北京快乐8开奖走势图:Circulars & Mailings - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en Eurex Exchange Readiness Newsflash | T7 Release 8.0 - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/resources/circulars/circular-test-1605962 Dear Eurex Participant, Our next major T7 Release is fast approaching. On 14 December 2018, Eurex announced the introduction of the T7 Release 8.0: ? Simulation start: 9 September 2019 Production launch: 18 November 2019 ? We are happy to inform you that, as of 12 August?2019, T7 Release 8.0 is available in the T7 Cloud Simulation for testing. Please note that your ETI User ID may have changed with this T7 release. Please check the IDs within the Instance Control section in the Cloud Simulation. In case you are not a Cloud Simulation user yet but would like more information about the service or how to gain access to the T7 Cloud Simulation environment, please visit our Cloud Simulation website or contact your Key Account Manager for further assistance. Further information about the enhancements of the T7 Release 8.0 can be found on the Eurex Website 北京快乐8质合走势图 www.t-rna.com under the following path: Technology > T7 Trading architecture > System documentation > Release 8.0 Please be advised that the Simulation Calendar for Eurex derivatives trading & clearing for the period 26 August – 22 December 2019 is now available on the Eurex Website under the following path: Technology > Simulation Calendar To stay always up to date, visit our dedicated T7 Release 8.0 Website 北京快乐8质合走势图 www.t-rna.com under the following path: Resources > Initiatives > T7 Release 8.0 For further detailed information about current Eurex projects, please visit the Initiatives section on our Website under the following path: Resources > Initiatives Looking for documentation of previous T7 Releases, Product Introductions or Technical Changes? These documents can be found in our Archive section. ? Kind regards, Your Client Services Team Recipients: All Trading Participants of Eurex Deutschland and Vendors Contact: client.services@www.t-rna.com Web: 北京快乐8质合走势图 www.t-rna.com > Initiatives Thu, 15 Aug 2019 12:00:00 GMT 2019-08-15T12:00:00Z Eurex EnLight: Temporary transaction fee waiver for certain Eurex EnLight trades - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/resources/circulars/circular-1602198 1. Introduction To foster transparency and to improve efficiency around the negotiation of off-book transactions, Eurex Exchange aims to further incentivise the usage of Eurex EnLight. Therefore, the Management Board of Eurex Deutschland decided to introduce a temporary transaction fee waiver for Requesters on Eurex EnLight. Eurex EnLight is available for all Single Equity and Equity Index options, Fixed Income options and corresponding strategies tradable at Eurex Deutschland. The transaction fee waiver for Requesters on Eurex EnLight will be effective from 1 September until?31 December 2019. 2.?Required action No separate agreements are needed. All Eurex Trading Participants can use the service. Eurex EnLight can be accessed through the Eurex T7 GUI or via the T7 Enhanced Trading Interface (ETI). 3. Details of the intitiative The temporary fee waiver will apply to Requesters for Eurex EnLight trades, which resulted out of a request from a Requester’s P- or M-Account which had been directed to at least two market participants with a Member ID different from the Requester’s, and were concluded between different Member IDs.? After an account transfer or give-up, transactions will not be eligible for the fee waiver anymore. Eurex EnLight transactions benefitting from the fee waiver will not be considered for the calculation of volume rebates. Eurex EnLight is a fully integrated exchange RFQ platform, designed to enhance market structure and bring together buying and selling interest from all types of market participants engaged in off-book trading.? The fully automated solution replicates the core aspects of voice trading while providing its users all the advantages of automatic electronic price formation, data collection and timely information retrieval to meet MiFID II Best Execution requirements.? Eurex EnLight is an additional exchange execution mechanism serving larger scale execution requirements, not suited for the central limit order book. ? Attachments: none Recipients: All Trading Participants of Eurex Deutschland and Vendors Target groups: Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination Contact: Equity & Index Sales: Philipp Schultze, philiipp.schultze@www.t-rna.com; Fixed Income Sales: Vassily Pascalis, vassily.pascalis@www.t-rna.com Related Eurex circular: 022/19 Eurex Initiatives page: Eurex EnLight Authorized by: Michael Peters Sun, 11 Aug 2019 22:00:00 GMT 2019-08-11T22:00:00Z Euro Fixed Income Futures: Definition of reporting