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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.

  • 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
  • 喜迎十九大 砥砺奋进的五年 2019-05-14
  • 习近平齐鲁之行的七个感人瞬间 2019-05-12
  • 为何查询考试成绩时显示“ 2019-05-12
  • 为了民族复兴·英雄烈士谱 2019-05-09
  • 新华时评:美逆潮流而动,必将付出代价 2019-05-09
  • 中民投董事局执行副主席李银珩获第十二届人民企业社会责任奖年度人物奖 2019-05-08
  • 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