A member of
Eurex
1. Introduction
With effect from 13 June 2022, new provisions in the Exchange Rules of Eurex Deutschland (Exchange Rules) have entered into force, according to which participation in exchange trading is also permitted from outside the registered trading locations, provided that certain requirements are met and ensured.
The following anticipated Questions and Answers (under 3.) are intended to provide assistance in complying with the required provisions.
2. Required action
Trading Participants and Exchange traders who wish to make use of the possibility to participate in trading outside the registered trading locations shall ensure and document compliance with the requirements pursuant to § 55 paragraph 5 Exchange Rules. In particular, the Trading Participants are instructed to keep daily updated lists and document which persons use input devices outside the trading locations, including the specific addresses from which the input device is operated.
3. Details
Question 1: Do remote trading locations have to be registered in advance with Eurex Deutschland or does Eurex Deutschland have to be notified that trading is taking place from outside registered trading locations?
No, the remote trading locations do not have to be registered in advance with Eurex Deutschland. Also, an instant notification of Eurex Deutschland is not necessary.
However, Trading Participants must state in the annual "Due Diligence Statement" whether they participate or have participated in exchange trading from outside the registered trading locations and whether the necessary requirements for this have been met.
Question 2: To whom do the new regulations apply?
The personal scope of application of the new regulations is only opened for those persons who have access to the Exchange EDP, i.e. those persons who have been assigned a personal access code for the Exchange EDP (see § 56 Exchange Rules). It does not matter what specific activity they perform or what role they have (e.g. exchange trader, technical support staff etc.).
Question 3: What information must the list contain in accordance with § 55 paragraph 5 b) number 3 of the Exchange Rules?
It is required to have a list of all persons operating an input device from remote locations. Upon request of the Management Board of Eurex Deutschland, this list shall be provided immediately.
The list must contain the following details: Date, personal ID, name of the person/trader and full address from where the input device is operated.
Question 4: Where can I find a list of the acceptable countries per § 33 paragraph 4 of the Exchange Rules?
You can find a list of the accepted countries here:
Trade > Exchange membership > Admission requirements
For further information and questions regarding other countries, please contact your Key Account Manager or client.services@eurex.com.
Question 5: How can we ensure that we have “effective arrangements, systems, procedures, and security measures” according to § 55 paragraph 5 b) number 1 of the Exchange Rules and what evidence is sufficient for this?
Each Trading Participants must ensure individually proper access to the Participant Trading System and the Exchange EDP. Therefore, various measures can be taken, such as technical IT security systems, internal guidelines, compliance policies, and the implementation of corresponding control processes.
The Minimum Requirements for Risk Management (MaRisk), which is a Circular by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, “BaFin”), provide provisions for technical and organisational resources according to AT 7.2, for example standards for IT systems design like the "IT Grundschutz" issued by the German Federal Office for Information Security (BSI) and the ISO/IEC 270XX international security standards developed by the International Organization for Standardization.
In addition, BTO 2.2.1 Number 3 of MaRisk refers to the observance of internal rules for transactions outside the business premises.
Question 6: Where can I find the requirements pursuant to AT 7.2 and BTO 2.2.1 Number 3 of the Minimum Requirements for Risk Management (MaRisk)?
The MaRisk are available on the website of the German Federal Financial Supervisory Authority (BaFin):
German version: MaRisk_DE
English version: MaRisk_EN
Please also see the Annotated text to the Minimum Requirements for Risk Management (MaRisk) in the version of 16.08.2021 for further details: Annotated text to MaRisk.
For further details, please refer to the Eurex website www.eurex.com under the following path:
Rules and Regs > Eurex Rules & Regulations
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 Trading or client.services@eurex.com | |
Related circular: | Eurex Circular 061/22 | |
Web: | ||
Authorized by: | Jonas Ullmann |
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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