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Eurex
1. Introduction
The Management Board of Eurex Deutschland took the following decision with effect from 1 June 2025:
2. Required action
All Trading Participants of Eurex Deutschland (“Eurex”) interested in client order aggregation to exceed minimum order sizes for Block Trades according to Eurex Circular 021/25 are affected by these changes. Please consider the changes as a clarification and update to the changes provided in Eurex Circular 021/25.
3. Details of the initiative
On 14 March 2025, Eurex announced changes to the Exchange Rules of Eurex Deutschland (“Exchange Rules”) and to the Conditions for Trading at Eurex Deutschland (“Conditions for Trading”), specifically the deletion of Number 4.3 Paragraph 1 Sub-Paragraph 2 of the Conditions for Trading. This deletion allowed client order aggregation to achieve minimum order sizes for Block Trades and consecutive splitting in a post trade event effective on 17 March 2025. Target of these changes was to align the Conditions for Trading with the opinion of the European Securities and Markets Authority, which provides a general permit for an aggregation of client orders to be executed as one trade.
In order to protect client order-book participation and price discovery, as well as avoid larger shifts of client volumes to off-book due to this change, Eurex critically reviewed and reevaluated the reasons for this change.
Eurex decided on the following actions:
Trading Participants conducting client order aggregation under these circumstances on request must be able to demonstrate that these requirements are met.
Attachment:
Further information
Recipients: | All Trading Participants of Eurex Deutschland and Vendors | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination | |
Related circular: | Eurex Circular 021/25 | |
Contact: | client.services@eurex.com | |
Web: | ||
Authorized by: | Jonas Ullmann |
Market Status ⓘ
XEUR
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.
Please find further information about incident handling in the Emergency Playbook published on the Eurex webpage under Support --> Emergencies and safeguards. Detailed information about incident communication, market re-opening procedures and best practices for order and trade reconciliation can be found in the chapters 4.2, 4.3 and 4.5, respectively. Concrete information for the respective incident will be published during the incident via newsboard message.
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