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1. Introduction
The current Excessive System Usage Limit Fee (ESU) regime consists of two components: First, a floor which accounts for quotation characteristics of the different product types, quotation activity as well as market volatility. And second, the volume component which increases the limit proportionally with a participant trading volume.
To further incentivize passive activity, Eurex will split the volume component into an aggressive and passive part. The parameters will be set asymmetrically, i.e. passively traded volume will contribute to a higher limit increase than aggressively traded volumes.
Please see the tables in Attachment 2 for the new ESU parameters. The changes will come into effect on 15 December 2025.
To implement the new parameters, the General Terms and Conditions to the Connection Agreement and the corresponding Price List to Connection Agreement, Provider Connection Agreement and STPIP and QTPIP Connection Agreement will be amended with effect from 15 December 2025, as outlined in the Attachments.
2. Required action
We recommend analyzing previous TR102 Excessive System Usage Fee Reports for the last months. Upon request, Eurex will provide back-testing results.
3. Details of the initiative
Taking into account that passive liquidity provision requires much more message traffic to keep orders up to date especially during periods of market stress, Eurex decided to facilitate passive trading also with increased ESU limits, Eurex will split the volume component into an aggressive and passive part, so that the volume component will be the product of the aggressively traded volume multiplied by the aggressive volume factor plus the passively traded volume multiplied by the passive volume factor.
Aggressive and passive volume factors will be asymmetric, hence the aggressive volume factor is smaller than the passive volume factor. The parameters for both factors are chosen in a way that the ESU limits for a balanced participant do not increase significantly. The different volume factors will be applied to Fixed Income Futures (product type FBND) and to Equity Index Futures (product type FINX), other product types are not affected.
With T7 Release 13.1, the changes have already been reflected into the following reports:
Details on the Excessive System Usage Fee can be found in the ESU white paper “Excessive System Usage (concept paper)” on the Eurex website www.eurex.com as of the effective date under this link:
Rules & Regs > Regulations > Excessive System Usage Fee
The full versions of the updated General Terms and Conditions to the Connection Agreement and the corresponding Price List will be published on the Eurex website as of the effective date under this link:
Rules & Regs > Eurex Rules & Regulations > 04. Connection Agreements
Attachments:
1 – Updated sections of the General Terms and Conditions to the Agreement on the technical connection and the utilization of the Exchange-EDP of Eurex Deutschland (Connection Agreement) , valid as of 15 December 2025
2 – Updated sections of the Price List to Connection Agreement, Provider Connection Agreement and STPIP and QTPIP Connection Agreement, valid as of 15 December 2025
Further information
Recipients: | All Trading Participants of Eurex Deutschland, Liquidity Providers and Vendors | ||
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration | ||
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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