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  • Service Navigation

    Excessive System Usage Fee

    Excessive System Usage Fee

    Eurex Exchange has introduced the Excessive System Usage Fee on 1 December 2013. In order to encourage a responsible attitude towards the use of the T7 system resources, Eurex Exchange defines daily limits for the number of transactions sent by a Participant. If a Participant exceeds the defined limits then fees for excessive system usage may apply.

    The transaction limit is calculated per Participant, per product, per trading day and per limit type. There are three types of transaction limits: a transaction limit for the order type “standard orders”, a transaction limit for “all transactions”, and a transaction limit for “transactions which do not lead to an market data update and order modifications which lead to an order cancelation without a trade”. Every day, for each Participant, the actual transactions are counted per product. If this transaction count exceeds the transaction limit, then such instance is considered to be a violation of the limit.

    There are two different types of violations:

    • Accidental violation: A violation of the limit is considered to be “accidental”, if a limit is exceeded less than four times for a product in a calendar month. An accidental violation is not subject to the ESU Fee.
    • Systematic violation: A violation of the limit is considered to be “systematic”, if a limit is exceeded more than three times for a product in a calendar month. All systematic violations are subject to the ESU Fee. The ESU Fee is applied to all violations in that particular month.

    Violations are counted per product across both limit types.


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    Fee calculation

    The ESU Fee is calculated using the following equation:

    ESU Fee = [ (number of transactions) - (transaction limit) ] * fee

    A transaction is defined as a system message that reaches the matching engine and yields a response. Such a transaction can be identified by inspecting the system response. If the response contains a time stamp from the matching engine the message is added to the daily transaction count of the Participant for the respective product.

    The transaction limit is comprised of two components:

    1. A volume component, which is calculated by multiplying the volume in the order book by a predefined volume factor, and
    2. a floor, which is set for each Participant regardless of any traded volume in the order book. A Market Maker can receive a higher floor, depending on its Market-Making performance.

    Please find below a concept paper describing the calculation (including an example) in detail.

    Limit parameter

    The table below shows the parameters used to calculate the ESU Fee.


    Please note: The limit is defined based on the product type of the product.

    A Trading Participant, acting as liquidity provider and fulfilled the defined requirements of the so-called Stress Presence Building Block of the General Supplement of the Eurex Liquidity Procider Agreement? on a day with Stressed Market Conditions, is eligible for an increased MM base by 10% on that day.

    Fee parameter

    The following table shows the fee parameters that will be used to calculate the ESU Fee. It is calculated separately for each systematic violation based on a sliding scale applied to the number of transactions that exceed the limit. The ranges of the sliding scale are defined by a percentage relative to the individual limit.

    Reports

    The following reports will be available for the Participants on the Common Report Engine:

    • CB069 (Transaction Report): Report, is generated on a daily basis. Additionally, intra-day versions of the report are available five times a day.
    • TR102 (Excessive System Usage Report): Report, is generated on a daily basis.
    • CB197 (Excess Transaction Limit Fees): Report, is generated at the month-end.
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    Market Status

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    Production newsboard

    The market status window is an indication regarding the current technical availability of the trading system. It indicates whether news board messages regarding current technical issues of the trading system have been published or will be published shortly.

    We strongly recommend not to take any decisions based on the indications in the market status window but to always check the production news board for comprehensive information on an incident.

    An instant update of the Market Status requires an enabled up-to date Java? version within the browser.

  • 国舜科技姜强:网络安全服务标准化将成未来发展趋势 2019-06-13
  • 思想与用词停留在三十年前。 2019-06-13
  • 《2015中国音乐产业发展报告》发布 2019-06-06
  • 拥有大智慧的中国古人就把“子”和“女”结合在一体,造出一个会意字“好”字。一直就用这个“好”的感觉结果去衡量其它任何生存环境中的万物万事所给人的感觉。 2019-06-06
  • 英国顶级艺术院著名大楼再度起火 2014年曾发生火灾 2019-06-04
  • “大功三连”指导员王金龙责无旁贷学习先行走在前列 2019-05-27
  • 毛泽东说帝国主义都是纸老虎。是有社会基础的 2019-05-27
  • 楼市调控继续加码 供需矛盾加剧或致摇号买房常态化 2019-05-14
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  • 新华时评:美逆潮流而动,必将付出代价 2019-05-09
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  • 劳动不是人的本质,对劳动成果即社会财富的占有才是人的本质。在私有制阶级社会中,劳动成果即社会财富被剥削阶级无偿占有,所以人的本质便表现为阶级本质,“每... 2019-05-08