北京快乐8和值走势图:Circulars - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en Planned launch of Inter-Product Spread Strategies in Fixed Income Futures – Preliminary launch details - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/resources/circulars/circular-1562670 1. Introduction Eurex Deutschland intends to launch an initial set of Inter-Product Spreads for Fixed Income Futures as a standardised futures inter-product spread strategy (e.g. Bund-Buxl spread) effective on 16 September 2019. This circular contains preliminary information on the proposed changes and drafts of the updated sections of the relevant Rules and Regulations of Eurex Deutschland. It provides details for the planned launch regarding the products in scope and the setup and life-cycle of Inter-Product Spreads. The simulation and production launch schedules are outlined, as well as preliminary information on the Liquidity Provider scheme that is to be offered. Please note that the launch of Inter-Product Spread Strategies for Fixed Income Futures is subject to the approval by the Exchange Council of Eurex Deutschland which is expected for?27 June 2019.?Subsequently, the Management Board of Eurex Deutschland will approve the rule changes enclosed in this circular as DRAFT versions and publish these in a separate Eurex circular at a later date. Simulation start: 14 June 2019 Production start: 16 September 2019?(subject to approval of the Exchange Council of Eurex Deutschland) 2. Participation requirements Inter-Product Spread Strategies will be available for all members and traders that are set up to trade both futures products from which a given IPS draws its leg instruments.? Maximum order size restrictions maintained on a clearer, member and trader level for the futures contracts that comprise leg instruments of an Inter-Product Spread apply under consideration of IPS ratios of leg instruments. 3. Details of the initiative A standardised futures inter-product spread strategy is a combined instrument defined by the Management Board of Eurex Deutschland consisting of a defined number of instruments of two different futures products and a corresponding leg ratio that do not differ in maturity. Inter-Product Spread Strategies are 2-legged products that ensure DV01 neutrality. IPS provide investors with a capital efficient hedge against a parallel shift of the yield curve and direct exposure to changes in the flatness and steepness of the yield curve. They also allow for trading of the spread between different European government bond futures without legging risk. Inter-Product Spread Strategies at Eurex Deutschland will trade in separate non-implied order books as common for standardised option strategies.? Eurex Deutschland will offer IPS for combinations of front month futures only. The cheapest-to-deliver (CTD) basket of a given futures maturity will be monitored to forecast the possible CTD basket composition due to new government bond issuances. The IPS leg ratios will be derived according to the most probable CTD bond. New IPS strategies will be available for trading from the Monday onward that follows the quarterly maturity of Eurex Fixed Income Futures. Trading in IPS strategies of a given expiration will stop on the first day the position limits become effective for front months future, i.e. three trading days prior to the last trading day. IPS order books become available in trading as soon as both legs instruments are in trading. For example, trading in the Bund-Buxl IPS will start in the early morning trading session, as both futures are traded throughout the entire Eurex trading day. In contrast, Long-term BTP-Bund IPS and Schatz-Short-term BTP IPS will be tradable from 08:00 CET?until 19:00 CET as the BTP futures legs of these IPS are not tradable during the full length of the Eurex trading day.? The initial IPS product offering will include inter-product spread strategies comprising the leg instruments FGBL-FGBX, FBTP-FGBL and FGBS-FBTS. Please see the table in Attachment 1 for an overview of initially offered IPS products. The IPS ratios in this?table are for illustrative purposes. Please note that the IPS ratios will differ from expiry to expiry and will be determined shortly before the next new IPS contract becomes available. The ratios for new IPS expirations will be published via Newsboard and on the Eurex website 北京快乐8质合走势图 www.t-rna.com prior to their respective first day of trading. Production and simulation schedule IPS strategies will be made available in the Eurex simulation environment effective 14 June 2019. Simulation for Eurex T7 Release 7.1 will be available until the end of August 2019. Thereafter, the simulation environment will only be available with version 8.0 starting 9 September?2019.? Inter-Product Spread Strategies for the combinations of Fixed Income Futures in scope are intended to start trading in production on 16 September 2019. Further IPS strategies are planned to be offered for Fixed Income futures following the launch of Eurex T7 Release 8.0. Liquidity Provider Scheme The Management Board of Eurex Deutschland and the Executive Board of Eurex Frankfurt AG plan to offer a Liquidity Provider scheme for Inter Product Spread Strategies effective as of the launch date. A DRAFT version of the Product Specific Supplement for Inter Product Spreads in Fixed Income Futures is attached to this circular (Attachment 3) Therein details are provided regarding the Building Block requirements for IPS and the incentives Liquidity Providers shall receive upon fulfillment of these requirements are outlined. Attachments: Attachment 1 - Overview of initially offered IPS products Attachment 2 -?Updated sections of the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland (DRAFT) Attachment 3?