Eurex
1. Introduction
The Management Board of Eurex Deutschland and the Executive Board of Eurex Frankfurt AG have decided effective 1 November 2020:
In addition, Regulatory Market Makers at Eurex Deutschland are reminded of their quotation obligations in accordance with Article 2 of the Commission Delegated Regulation (EU) 2017/578 (for reference please see Eurex circular 131/17). Violations against these obligations may be sanctioned by the Sanctions Committee of Eurex Deutschland.
2. Required action
Liquidity Providers and Regulatory Market Makers should adapt their quotation behaviour accordingly.
3. Details
A. Amendment of Supplements to the Liquidity Provider Agreement
The GS to the Liquidity Provider Agreement is amended as follows:
The PSS “Equity 01” for Equity Options and Selected Equity Index Options is amended as follows:
The Supplements to the Liquidity Provider Agreement shall be amended according to Attachments 1 and 2 to further substantiate the granting of incentives to the benefit of Liquidity Providers. The amendments will be deemed to have been approved if the Liquidity Provider does not lodge objections within fifteen (15) business days of notification of the amendment according to clause 2 (4) of the Liquidity Provider Agreement.
B. Obligations for Regulated Market Makers according to the Exchange Rules – Reminder
Since 3 January 2018, all Trading Members at Eurex Deutschland who pursue a Market Making strategy in at least one product on Eurex Deutschland must apply to become a Regulated Market Maker according to Article 1 of the Commission Delegated Regulation (EU) 2017/578. The obligations of Regulated Market Makers are incorporated in § 53 of the Exchange Rules of Eurex Deutschland. Violations against these obligations may be sanctioned by the Sanctions Committee of Eurex Deutschland.
Regulatory Market Makers in order book trading are reminded that they are required to continuously enter binding quotes in at least one product and during 50 percent of the daily trading hours on a monthly average.
Market participants have access to a daily report (TD983 “Regulatory Market Making”) in order to check their performance and to monitor their compliance with the quotation requirements. The report is available on the Common Report Engine.
Attachments:
1 – General Supplement to the Liquidity Provider Agreement
2 – Product Specific Supplement “Equity 01” for Equity Options and Selected Equity Index Options
Further information
Recipients: | All Trading Participants of Eurex Deutschland and Vendors |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination |
Contact: | Pricing & Market Making, marketmaking@eurex.com |
Web: | |
Authorised by: | Randolf Roth |
Market Status ⓘ
XEUR
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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.
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