20 Dec 2021

Eurex

Direct Market Access (DMA): Clarification regarding electronic DMA order validation

Eurex Circular 118/21 Direct Market Access (DMA): Clarification regarding electronic DMA order validation

1.  Introduction

This circular outlines important information regarding changes to the Direct Market Access (DMA) flow validation at Eurex Deutschland (Eurex) and in particular the usage of the field “OrderOrigination” (DMA Flag).

This information is only relevant for Exchange Participants intending to grant another person (Indirect Trading Participant) direct access to the Eurex market via its infrastructure for the transmission of orders pursuant to § 61 of the Exchange Rules of Eurex Deutschland (“DMA Providers”).

Starting from 31 January 2022, the Eurex T7 system will reject orders, where tag 1724 “OrderOrigination” is set to “true”, i.e. ”5”, but the Exchange Participant is not authorized as DMA Provider with Eurex. 

2.  Required action

2.1 Authorisation process and T7 validation

Exchange Participants who currently apply tag 1724 on orders but are not authorized as DMA Providers with Eurex are urged to get in contact with their respective Key Account Manager to trigger the authorization process of their DMA system.

2.2 No action required for already authorized DMA Providers at Eurex

Exchange Participants who are already authorized DMA Providers at Eurex, will automatically be enabled for flagging DMA order flow and are not required to pursue any additional actions.

3.  Details 

According to § 61 (1) of Exchange Rules of Eurex Deutschland, providers of direct access are obliged to authorize their DMA system with Eurex via a respective application form available online.

Additionally, according to § 61 (3) of Exchange Rules of Eurex Deutschland, DMA Providers shall apply the flagging of DMA orders with the usage of the tag 1724 “OrderOrigination” set to “true”, i.e. ”5”.
Exchange Participants, who are not authorized DMA Providers at Eurex, are not allowed to provide DMA to Eurex and cannot send orders and modification of orders flagged as DMA, as these orders will be rejected.

As a result of the introduction of the technical validation, the Eurex DMA error report TR165 will be decommissioned. The information regarding “OrderOrigination” will continue to be reflected in the Eurex TE540, TE550, TE810 reports.

For further details concerning the DMA-related rules, please refer to the Eurex website www.eurex.com under the following path: 

Rules & Regs > MiFID II/MiFIR > DEA/DMA/ORS 
 

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:

Your Key Account Manager or client.services@eurex.com

Web:

Rules & Regs > MiFID II/MiFIR > DEA/DMA/ORS 

Authorized by:

Michael Peters


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.

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.