20 Dec 2019


Eurex EnLight: Temporary transaction fee waiver for certain Eurex EnLight trades

Eurex Circular 126/19 Eurex EnLight: Temporary transaction fee waiver for certain Eurex EnLight trades

1.    Introduction

In order to foster transparency and to improve efficiency around the negotiation of off-book transactions, the usage of Eurex EnLight shall be further incentivised.

Therefore, the Management Board of Eurex Deutschland and the Executive Board of Eurex Clearing AG decided to prolong the temporary transaction fee waiver for Requesters on Eurex EnLight.

The main product focus of Eurex EnLight is on all Equity and Equity Index options, Fixed Income options, corresponding strategies and Single Stock Futures tradable at Eurex Deutschland.

The transaction fee waiver for Requesters on Eurex EnLight will be extended in the following way until 31 December 2020:

Until a cap of a net amount of €1 million is reached, no transaction fees in accordance to the Price List of Eurex Clearing AG (Price List) shall apply for Requesters on Eurex EnLight, if the conditions stipulated under point 3. below are fulfilled. Thereby, the cap does not apply per Requester, but applies to the sum of the relevant transaction fees starting from 1 January 2020 (from all Requesters in all products). As soon as the cap of €1 million is reached, the transaction fees in accordance to the Price List will be charged.

The Participants will be informed via an Eurex circular with sufficient lead time if the threshold is met.

2.    Required action

No separate agreements are needed. All Eurex Trading Participants can use the service equally. Eurex EnLight can be accessed through the Eurex T7 GUI or via the T7 Enhanced Trading Interface (ETI).

3.    Details of the initiative

The temporary transaction fee waiver will apply to Requesters for Eurex EnLight trades, which

  • resulted out of a request from a Requester’s P- or M-Account which had been directed to at least two market participants with a Member ID different from the Requester’s, and
  • were concluded between different Member IDs. 

After an account transfer, give-up or average pricing, transactions will not be eligible for the fee waiver anymore. Eurex EnLight transactions benefitting from the fee waiver will not be considered for the calculation of volume rebates.

Eurex EnLight is a fully integrated exchange RFQ platform, designed to enhance market structure and bring together buying and selling interest from all types of market participants engaged in off-book trading. 

The fully automated solution replicates the core aspects of voice trading while providing its users all the advantages of automatic electronic price formation, data collection and timely information retrieval, to meet MiFID II Best Execution requirements. 

Eurex EnLight is an additional exchange execution mechanism, serving larger scale execution requirements, not suited for the central limit order book.

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:Equity & Index Sales: Philipp Schultze, philiipp.schultze@eurexchange.com;
Fixed Income Sales: Vassily Pascalis, vassily.pascalis@eurexchange.com
Web: Eurex EnLight
Related Circular(s):Eurex circular: 081/19
Authorized by:Randolf Roth

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