- Product Specific Supplement for Inter-Product Spreads in Fixed Income Futures (DRAFT) Recipients: All Trading Participants of Eurex Deutschland and Vendors Target groups: Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination Contact: client.services@www.t-rna.com Related circulars: 029/19, 055/19 Authorized by: Randolf Roth Wed, 12 Jun 2019 22:00:00 GMT 2019-06-12T22:00:00Z Futures: Introduction of a mistrade range floor - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/resources/circulars/circular-1562376 1. Introduction Eurex Exchange will introduce a mistrade range floor in addition to the current rules for the determination of the mistrade range for futures products. The introduction of this floor will prevent too narrow mistrade ranges for futures strategies with opposite trades, whilst no impact is expected on the mistrade range for outright futures products. The floor value will apply to all futures products where the Price Change Percentile (PCP) methodology is currently being used. The mistrade range floor will become effective from 19 June 2019. 2. Details Determination of the mistrade range for a futures product including the new floor value will be performed as follows: A deviation from the reference price shall be deemed significant if the price of the mistrade transaction deviates from the reference price by more than the higher value between the mistrade range floor or 20 percent of the PCP1 for the corresponding futures contract, unless another regulation has been made for an individual product. The floor value for the mistrade range will be determined on a product level as the higher value between 10 percent of the corresponding outright futures mistrade range calculated using the price change percentile methodology and an absolute value of four?ticks. In case of futures strategies, the mistrade range will continue to be multiplied with the percentage specific to the number of contracts as set out in Number 2.8.5 of the Conditions for Trading at Eurex Deutschland. The rules for determining the mistrade range for options products remain unchanged and will continue to apply as set out in Number 2.8.5 of the Conditions for Trading at Eurex Deutschland. 1 The PCP is a measure of price volatility which replaced the RBM margin parameters ?? effective 12 June 2017 (see Eurex Clearing Circular 015/17). 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 Clearing circular 015/17 Contact: Andrei Jitariu, Market Models, T +44-207-8 627 214, andrei.jitariu@www.t-rna.com Authorized by: Randolf Roth Tue, 11 Jun 2019 10:00:00 GMT 2019-06-11T10:00:00Z Introduction of additional audit rights and amendments to the Excessive System Usage Fee - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/resources/circulars/circular-1564044 1. Introduction The Executive Board of Eurex Frankfurt decided to introduce additional rights for Eurex Deutschland, which allows the inspection of Trading Participant’s premises and data processing systems, and to amend the Excessive System Usage (ESU) fee. Those amendments are not related to each other but are defined in the same legal documents and will therefore be equally communicated with this circular. These amendments will come into effect on 1 August 2019. 2. Introduction of additional rights for Eurex Deutschland regarding the inspection of participant’s premises and data processing Systems To ensure fairness and equality among Trading Participants, Eurex Deutschland introduces the possibility to audit the infrastructure and connection (cables) of Trading Participants of Eurex Deutschland. Eurex Deutschland will be entitled to conduct on-site or remote inspections on trading participant’s premises and data processing systems in order to inspect whether they are compliant with all rules and regulations governing trading at Eurex Deutschland. Third-party premises rented by Trading Participants shall also be subject to the audit and Eurex Deutschland shall be enabled to enter these premises. In general, there should be not more than one audit per year in order to avoid unnecessary interruptions of the Trading Participant’s business operations. Eurex Deutschland may audit specific server locations, which does not cause any interruptions of business operations, with a prior notice period of one hour. 3. Amendments to the Excessive System Usage (ESU) Fee: Activation of the Dynamic Limits for Standard Orders As standard orders consume higher system capacity compared to lean orders, Eurex