and position limits for September 2019 - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/resources/circulars/circular-1600182 1.?? ?Introduction Position limits apply only to long positions in the front month contracts of the products concerned. Reporting limits will be valid from 30 August 2019 after close of trading to 3 September 2019 after close of trading. Position limits will be valid from 4 September 2019, start of trading, until expiration of the September contract on 6 September 2019. Long positions in September 2019 contracts must therefore be within the prescribed limits at start of trading on 4 September 2019.? The measure taken by Eurex Deutschland is based on § 14 Paragraph 1 of the Exchange Rules of Eurex Deutschland (Eurex Exchange Rules). The limits will constantly be monitored intraday by the Trading Surveillance Office of Eurex Deutschland.? 2.? ? Required actions In case the position limits have been exceeded, Exchange Participants are obliged according to § 14 Paragraph 5 of the Eurex Exchange Rules to submit a list of long positions in the Eurex C7 Clearing GUI including clear names of the customers to surveillance@www.t-rna.com.? Immediate position adjustments should be made by using the Trade Adjustment function (Open/Close Adjustment) instead of the Position Close-Out, in order to avoid such transactions being subject to late closing fees. If the position limits are exceeded, the respective Participants will be requested by Eurex Deutschland to specify a Eurex user ID which can be used by Eurex Deutschland to undo the exceeding of the position limits. 3.?? ?Details of the initiative The reporting and position limits for the September 2019?contracts in the Euro Fixed Income Futures were set as follows: Contract name Position limit Euro-Buxl?-Futures (FGBX) 30,000 contracts Euro-Bund-Futures (FGBL) 60,000 contracts Euro-Bobl-Futures (FGBM) 55,000 contracts Euro-Schatz-Futures (FGBS) 45,000 contracts Long-Term Euro-BTP-Futures (FBTP) 60,000 contracts Mid-Term Euro-BTP-Futures (FBTM) 45,000 contracts Short-Term Euro-BTP-Futures (FBTS) 45,000 contracts Euro-OAT-Futures (FOAT) 60,000 contracts Mid-Term-Euro-OAT-Futures (FOAM) 30,000 contracts Euro-Bono-Futures (FBON) 30,000 contracts 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: Davide Masi, Product R&D Fixed Income, T +44-207 8 62-72 67, davide.masi@www.t-rna.com; Jutta Frey-Hartenberger, Product R&D Fixed Income, T +49-69-211-1 49 88, jutta.frey-hartenberger@www.t-rna.com ? Related Eurex Circulars: 226/06, 031/18, 063/18, 087/18, 014/19, 059/19 Authorized by: Michael Peters Tue, 06 Aug 2019 22:00:00 GMT 2019-08-06T22:00:00Z Eurex Exchange Readiness Newsflash | Updates August 2019 - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/resources/circulars/circular-test-1596292 Dear Eurex Participant, With this newsflash, we would like to draw your attention to the upcoming publication, events and necessary actions for the ongoing initiatives: 01 Aug | Liquidity Provider Scheme: Introduction of a Liquidity Provider Scheme for EURO STOXX? and STOXX? Europe 600 Automobiles & Parts Dividend Futures 01 Aug | Single Stock Dividend Futures: New Single Stock Dividend Futures will be included into the respective schemes SDFDE, SDFFR, SDFES, SDFIT, SDFCH and SDFUK of the Liquidity Provider Scheme for Single Stock Dividend Futures 12 Aug | T7 Release 8.0: The new Release is now available via Cloud Simulation If you have any questions or comments, please do not hesitate to contact us at: client.services@www.t-rna.com. Kind regards, Your Client Services Team Recipients: All Trading Participants of Eurex Deutschland and Vendors Contact: client.services@www.t-rna.com Web: 北京快乐8质合走势图 www.t-rna.com > Resources > Initiatives Thu, 01 Aug 2019 11:00:00 GMT 2019-08-01T11:00:00Z EURO STOXX 50? Total Return Futures: EONIA transition consultation - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/resources/circulars/circular-1595480 1. Introduction In September 2018, the European Central Bank (ECB) working group on euro risk-free rates recommended that the euro short-term rate (STR) replaces the euro overnight index average (EONIA) as the new euro risk-free rate. The new STR rate will first be published on 2 October 2019 by the ECB. At the same time, EONIA’s methodology will also be recalibrated such that EONIA will become STR plus a fixed spread determined by the ECB from this date. On 31 May 2019, the ECB provided the one-off spread between STR and EONIA as being calculated at 0.085% (8.5 basis points) i.e. EONIA = STR + 0.085%. In addition to the change in methodology there is also going to be a change in the publication as the new STR rate (as announced on 11 July 2019) will be available by 08:00 CET on each TARGET2 business day, based on actual individual transactions from the previous