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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.

  • [雷人]蠢货!土地处于不同的城市和地段,关联的资源不一样,价值也不一样。不然给咱俩同样面积的土地,咱的在北上广深,你的在边远山区,你干么? 2019-08-18
  • 世界杯八大热门悉数亮相 西班牙巴西最有冠军相 2019-08-18
  • [微笑]不是由咱定,而是要逻辑通透符合规律! 2019-08-16
  • 高速不免费难挡出游热情 端午假期周边游、滨海游最火--旅游频道 2019-08-12
  • 个子矮脸大腿粗还有拜拜肉,这些烦恼时尚博主Hannah Morgan全都有!看她怎么靠穿搭来掩盖 2019-08-08
  • 滥用添加剂,小心“网红馒头”变“网黑” 2019-08-08
  • 重攻轻防 阿兹特克雄鹰能否摆脱"16郎"尴尬 2019-08-05
  • 杀菌-热门标签-华商生活 2019-08-05
  • 2016年,有1145家上市公司大小非减持了3600亿元,还有210名上市公司高管减持了1400亿元。IPO已成了造就成千上万个十亿、百亿富豪的捷径, 2019-08-05
  • 阜阳五中成功举办第四届社团文化艺术节文艺汇演 2019-08-05
  • 欧版T90暴露法德坦克硬伤 VT4我离最强只差两步 2019-08-04
  • 市场监管总局抽检518批次粽子 未检出不合格样品 2019-08-03
  • 【理上网来·喜迎十九大】以全面从严治党调动党员干部积极性主动性创造性 2019-08-03
  • 7月1日起铁路将实施新列车运行图 北京再增12.5对复兴号 2019-07-29
  • 零关税后抗癌药降价为何“慢半拍”? 2019-07-29
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