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Changes to the Third-Party Information Provider framework

Release date: 26 Jun 2020 | Eurex Exchange

049/2020 Changes to the Third-Party Information Provider framework

Eurex Circular 049/20

1.   Introduction

With this circular, Eurex Deutschland and Eurex Frankfurt AG announce amendments to the Third-Party Information Provider (“TPIP”) framework. These changes required adjustments to the following rules and regulations with effect from 1 July 2020:

  • Conditions for Trading at Eurex Deutschland
  • Contract Specifications for Futures Contracts and Option Contracts at Eurex Deutschland
  • Price List to the Agreement on the technical connection and the utilization of the Trading System of Eurex Deutschland (Connection Agreement) and to the Agreement on the technical connection to the Electronic Trading EDP Eurex for a Provider of the Multi-Member-System (Provider Connection Agreement) (“Price List”)

The changes include, among others, the introduction of a new distinct TPIP type called Qualified Third-Party Information Provider (“QTPIP”).

2.   Required action

The attached amendments are deemed to have been approved if the Trading Participant does not lodge objections with Eurex Frankfurt AG within six (6) weeks of notification of the amendments.

3.   Details

As part of its efforts to support the electronification in the off-book market, Eurex will extend its Third-Party Information Provider (TPIP) framework with T7 Release 8.1 by introducing an additional TPIP type, the so-called Qualified Third-Party Information Provider (“QTPIP”). Therefore, the set of TES types will be extended by a new TES type denoted as Qualified Third-Party Information Provider trade (“QTPIP trades”).

The new TES type will be reserved for off-book trades where the price discovery occurred on an electronic off-book trading platform outside of the Eurex environment. Only third-party information providers that have been categorised by Eurex as QTPIPs will be allowed to perform off-book entries on behalf of Eurex exchange participants to the Eurex T7 trading platform using the new QTPIP TES type. In general, all Eurex participants are able to approve such QTPIP entries which will then result in QTPIP off-book trades.

The former TPIP will be renamed to Standard Third-Party Information Provider (“STPIP”). Both TPIP memberships will be subject to fees which are defined in the Price List.

The TPIP framework extension is addressed in the updated Section 4.6 of the Conditions for Trading at Eurex Deutschland. For further information, please refer to the 19th Amendment Ordinance to the Conditions for Trading at Eurex Deutschland which can be found on the Eurex website www.eurexchange.com under the following link:

If you have any questions or require further information, please contact André Eue via e-mail: andre.eue@eurexchange.com, or Marcel Rothacker via e-mail: marcel.rothacker@eurexchange.com or your Key Account Manager Trading at client.services@eurexchange.com.

Attachments:

  • 1 – Amendments to the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland
  • 2 – Price List to the Agreement on the technical connection and the utilization of the Trading System of Eurex Deutschland (Connection Agreement), to the Agreement on the technical connection to the Electronic Trading EDP Eurex for a Provider of the Multi-Member-System (Provider Connection Agreement) and to the Agreement on technical connection to the Electronic Trading EDP Eurex for STPIP and QTPIP (STPIP and QTPIP Connection Agreement)
  • 3 – Contract Templates for STPIPs and QTPIPs

Further information

Recipients:

All Trading Participants of Eurex Deutschland and Vendors

Target groups:

Front Office/Trading, Middle + Backoffice

Contact:

 

André Eue, andre.eue@eurexchange.com;
Marcel Rothacker, marcel.rothacker@eurexchange.com; or: client.services@eurexchange.com

Web:

 

www.eurexchange.com

Authorised by:

Randolf Roth