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Nov 18, 2015

Eurex

Introduction of a Self-Match Prevention (SMP) functionality

With the implementation of T7 Release 3.0 on 23 November 2015, Eurex Deutschland and Eurex Zürich AG will introduce the Self-Match Prevention (SMP) functionality for market participants. Hence, relevant adjustments to the Conditions for Trading at Eurex Deutschland and Eurex Zürich will come into effect on this date.

The SMP functionality for order book transactions is an optional Eurex functionality that allows market participants, where appropriate, to prevent own buy and sell orders from matching with each other (“Prevented Transactons”). Trading members are however requested to align the usage of this functionality with their clearing member beforehand.

Prevented Transactions are treated in terms of fees and rebates equal to executed Transactions. The fees and rebates pursuant to Number 3.1.1 of the Price List for Eurex Clearing AG shall hence apply correspondingly to Prevented Transactions. Hence, the utilization of the SMp functionality will be cost neutral.

Effect on order to trade (OTR) calculation:

The SMP functionality effects the determination of the ordered volume, which is used in the order to trade (OTR) ratio calculation. If an order or a quote is fully or partially deleted by the SMP functionality then the ordered volume increases both on the bid and the ask side by the number of deleted contracts.

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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