Eurex
1. Introduction
Since 1 January 2022, Trading Participants have been obligated to assign only one short code to each long code. Only in substantiated exceptional cases may the Management Board of Eurex Deutschland (“Eurex”) grant an exemption from this rule.
This circular reminds Trading Participants of this obligation and describes the process to be followed where Trading Participants cannot comply with this obligation for justifiable reasons, as provided for in § 72 (2) of the Exchange Rules of Eurex Deutschland (“Exchange Rules Eurex”).
Trading Participants that do not currently hold an exemption and that are not complying with the requirement to assign only one short code to each long code are asked to:
No action is needed from Trading Participants already holding a time-limited exemption in order to renew the exemption for an additional one-year period. These exemptions will be prolonged automatically in the final quarter of each year insofar as the reasons for the exemption continue to exist, without the need to submit an additional application or request.
2. Required action
Short code uniqueness rule
Trading Participants must, as a general rule, assign only one short code to each long code as provided in § 72 (2) Sentence 2 of the Exchange Rules Eurex (“short code uniqueness rule”).
The registration of a second or further short code to a validly registered long code (“non-unique mapping”) is only permitted where the Trading Participant holds a valid exemption and the reason(s) for which the non-unique mappings are registered are covered by the terms of that exemption.
Additionally, Trading Participants may assign different short codes to a CONCAT where two or more different natural persons identified by the CONCAT have the same birth date and same first five letters of their first and last names (i.e., where the MiFIR identifier is identical for two or more different natural persons). In this case, one short code may be assigned per natural person and no exemption is required for this purpose.
Exemptions from the short code uniqueness rule
Trading Participants unable to comply with the above rule must apply for and be granted an exemption pursuant to § 72 (2) Sentence 3 of the Exchange Rules Eurex. The process for doing so is described in Section 3, below.
Report TR167 Non-Uniqueness Identifier
Trading Participants are further reminded that Eurex provides a daily report, the TR167 Non-Uniqueness Identifier, to all Trading Participants indicating all long codes for which more than one short code has been registered.
This report should be used as follows:
3. Details
Trading Participants that cannot comply with the short code uniqueness rule for justifiable reasons must submit an application for an exemption to Eurex.
Applications should contain the following information:
Applications should be submitted to eurex.reg.reporting@eurex.com.
Justifiable reasons for the granting of an exemption include, but are not limited to, the case specifically mentioned in § 72 (2), Sentence 3 of the Exchange Rules Eurex, namely the use of more than one short code to identify various securities custody accounts belonging to a Trading Participant’s client. Trading Participants that are uncertain whether they might qualify for an exemption are advised to contact eurex.reg.reporting@eurex.com to discuss the specifics of their case.
No action is needed from Trading Participants already holding a time-limited exemption in order to renew the exemption for an additional one-year period. These exemptions will be prolonged automatically in the final quarter of each year insofar as the reasons for the exemption continue to exist, without the need to submit an additional application or request.
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 | |
Related circular: | Eurex Circular 095/21 | |
Contact: | ||
Web: | www.eurex.com | |
Authorized by: | Melanie Dannheimer |
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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