day. If errors are detected following the publication of STR that affect STR by more than two basis points, the ECB will revise and re-publish STR on the same day at 09:00 CET. No changes will be made to STR after that time. Hence, the publication of EONIA will also be changed: it will be at or shortly after 09:15 CET on the business day following the execution of trades (T+1). Currently, the publication is at 19:00 CET on the same day (T). It is envisaged that the EONIA publication will end on 2 January 2022. The ECB working group on euro risk-free rates recommends that Trading Participants gradually replace EONIA with the STR for all products and contracts, making the STR their standard reference rate. This circular outlines changes and future steps envisaged to support and facilitate a successful transition from EONIA to STR for Eurex. 2. Required action Trading Participants are requested to review this document and, if impacted, to respond to the questions asked regarding EURO STOXX 50? Total Return Futures. Please fill out the attached form and send your responses to the following e-mail address: client.services@www.t-rna.com. Overall, the transition from EONIA to STR might have an impact on Trading Participants’ internal processes, trading and positions. Therefore, it might be necessary for Trading Participants to update their internal processes and technical interfaces to allow for these proposed changes. Please check whether you have subscribed to our circulars and newsflashes on the subscription website under the following link to remain updated, as any communication will only be distributed via circulars and newsflashes: Resources > Circular & Newsletter Subscription ? 3. Details of the Proposals EURO STOXX 50? Total Return Futures EURO STOXX 50? Total Return Futures (TRF) are defined in Subpart 1.22 Contract Specifications for Index Total Return Futures Contracts within the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland. ? Funding Rate In sub-section 1.22.6.2.1 the Funding Rate is specified. The Funding Rate applicable to Index Total Return Futures Contracts represents the benchmark overnight funding rate over which the TRF Spread quoted and traded is applicable (“Funding Rate”) and for Index Total Return Futures Contracts on EURO STOXX 50? (Product ID: TESX) the Funding Rate is Eonia? (as a percentage) provided by EMMI a.i.s.b.l. This Funding Rate is applied to calculate the Accrued Funding prior to trading on each trading day. For Index Total Return Futures Contracts, the value of Accrued Funding is calculated on each trading day using the Funding Rate from T-1 to calculate the Daily Accrued applicable under sub-section 1.22.8.2.2. From 2 October 2019, we will continue to use the funding rate equivalent to the recalibrated EONIA as the Funding Rate applicable. It has been determined that EONIA for a transitory period will be defined as STR (as determined daily by the ECB at 08:00 CET) plus a fixed spread (as determined by the ECB on a one-off basis of 0.085% or 8.5 basis points on 31 May 2019). Eurex’ proposal is therefore to amend sub-section 1.22.6.2.1 Funding Rate from 2 October 2019 as follows: 1.22.6.2.1 Funding Rate The Funding Rate applicable to Index Total Return Futures Contracts represents the benchmark overnight funding rate over which the TRF Spread quoted and traded is applicable (“Funding Rate”): [For Index Total Return Futures Contracts on EURO STOXX 50? (Product ID: TESX) the Funding Rate is Eonia? (as a percentage) provided by EMMI a.i.s.b.l]. (to be deleted) For Index Total Return Futures Contracts on EURO STOXX 50? (Product ID: TESX) the Funding Rate is euro short-term rate (STR) as published by the European Central Bank (ECB) (as a percentage) plus the calculated spread between STR and EONIA? (as a percentage) provided by European Central Bank (ECB). Question 1: Do you agree with the proposed change for the definition of Funding Rate from EONIA? to become STR + the ECB calculated spread between STR and EONIA? under the revised methodology proposed? ? Trading Hours The immediate impact of the recalibration for EURO STOXX 50? Total Return Futures is that EONIA?, which is currently distributed in the evening by 19:00 CET based on the transactions of that day will be delayed in publication. The current process is that EONIA? is entered as the Funding Rate by Eurex prior to the start of trading at 07:50 CET on the following trading day (T+1). Under the changed methodology, the Funding Rate will not be available prior to the current start of trading on the following trading day. STR will not be published until 08:00 CET and there is the potential that it can be revised and re-published up until 09:00 CET (latest). From 2 October 2019, the application of the proposed amended Funding Rate above will not be possible until 08:00 