Eurex
1. Introduction
Following a decree of the Exchange Supervisory Authority of the State of Hesse, Eurex Deutschland will adjust the application of the so-called “Short Code Solution” as of 1 January 2022.
As of this date, the Trading Participants are obliged to populate the fields "Execution Decision", "Investment Decision" and "ClientID" with unique codes (“Short Codes”) in order and quote messages. Accordingly, these Short Codes must be unchangeably assigned to a corresponding identification code ("Long Code") over time and cannot be changed subsequently.
A change of the Long Code is only permissible for certain legal reasons such as changes of name or identification numbers of natural persons. Furthermore, Trading Participants are obliged to register all Short/Long Code combinations with the trading venue before using them for the first time.
Effective date: 1 January 2022
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2. Required action
As of 1 January 2022, Trading Participants must only use continuously unique Short Codes. These Short Codes must be registered before they are used for the first time. For this purpose, Trading Participants will only be able to enter a future date in the field "valid from" in the upload file. Already registered Short/Long Code combinations that do not meet the requirements can be deleted or updated by the Trading Participant.
3. Details
Since 3 January 2018, all Trading Participants have been obliged to identify the algorithms used in the context of their participation in exchange trading, the "execution decision maker", the "investment decision maker" and the client (Article 48(10) of Directive 2014/65/EU and Article 25 of Regulation (EU) 600/2014). This legal requirement is implemented in the Exchange Rules of Eurex Deutschland (Sections 17a, 63 and 72).
The fields "Execution Decision", "Investment Decision" and "ClientID" are to be filled in the order and quote messages by using Short Codes. Only natural persons and legal entities by means of their "Legal Entity Identifier" (LEI) have to be encoded by means of "Short Codes".
Until now, Trading Participants were obliged to upload the Long Codes used to resolve the Short Codes to the Eurex upload functionalities (SFTP or Member Section) on the following trading day (T+1) at the latest. This requirement will change as of 1 January 2022. As of this date, registration of the Short Codes must take place prior to use.
In addition, Short Codes must be registered uniquely and unchanged over time. With the exception of certain legal grounds, it is not permissible to change the Long Code.
We expressly point out that violations of the reporting obligation may lead to sanctions.
Further information
Recipients: | All Trading Participants of Eurex Deutschland and Vendors | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination, Compliance departments, Nominated Persons | |
Contact: | Your Key Account Manager or client.services@eurex.com; | |
Web: | www.eurex.com | |
Authorized by: | Michael Peters |
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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