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  • Service Navigation

    Market-Making and Liquidity provisioning

    Market-Making and Liquidity provisioning

    Eurex envisages two types of Market-Making/Liquidity provisioning activities for Futures and Options:

    • (Regulatory) Market-Making, according to MiFID2
    • (commercial) Liquidity provisioning.

    These are described in the following.


    Regulatory Market-Making

    Regulatory Market-Making (RMM) applies if the conditions of section 52 of the Eurex Exchange Rules applies, which ultimately refers to Commission Delegated Regulation (EU) 2017/578 Article 1.? RMM is regulated under public law.

    All Eurex Participants who fulfil the requirements stated in the Regulation have to apply for admission as (Regulatory) Market Maker at Eurex. The admission as Regulatory Market Maker in accordance with paragraph 52 of the Exchange Rules will be an admission for all Eurex products. As a result, the individual registration per product as announced in section 1.3. of Eurex circular 102/17 is no longer required and the eListing Tool will not be made available for the purposes of RMM.
    An initial application as Regulatory Market Maker has to be filed until 28 February 2018, at the latest. The application form is available under the following link:

    Once registered as Regulatory Market Maker, all follow-up requirements according to Eurex Exchange Rules, section 53 need to be fulfilled. According to paragraph 53 of the Exchange Rules, Regulatory Market Makers will have to fulfil the quotation requirements in at least one product on a monthly average. However, the respective competent authority of a Market Maker may impose deviating rules.
    The maximum bid-ask range for Regulatory Market-Making is available under the following link:

    Report TD983 on the Common Report Engine will be available for all Eurex participants.? The report will provide an overview of the fulfilment of RMM criteria for all Eurex Participants and for all products.


    Liquidity provisioning

    Liquidity provisioning is a commercial activity outlined in the “Eurex Liquidity Provider Framework”. All Eurex participants can participate in the Framework by signing the Eurex Liquidity Provider Agreement (LPA). The LPA is a tri-parti agreement between the Eurex participant, Eurex Frankfurt AG and Eurex Clearing AG.

    Further to the LPA, the following elements take the form of a supplement to the LPA and are integral part of it:

    • General Supplement (GS) to the LPA
    • Product Specific Supplements to the LPA.

    Further to these documents, the Price List of Eurex Clearing AG applies.?

    These documents contain all Liquidity Provider requirements and incentives that are available upon fulfilment of the requirements.

    For all Liquidity Providers, quotation performance and payout of incentives will be performed automatically for all Eurex products. No subscription (e.g, usage of eListing Tool) on a product-by-product basis is necessary.


    Eurex Liquidity Provider Framework

    List of Eurex Regulatory Market Makers?and Liquidity Providers

    According to Article 7 of Commission Delegated Regulation (EU) 2017/578, Eurex is required to publish information on Market Makers and Liquidity Providers.

    The admission as Regulatory Market Maker in accordance with paragraph 52 of the Exchange Rules is an admission for all Eurex products.


    Quotation requirements



    Risk protection for Market Makers

    The Eurex? system provides Market Makers and Liquidity Providers in options in Basis Building Block and Package Building Block with various features for system-based risk protection. With these tools Market Makers and Liquidity Providers can significantly constrain operational and market risks.

    Market Maker protection tool
    The Market Maker protection tool is aimed at preventing too many simultaneous trade executions on quotes provided by a Market Maker or Liquidity Provider, offering additional control of the market risk.

    The basic principle can be envisioned as a counter, counting the number of traded contracts per product on Market Maker's or Liquidity Provider’s quotes within a time frame of some seconds that the Market Maker or Liquidity Provider can define.

    Once the time has elapsed the counter is set to zero and restarted. If the counter exceeds a threshold level defined by the Market Maker or Liquidity Provider, all remaining quotes are put on hold. Market Makers or Liquidity Providers can define three threshold values in the counter:

    • Volume: total number of contracts
    • Vega: absolute number of contracts purchased reduced by the number of contracts sold
    • Delta: absolute number of (long calls + short puts) - (short calls + long puts)?

    Legal Texts:


    ?

    Market Status

    XEUR

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    Parts of the trading system are currently experiencing technical issues

    The trading system is currently experiencing technical issues

    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