CET earliest and then is subject to change until 09:00 CET. Eurex proposes to amend the start of trading to 08:15 CET to allow for the receipt of STR and the calculation of the revised Funding Rate of STR + spread and for the subsequent input into T7 and verification. Please refer to attachment 1 of this circular to see Eurex’ proposal to amend Annex C in the Contract Specifications on trading hours, applicable as of 30 September 2019. ? Question 2: Do you agree with the proposed change for the trading hours applicable to EURO STOXX 50? Total Return Futures? ? Corrections In sub-section 1.22.9.2 Market Disruption Calculation of Input Parameters, we currently note that if the provider of the EONIA? does not calculate and publish the overnight Funding Rate level prior to start of trading, or subsequently amends and re-publishes, then the last overnight Funding Rate available prior to start of trading shall be used. Under the new proposed Funding Rate of STR + spread it is acknowledged by the ECB explicitly that STR itself is subject and revision in the case of error of two basis points or more up and could be revised and re-published up until 09:00 CET. As such a revision in the Funding Rate change may be significant to two decimal places, Eurex’ proposal is to amend the current procedure and to therefore update the Funding Rate if STR is revised. Eurex’ proposal is therefore to amend from 2 October 2019 as follows: ? 1.22.9.2? Market Disruption Calculation of Input Parameters (2) b) Funding Rate (t-1) If the provider of the benchmark overnight funding rate does not calculate and publish the overnight rate used for the Funding Rate level prior to start of trading, [or subsequently amends and re-publishes] (to be deleted), then the last overnight rate [Funding Rate ](to be deleted) available prior to start of trading shall be used. If the provider of the benchmark overnight funding rate does publish the overnight rate prior to the start of trading but then subsequently amends and re-publishes after the start of trading, then the amended overnight rate shall be used. This amended overnight rate shall be used to calculate the difference applicable to impacted trades in relation to their originally calculated Traded Futures Price and determine corresponding adjustments based on the amended rate. These adjustments shall be determined on the next trading day. ? Question 3: Do you agree with the proposed change to immediately incorporate any revised and re-published euro short term rate STR published by the ECB to re-calculate the Funding Rate and be incorporated into the EURO STOXX 50? Total Return Futures price? ? Phasing out of EONIA as a Floating Rate At a point prior to the phasing out of EONIA at the end of 2021, Eurex Clearing will likely determine the methodology for a change of floating rate to a new STR based rate, in line with the recommendations of the ECB working groups. The proposed dialog and consultation is outlined in Eurex Clearing Circular 071/2019 “Transition from EONIA to the euro short-term rate (STR)”. For EURO STOXX 50? Total Return Futures this means: Eurex would propose that the underlying Funding Rate used for the EURO STOXX 50? Total Return Futures could also switch to the STR based floating rate at that time and in parallel a compensation mechanism be put in place for all open interest in all expiries at the time that such a decision to amend is undertaken. The timing for the implementation of such an amendment in the OTC IRS market generally and the implementation at EurexOTC Clear is not yet determined, but the proposal would be to define both the timings and compensation methodology when certainty is available. Question 4: Do you agree with the proposal to switch the Funding Rate of EURO STOXX 50? Total Return Futures to the proposed STR based floating rate and to simultaneously put in place a compensation methodology in line with the implementation timelines to be determined by Eurex Clearing? ? Miscellaneous Please note for EUR Equity Total Return Futures or any subsequent EUR based Index Total Return Futures, Eurex will already specify that as of 1 January 2020 Eurex will switch the Funding Rate applicable from STR + spread to STR flat and that this should be incorporated in any TRF spread calculations for expiries beyond those dates. Attachments: ? Attachment 1: Table: Proposal to amend trading hours as of 30 September 2019 Attachment 2: Form: TRF EONIA transition consultation ? Recipients All Trading Participants of Eurex Deutschland and Vendors Target groups Front Office/Handel,?Middle + Backoffice, IT/System Administration, Revision/Security Coordination Contact: client.services@www.t-rna.com Authorized by: Michael Peters Wed, 31 Jul 2019 13:00:00 GMT 2019-07-31T13:00:00Z
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