Eurex
1. Introduction
This circular informs you about amendments to the
Above-mentioned Amendment Ordinances are attached to this circular. The amended Rules and Regulations including corresponding Amendment Ordinances are available for download on the Eurex website www.eurex.com under the following link: Eurex Rules and Regulations.
The amendments will come into effect on 3 April 2023.
2. Required action
Admitted companies and Exchange Traders must ensure that they took note of the aforementioned amendments to the Exchange Rules and Admission Regulations and that they will act in compliance with them.
With regard to the newly introduced provisions pursuant to § 25 Exchange Rules and § 3 Admission Regulations relating to evidence of admission prerequisite/reliability, the following actions are required:
The individuals mentioned in § 25 Paragraph 1 No. 2 Exchange Rules (“managers”) and the admitted Exchange Traders are obligated to conduct an individual evaluation whether there are facts or circumstances that are subject to mandatory disclosure after the coming into effect of the new provisions. Where this is the case, the declaration attached to this circular must be filled in completely and sent to the e-mail address person.admission@deutsche-boerse.com.
3. Details
A. Evidence of admission prerequisites/reliability – amendment of Exchange Rules and Admission Regulations
The provisions regarding evidence of reliability of managers and Exchange Traders has been amended to the effect that a current curriculum vitae (see mandatory disclosures pursuant to § 25 Paragraph 2 a) Exchange Rules) and a declaration regarding e.g. criminal, sanctions, misdemeanor or insolvency proceedings and conflicts of interest must be submitted as part of the admission procedure. In the future, such declaration will be requested in the admission procedure.
§ 16 Paragraph 2 of the Exchange Rules – new version – details the particulars which shall be submitted and those which may be disregarded with respect to the mandatory declaration. It shall be emphasized that comparable facts according to other legal systems must also be disclosed (see § 25 Paragraph 5 Exchange Rules).
Even after admission, aforementioned requirements for reliability must continue to be met throughout the entire period of admission. Therefore, the admitted companies shall immediately verify if facts or circumstances exist regarding their managers and Exchange Traders acting on behalf of them that must be declared. In addition, it shall be emphasized that it is mandatory to immediately inform the Management Board if changes regarding the declared facts occur, particularly if there is awareness of proceedings within the meaning of § 25 Paragraph 2 b) Exchange Rules having been opened against a manager or against an Exchange Trader acting on behalf of the admitted company, see § 34 Exchange Rules.
The Management Board may also request additional evidence and information, e.g. a police certificate of good conduct, and may gather information from third parties.
Corresponding amendments have been made in §§ 25, 34 and 45 Exchange Rules and § 3 Admission Regulations.
B. Position Limits – amendment of § 11 Exchange Rules
Complying with the position limits which define the maximum number of contracts in a given derivative which an admitted company may hold for their own account or for one of its customers is an important parameter to ensure orderly exchange trading at Eurex Deutschland.
Requirements for the aggregation of several positions for the purpose of position limit control in § 11 Exchange Rules have been simplified in order to enable a clear and legally secure application of the provision.
C. Order to Trade Ratio – amendment of § 16 Exchange Rules
Adequacy of the Order to Trade Ratio shall be assessed by taking into consideration all specifics of the individual case. A corresponding adjustment has been made to § 75 Exchange Rules.
An adequate Order to Trade Ratio exists in particular if it is economically comprehensible on the basis of the liquidity of the financial instrument concerned, the specific market situation or the function of the trading company, see § 75 Paragraph 2 Sentence 4 Exchange Rules.
Attachments:
Further information
Recipients: | All Trading Participants of Eurex Deutschland | |
Target groups: | Front Office/Trading, Auditing/Security Coordination | |
Contact: | client.services@eurex.com | |
Web: | Eurex Rules and Regulations | |
Authorized by: | Melanie Dannheimer |
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XEUR
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