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Jul 01, 2022

Eurex

Order Routing System (ORS): Compliance with U.S. regulatory requirements by ORS Users located in the U.S.

Eurex Circular 066/22 Order Routing System (ORS): Compliance with U.S. regulatory requirements by ORS Users located in the U.S.

1.  Introduction

With this circular, we would like to inform you about a clarification regarding the use of the Order Routing System (ORS), as defined in § 60 of the Exchange Rules of Eurex Deutschland (Eurex), particularly for ORS Users located in the U.S. Further details regarding ORS usage were provided in Eurex Circular 061/21 and Eurex Readiness Newsflash as of 9 June 2021.

An ORS is a software used by an Exchange Participant (ORS Provider) that enables the users (ORS User) of this software to transmit orders to the trading system of Eurex under the user ID of an approved Eurex Exchange Trader admitted for the ORS Provider (a Filter Trader).

2.  Required action/requirements for participation 

With this circular, ORS Providers are reminded that any ORS usage by ORS Users located in the U.S. must comply with applicable U.S. regulatory law.

3.  Details

Under the ORS, ORS Providers may designate ORS Users that may be situated in any permitted country, including the U.S. U.S. Persons may transmit orders to Eurex only as permitted by applicable U.S. regulatory law. There are three categories of products available to U.S. Persons: (i) CFTC-approved futures and options on futures contracts; (ii) Eligible options under SEC class No-Action Relief; and (iii) Eligible foreign security futures products under 2009 SEC Order and Commodity Exchange Act.

Further details regarding the U.S. regulatory requirements for trading each of these product categories may be found on the Eurex website www.eurex.com under the link:

Rules & Regs > Eurex derivatives in the U.S.


Further information

Recipients:

All Trading Participants of Eurex Deutschland and Vendors

Target groups:

Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination

Related circular:

Eurex Circular 061/21

Related Newsflash:

Eurex Readiness Newsflash as of 9 June 2021

Contact:

client.services@eurex.com

Web: 

Rules & Regs > Eurex derivatives in the U.S.

Authorized by:

Michael Peters


Market Status

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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.

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