The Eurex Buy-Side Trading Disclosure Framework is a voluntary program which will allow the disclosure of indirect client trades for dedicated products. It will improve the transparency of Agent account flow and allow for a better benchmarking of Buy-Side firms against their peers.
This Disclosure Framework will enable participating indirect clients that trade via Direct Market Access (DMA) or Order Routing System (ORS) to instruct their respective Eurex Trading Member to disclose their identity to Eurex. The disclosure will only be visible for Eurex and not to the entire market. To support this disclosure, T7 will offer the new optional field: Buy-Side Client ID field, which will be used for the entry of the registered indirect client identifier.
Simulation start: 11 September 2023
Production start: Q1 2024
Brokers (Eurex Trading Participants) who want to participate in the Eurex Buy-Side Trading Disclosure (EBSTD) can register via the Member Section. They agree to the Terms & Conditions (i.e, “the contract”), agree to be displayed on the list of participating Brokers and must confirm that they accept to tag the incoming flow with the Buy-Side Client ID or the client’s LEI.
The Buy-Side Broker registration will be available via the Member Section upon availability. Further details will be communicated in due course.
To benefit from the EBSTD model, the indirect clients must be registered as Buy-Side Client via the Member Section by entering company details and agree to the Terms & Conditions (i.e., “the contract”), followed by an approval/acceptance by Eurex.
The Buy-Side Client registration will be available via the Member Section soon. Further details will be communicated in due course.
New Client ID field for order / TES entry
T7 will support the technical infrastructure needed for the launch of the EBSTD Framework via a new “Buy-Side Client ID” field.
The new field is only supported by ETI & FIX (will be reflected in respective trading reports). It will be available with T7 Release 12.0 and will accept both the 5-character Client ID or the client’s LEI.
Trading Participants should prepare and make necessary adjustments.
Utilization of the Fee Identification Code
New Fee Identification Code contains information whether a transaction is eligible for disclosed fee or not.
Trading and Clearing Members should prepare and make necessary adjustments.
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