Impact on the derivatives market
The revised Markets in Financial Instruments Directive (MiFID II) and the accompanying Markets in Financial Instruments Regulation (MiFIR) regulate the provision of investment services in a multitude of financial instruments at regulated trading venues as well as in OTC trading.
The new legal framework has been applicable since 3 January 2018.
Eurex worked towards achieving full MiFID II compliance well ahead of the application date. Any technical changes required to achieve compliance with the MiFID II/MiFIR regulations were implemented with the T7 Release 6.0. This release went live on 4 December 2017. Please refer to the “Eurex Exchange Roadmap 2017 – Timeline" presentation for full details. More information about all T7 Release 6.0 introduction details also covering non-MiFID II related scope items are provided here.
Apart from the technical changes required to ensure MiFID II compliance, this website will keep you also fully informed on all MiFID II related changes in Eurex systems and processes that might impact market participants. For further regulatory information, please also visit our Deutsche Börse Group website.
All Eurex Exchange's MiFID II/MiFIR & T7 release 6.0 readiness news are published here. In case you want to align on the implementation of MiFID requirements or have further information needs, you may contact our dedicated MiFID II project team via firstname.lastname@example.org. You can, of course, also always contact your Key Account Manager.
In this section, we will provide you with general information in regards of MiFID II/MiFIR.
With MiFID II/MiFIR the reporting obligations for trading members as well as for trading venues have increased tremendously. In this section, we will provide you with information about the new reporting requirements.
Details about the upload of Short Codes and Algo IDs can be found under the section „Client & Member Reference Data“.
Deutsche Börse MiFID II regulatory reporting solution
To comply with the MiFID II/ MiFIR reporting obligations, Deutsche Börse Group has created the Regulatory Reporting Hub (RRH). The RRH offers a wide range of services, which will help members to meet regulatory obligations. Further information can be found here.
With the application of DIRECTIVE No 2014/65/EU (revised Markets in Financial Instruments Directive (MiFID II)) and REGULATION No 600/2014/EU (the associated Markets in Financial Instruments Regulation (MiFIR)) on 3 January 2018, the scope of trading activities requiring authorisation as investment firm has been extended.
In this section, you will find detailed information about the requirements for third country firms.
MiFID II/MiFIR updates the pre- and post-trade transparency regime for shares and ETFs introduced with MiFID I and introduces a mandatory pre- and post-trade regime for non-equities.
Based on the Regulation (EU) No 600/2014 (MiFIR) supplemented by the Delegated Regulation (EU) 2017/567 (RTS), additional obligations for the publication of market data became effective 3 January 2018. For market data Price List including disaggregated information, Cost Allocation Methodology and further required information on product content, please refer to "Agreements" on the Market Data + Services website.
With MiFID II the regulatory framework for Market-Making has been further enhanced. As of 3 January 2018, Market-Making is covered under public law. Market Makers will need to be formally admitted at Eurex as Regulatory Market Maker. Eurex will keep the current model for commercial Market Maker incentives (rebates) that operates under a civil law framework. This model will be renamed Liquidity Provision.
With the application of MiFID II/ MiFIR on 3 January 2018, Eurex has implemented a variety of IT requirements in order to comply with the regulatory obligations set out for Algorithmic Trading and HFT in the Delegated Regulation.
The requirement that trading members using algorithmic trading technology identify the orders they submit algorithmically to the national competent authority was already introduced with the German HFT Act in 2013. With MiFID II this systematic changes. Now, not only the execution but also the investment decision made by persons and algorithms must be identified accordingly.
To comply with the MiFID II reporting obligations, trading participants will have to provide reference data to the trading venues. In this section, you will find several guides, which explain how to provide the respective data to Eurex.
Update: XML Report Manual
Please note, that the message rate report (Eurex: TR902) was amended in structure and calculation methodology. Three new fields will be provided in order to account for the member’s maximum ratios, other fields will reflect an amended calculation methodology.
For further detailed information about the changes and amendments also reflected in the XML Report manual please have a look here.
If you have any questions or require further information, please contact your dedicated Key Account Manager.
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