (QM)).
Instead, Eurex would recommend Exchange Participants to choose the Algorithmic Trading Engine (ATE) for trader ID category in the Member Section for any type of Trading Algorithm. Exchange Participants using Trading Algorithms are still obliged to adhere to the requirements stipulated by MiFID II/MiFIR as well as Exchange Rules of Eurex Deutschland.
Please note that previously registered Electronic Eyes and Quote Machines as well as associated Trader IDs are not going to be deleted from the T7 system and can be further used by Exchange Participants without limitations.
More detailed information can be retrieved from §62 of the Exchange Rules on the Eurex website under the following link:
If you have any questions or comments, please do not hesitate to contact us at: firstname.lastname@example.org.
Your Client Services Team
All Trading Participants of Eurex Deutschland and Vendors
Front Office/Trading, Middle + Back Office, IT/System Administration, Auditing/Security Coordination
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