Change in authentication process of “Trading on Behalf” service at the Frankfurter Wertpapierbörse effective 1 July 2019 – Member action required!

Release date: 10 May 2019

041/2019 Change in authentication process of “Trading on Behalf” service at the Frankfurter Wertpapierbörse effective 1 July 2019 – Member action required!

According to section 44, clause 4 of the Exchange Rules for the Frankfurter Wertpapierbörse, in cases of technical problems, Trading Members may request Frankfurter Wertpapierbörse (further: FWB®) to perform certain order book activities in trading systems on their behalf (i.e. Trading on Behalf service; further ToB).

Generally, ToB can be categorized into two types:

  • ToB-active, meaning entry or deletion of orders or quotes. Entry can only be done on a single order or quote level. Deletion can be performed on a single level as well as on a mass level (i.e. all orders and all quotes).
  • ToB-passive, meaning provision of information on status of orders, quotes or executed trades.

Currently, an active user ID (i.e. combination of a Member ID and Trader ID in the respective trading system) is used by FWB to authenticate ToB applicants. For Mass Deletion applications – i.e. deletion of all orders and quotes – Trading Members can, optionally, maintain a PIN-code. This PIN-code has to be named by an applicant among the active user ID, to have the application processed.

For the purpose of ensuring that risk of misusage in the application process of the aforementioned service is minimized, FWB has decided to introduce a mandatory PIN-code for the Mass Deletion ToB service. The mandatory PIN-code has to be named by Trading Members amongst an active user ID. This change in the authentication process will be introduced with an amendment of the respective section of the Exchange Rules, effective 1 July 2019, and will apply to all marketplaces of FWB, i.e. Xetra (MIC: XETR; trading system T7) and Börse Frankfurt (MIC: XFRA; trading system Xetra).

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