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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.

  • 詹皇通知骑士队 准备与其续约 2019-04-18
  • 正确看待我国社会主要矛盾转化 2019-04-14
  • 天眼!国产警用安防无人机先进技术发布 2019-04-13
  • 【央视快评】让传统文化焕发新时代风采 2019-04-11
  • 黎昌仁:企业社会责任与企业发展能够形成良性互动与共赢 2019-04-09
  • 【高清组图】纽约迎来第40届“第五大道博物馆节” 2019-04-09
  • 普京力挽狂澜,从北高加索平叛到格鲁吉亚兴兵,从克里米亚回归到叙利亚反恐,给了俄罗斯人民新生——这一切都是和中国同志的支持分不开的。 2019-04-06
  • 西藏职业技术学院全面推进毕业生就业创业 2019-04-03
  • 《四部医典》入选《世界记忆亚太地区名录》 2019-03-30
  • 阿根廷队主帅桑保利:这不会是梅西最后一届世界杯 2019-03-30
  • 江西暴雨袭来白昼如夜 乌云密布似大片 2019-03-25
  • 亚冠前瞻:恒大权健皆不容有失 两将伤情成上港争胜关键 2019-03-24
  • 中国梦大国工匠篇——治国理政新实践山西篇系列专题——黄河新闻网 2019-03-23
  • 富蕴县完成12个文化旅游项目集中签约 2019-03-22
  • 以习近平人才思想为指导建设企业人才高地 2019-03-22