Deutschland applies smaller ESU limits for such transactions compared to the more generous limits for the limit type “All transactions”. The decommissioning of the lean GTC/GTD functionality (i.e. lean orders which can be entered with a validity of GTC/GTD) with T7 Release 7.1 will make Trading Participants, who are active in less volatile products, use Standard Orders to ensure time priority. To account for that, Eurex Deutschland will consider the performance for Trading Participants fulfilling the minimum quotation requirements and use the well-known Dynamic Limit methodology for the limit type “Standard Orders”, which is already in place for the limit type “All transaction”. A concept paper describing the ESU fee concept in detail, including the various parameters that are considered for the calculation of the ESU fee, and an example showing a step-by-step calculation, are available on the Eurex website 北京快乐8质合走势图 www.t-rna.com under the following link: Technology > Excessive System Usage Fee The table in Attachment 1 shows the parameters used to calculate the ESU limit for the limit type ”Standard Orders”. The limits for the new limit type are calibrated in such a way that they will have no impact on most of the Trading Participants. The parameters for calculating the limits for the limit type “All transactions” and “Transactions, which do not lead to a market data update, and for order modification which will lead to an order deletion without a contract traded” remain in place unchanged. Please note: The limit is based on the product type of the product. A list of all products, including the product types, is published on the Eurex website and can be downloaded under the following link: Products > Product Overview > Complete list of all Eurex products in csv format Attachments: ESU parameter for the limit type ?Standard Orders" Updated General Terms and Conditions to the Agreement on the technical connection and the utilization of the Exchange-EDP of Eurex Deutschland (Connection Agreement) Updated General Terms and Conditions to the Agreement on the technical connection of a Multi-Member-System Provider to the Exchange-EDP Eurex? (Provider Connection Agreement) Updated Price List to the Agreement on the technical connection and the utilization of the Trading System of Eurex Deutschland (Connection Agreement) Recipients: All Trading Participants of Eurex Deutschland and Vendors Target groups: Front Office/Trading, Middle + Backoffice Contact: client.services@www.t-rna.com Related Circular(s): 212/13, 038/16, 082/17, 102/17, 107/17, 129/17, 017/19 Authorized by: Randolf Roth Tue, 11 Jun 2019 09:00:00 GMT 2019-06-11T09:00:00Z EURO STOXX?/STOXX? Europe 600-Banks Futures: Reduction of the smallest price change (tick) for futures calendar spreads; Adjustment of minimum block trade size - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/resources/circulars/circular-1562242 1. Introduction The Management Board of Eurex Deutschland decided to reduce the smallest price change (tick) for standardised futures strategies (futures calendar spreads) for the EURO STOXX?/STOXX? Europe 600-Banks Futures (FESB/FSTB). In addition, the minimum block trade size for the EURO STOXX?-Banks Futures will be increased. Simulation start: 13 June 2019 Production start: 22 July 2019 ? 2. Participation requirements All Trading Participants of Eurex Deutschland and vendors are affected by this change. ? 3. Details of the initiative Effective 22 July 2019, the tick in futures calendar spreads of the products FESB and FSTB will be changed from 0.1 to 0.02. Accordingly, the value that represents a tick will be reduced from EUR 5 to EUR 1 and the number of decimal places will increase from one to two. In the outright contracts (simple instruments), the minimum price change will remain unchanged at 0.1. The following table contains an overview of the different instruments of the contracts and their tick: FESB/FSTB tick on instrument type basis Smalles price change (tick) Tick value Simple instruments Old New Old New Outright contracts 0.1 0.1 EUR 5 EUR 5 Complex instruments ? ? ? ? Standardised futures strategies (Futures calender spreads 0.1 0.02 EUR 5 EUR 1 At the same time, with the change of the calendar spread tick, the outright and calendar spread orderbooks will be decoupled. The synthetic matching in the outright orderbook with implied prizes in the calendar spread book will no longer be supported by the trading system. This means that the combinations of best price orders and quotes stored in different order books (“synthetic path“) and the price determined from such a combination of order book pages (“synthetic price“) as well as path priorities for EURO STOXX?/STOXX? Europe 600-Banks futures (FESB/FSTB) will no longer be supported. In addition, for the entry of off-book-trades, the minimum block trade size for the EURO STOXX?-Banks Futures (FESB) will be increased from 250 to 500 contracts. 