Find
Nov 19, 2019

Eurex

Amendment of Default Transaction Size Limits

Eurex Circular 109/19

1.    Introduction

In the context of the launch of T7 Release 8.0 and due to Member feedback referring to the new release, Eurex Frankfurt AG revised the default transaction size limits defined by the exchange. 

The default exchange transaction size limits are valid on a per product level and for all Trading Participants. A Trading Participant can reduce the transaction size limits for themselves and for their traders. 

The new Default Transaction Size Limits will come into effect on 25 November 2019.

2.    Required action

After the change will come into effect, the entry of on-book and off-book orders must be compliant with the new Default Transaction Size Limits.

3.    Details

The old and the new Default Transaction Size limits are outlined in the table below:

Default Transaction Size Limits 

Old value

 New value as of 25 November 2019
Maximum Order Limit 9,999 5,000
(for all products except fixed income futures)
7,500
(for fixed income futures only)
Maximum Calendar Spread Order Limit 99,999 50,000
Maximum TES Order Limit 999,999 250,000

If the transaction size limits of a Trading Participant or any of their traders are above the new Default Transaction Size Limit, the corresponding limits of the Trading Participant or traders are reduced to the new values, effective as of 25 November 2019. The transaction size limits of a Trading Participant or any of their traders will remain untouched if they do not exceed the new Default Transaction Size Limits. 

In case a trader placed orders in the central limit order book with validity Good-till-Cancelled or Good-till-Date before 25 November 2019 with order sizes higher than the new limits, those orders will not be deleted when the new Default Transaction Size Limits come into effect. The execution of those orders will take place regardless whether the order size is compliant with the new limit.

Any order modification applied to those orders will be rejected except if the order modification includes a reduction of the order size not larger than the new default limit. Please note that a reduction of the order size does not change the time priority of the corresponding order.


Recipients:All Trading Participants of Eurex Deutschland and Vendors, Central Coordinators of Eurex Clearing AG
Target groups:Front Office/Trading, Middle + Backoffice
Contact:

Jonas Ullmann, jonas.ullmann@eurexchange.com; Thomas Winter, thomas.winter@eurexchange.com

Web:T7 Release 8.0
Authorized by:Randolf Roth

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.

An instant update of the Market Status requires an enabled up-to date Java™ version within the browser.