A member of
Eurex
1. Introduction
Since 28 March 2020, third-country firms conducting proprietary trading (Eigengeschäft) as an Exchange Participant on a German trading venue or exchange do no longer incur a license requirement under German regulation.
2. Required measures
There are no measures required by Exchange Participants.
Third-country firms, who are interested to join Eurex Deutschland as Exchange Participants, are invited to contact the relevant Sales or Key Account Management Team.
3. Details of the initiative
As part of the German CCP Recovery & Resolution law (Gesetz zur Einführung von Sondervorschriften für die Sanierung und Abwicklung von zentralen Gegenparteien und zur Anpassung des Wertpapierhandelsgesetzes an die Unterrichtungs- und Nachweispflichten nach den Artikeln 4a und 10 der Verordnung (EU) Nr. 648/2012), the German legislator introduced a change to the German Banking Act (Kreditwesengesetz) regarding the license requirements for third-country proprietary trading firms seeking access to a German trading venue or exchange.
According to the newly introduced section 32 para. 1a sentence 3 no. 4 of the German Banking Act, third-country firms who are exclusively conducting proprietary trading as a participant of a German exchange or trading venue do not require a license from the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin). This applies until the respective firm has been registered by ESMA to provide investment services in the European Union in accordance with article 48 MiFIR, based on an equivalence decision of the third country legal framework. Third countries are defined as jurisdictions which are not part of the European Union.
The exemption only applies to proprietary trading (Eigengeschäft) and does not cover own account trading (Eigenhandel) in the form of:
Third-country firms already operating on Eurex under existing exemptions may continue to do so.
Eligible third-country firms applying to become Exchange Participants will benefit from the exemption by operation of law and do not need to submit an application in this regard to BaFin.
Further information
Recipients: | All Trading Participants of Eurex Deutschland | |
Target groups: | Front Office/Trading, Middle + Backoffice | |
Contact: | client.services@eurexchange.com | |
Web: | www.eurexchange.com | |
Authorised by: | Michael Peters |
Market Status ⓘ
XEUR
The market status window is an indication regarding the current technical availability of the trading system. It indicates whether news board messages regarding current technical issues of the trading system have been published or will be published shortly.
Please find further information about incident handling in the Emergency Playbook published on the Eurex webpage under Support --> Emergencies and safeguards. Detailed information about incident communication, market re-opening procedures and best practices for order and trade reconciliation can be found in the chapters 4.2, 4.3 and 4.5, respectively. Concrete information for the respective incident will be published during the incident via newsboard message.
We strongly recommend not to take any decisions based on the indications in the market status window but to always check the production news board for comprehensive information on an incident.
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