4. Technical distribution of the product and instrument configuration The new price granularity is valid for all outright instruments and will be distributed via the instrument snapshot in RDI (Reference Data Interface). The respective instrument attributes are: InstrumentPricePrecision 2 MinPriceIncrement 0.02 MinPriceIncrementAmount 1 The valid limit order price granularity for different instrument types and trade types can be found in the product snapshot in the field “TickRules”. The product FXXP can be used as a reference example in the production Environment. Attachment: Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland Recipients: All Trading Participants of Eurex Deutschland and Vendors Target groups: Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination Contact: Product R&D Equity and Index, Christine Heyde, T +49-69-211-1 56 98, christine.heyde@www.t-rna.com Authorized by: Randolf Roth Fri, 07 Jun 2019 10:00:00 GMT 2019-06-07T10:00:00Z A. Single Stock Futures/Single Stock Dividend Futures: Introduction of eight SSFs and one SSDF; B. Single Stock Futures/equity options: Withdrawal of admission; C. Single Stock Futures/equity options: Name change - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/resources/circulars/circular-1560358 Introduction The Management Board of Eurex Deutschland took the following decisions with effect from 17 June 2019: A. Introduction of eight Single Stock Futures pursuant to Annex A of Attachment 2 and one Single Stock Dividend Future pursuant to Annex D of Attachment 2; B. Withdrawal of admission of Single Stock Futures pursuant to Annex A of Attachment 2 and equity options pursuant to Annex B of Attachment 2; C. Name change of Single Stock Futures pursuant to Annex A of Attachment 2 and equity options pursuant Annex B to Attachment 2. Details A.?Introduction of eight SSFs and one SSDF 1. Product overview Please refer to Attachment 1 for an overview of the new products that will be introduced. 2. Contract specifications and product parameters In general, contract specifications for the new Single Stock Futures and the new Single Stock Dividend Future are in line with those for the existing Single Stock Futures and Single Stock Dividend Futures with the relevant Eurex group ID, also in terms of trading hours and trading calendar, last trading day, settlement and determination of the daily and final settlement prices. As of the introduction date of the new products, updated Annexes A and D of the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland will be published on the Eurex website 北京快乐8质合走势图 www.t-rna.com under the following link: Resources > Rules and Regulations > Contract specifications 3. Risk parameters As of start of trading, risk parameters of the new products will be published on the Eurex website under the link: Market data > Clearing data > Risk parameters and initial margins and on the Eurex Clearing website www.eurexclearing.com under the link: Risk management > Risk parameters Under this link, you will also find an up-to-date list with details for all Prisma-eligible Eurex products. 4. Mistrade parameters and position limits Mistrade ranges and position limits for the new Single Stock Futures and the new Single Stock Dividend Future will be published as of start of trading on the Eurex website under the links: Products > Equity derivatives > Single Stock Futures Products > Dividend derivatives > Single Stock Dividend Futures Products > Product information > Product specifications 5. Transaction limits The same values apply as for existing Single Stock Futures and Single Stock Dividend Futures with the relevant Eurex group ID. For details, please refer to the Eurex website under the link: Technology > Excessive System Usage Fee 6. Transaction fees The same transaction fees apply as for the corresponding existing Single Stock Futures and Single Stock Dividend Futures. 7. Vendor codes As of start of trading, data vendor codes for the new products will be published on the Eurex website under the link: Products > Vendor product codes 8. Liquidity provisioning Liquidity provisioning will take place according to the Liquidity Provider Scheme for Single Stock Futures (Equity-02) and the Liquidity Provider Scheme for Single Stock Dividend Futures (Equity-03). For details, please refer to the Eurex website under the following link: Trading > Market-Making and Liquidity provisioning > Product Specific Supplements to the LPA B. Single Stock Futures/equity options: Withdrawal of admission Please refer to Annexes A and B of Attachment 2 for the products whose admission will be withdrawn. C. Single Stock Futures/equity options: Name change Please refer to refer to Annexes A and B of Attachment 2?for details about the products and name changes. Attachment 1 Overview of new products that will be introduced Attachment 2 Updated sections of Annexes A, B and D of the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland Recipients: All Trading Participants of Eurex Deutschland and Vendors Target groups: Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination Contact: Derivatives Trading Operations, T +49-69-211-1 12 10,?eurextrading@www.t-rna.com Authorized by: Michael Peters Wed, 05 Jun 2019 22:00:00 GMT 2019-06-05T22:00:00Z
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