Extended Order Validations in Eurex Futures Trading

In their meeting of 8 May, 2002 the Boards of Management of Eurex Deutschland and Eurex Zürich made the decision to introduce the following plausibility checks on order input for price-time matched futures products. The measures will take effect from 27 May, 2002.

Market orders and Stop orders for price-time matched futures products whose order quantity exceeds a product-specific maximum value, as defined in the Circular, will be rejected by the Eurex system with the error message “MAXIMUM ORDER QTY EXCEEDED” and must, if actually intended, be entered as multiple orders.

The facility within Trader Product Assignment, whereby an Exchange member may define maximum order sizes on a per-trader basis, remains unchanged.

During the trading period, the prices of Limit orders and quotes entered for price-time matched futures contracts - including combination orders and quotes - will be subject to an additional plausibility check against a reference price. In the event of a significant deviation from the reference price, the orders or quotes will be rejected by the Eurex system with the error message “ INVALID PRICE”. The reference price for buy orders will be the lowest available offer price for that contract at the time of order entry (Best Ask); the reference price for sell orders will be the highest available bid price for the contract at the time of order entry (Best Bid). Maximum permitted deviations from the reference prices are defined in the Circular for each price-time matched futures product.

Extended Order Validations in Eurex Futures Trading

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