Service Navigation

Excessive System Usage Fee

Excessive System Usage Fee

Eurex Exchange has introduced the Excessive System Usage Fee on 1 December 2013. In order to encourage a responsible attitude towards the use of the T7 system resources, Eurex Exchange defines daily limits for the number of transactions sent by a Participant. If a Participant exceeds the defined limits then fees for excessive system usage may apply.

The transaction limit is calculated per Participant, per product, per trading day and per limit type. There are three types of transaction limits: a transaction limit for the order type “standard orders”, a transaction limit for “all transactions”, and a transaction limit for “transactions which do not lead to an market data update and order modifications which lead to an order cancelation without a trade”. Every day, for each Participant, the actual transactions are counted per product. If this transaction count exceeds the transaction limit, then such instance is considered to be a violation of the limit.

There are two different types of violations:

  • Accidental violation: A violation of the limit is considered to be “accidental”, if a limit is exceeded less than four times for a product in a calendar month. An accidental violation is not subject to the ESU Fee.
  • Systematic violation: A violation of the limit is considered to be “systematic”, if a limit is exceeded more than three times for a product in a calendar month. All systematic violations are subject to the ESU Fee. The ESU Fee is applied to all violations in that particular month.

Violations are counted per product across both limit types.


?

Fee calculation

The ESU Fee is calculated using the following equation:

ESU Fee = [ (number of transactions) - (transaction limit) ] * fee

A transaction is defined as a system message that reaches the matching engine and yields a response. Such a transaction can be identified by inspecting the system response. If the response contains a time stamp from the matching engine the message is added to the daily transaction count of the Participant for the respective product.

The transaction limit is comprised of two components:

  1. A volume component, which is calculated by multiplying the volume in the order book by a predefined volume factor, and
  2. a floor, which is set for each Participant regardless of any traded volume in the order book. A Market Maker can receive a higher floor, depending on its Market-Making performance.

Please find below a concept paper describing the calculation (including an example) in detail.

Limit parameter

The table below shows the parameters used to calculate the ESU Fee.


Please note: The limit is defined based on the product type of the product.

The limit type "Transactions without market impact and order modifications which lead to an order cancelation" is only applicable for Futures (except the product type FCUR).

A Trading Participant, acting as liquidity provider and fulfilled the defined requirements of the so-called Stress Presence Building Block of the General Supplement of the Eurex Liquidity Procider Agreement? on a day with Stressed Market Conditions, is eligible for an increased MM base by 10% on that day.

Fee parameter

The following table shows the fee parameters that will be used to calculate the ESU Fee. It is calculated separately for each systematic violation based on a sliding scale applied to the number of transactions that exceed the limit. The ranges of the sliding scale are defined by a percentage relative to the individual limit.

Reports

The following reports will be available for the Participants on the Common Report Engine:

  • CB069 (Transaction Report): Report, is generated on a daily basis. Additionally, intra-day versions of the report are available five times a day.
  • TR102 (Excessive System Usage Report): Report, is generated on a daily basis.
  • CB197 (Excess Transaction Limit Fees): Report, is generated at the month-end.
?
?

?

Market Status

XEUR

-

-

Parts of the trading system are currently experiencing technical issues

The trading system is currently experiencing technical issues

Production newsboard

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.

We strongly recommend not to take any decisions based on the indications in the market status window but to always check the production news board for comprehensive information on an incident.

An instant update of the Market Status requires an enabled up-to date Java? version within the browser.

  • 愿赌服输!炒股赚了没见你们给大家分点? 2019-04-18
  • 中国股市有句名言,叫做关门打狗,前提是要开门放进狗来,结果打趴的都是宠物狗[YY] 2019-04-17
  • 深秋烟雾偎婺源文章中国国家地理网 2019-04-16
  • 第74集团军某合成旅“黄草岭功臣连”车长王锐 2019-04-15
  • 重庆私藏的绝美古镇 悠闲不打挤 2019-04-14
  • 能“当场解决”就别拖到10年后 2019-04-13
  • 日本民族将会为最终拥核而战!现在日本保有47吨钚足己制造6000枚核弹,并且日本具有资金和技术优势一星期之內就可拥核!冷眼细观世界笑骂指点江山 ... 2019-04-13
  • 人民网评:跨越生态文明建设的“三期”关口 2019-04-12
  • 《钟馗捉妖记》杨旭文为魔族惨烈“献身” 2019-04-12
  • 以色列:卷入贪腐案  以总理接受警方调查 2019-04-11
  • 让现代金融服务贴近非洲百姓 2019-04-11
  • 俄罗斯世界杯 完全观战手册 2019-04-10
  • 好文一览的博客—强国博客—人民网 2019-04-10
  • 青海湖万余夏候鸟进入筑巢繁殖期 部分栖息地发生变化 2019-04-09
  • 中方有力回击!美国多个行业喊痛:“加征关税就是对美国消费者征税” 2019-04-08
  • 13| 112| 450| 45| 913| 984| 339| 279| 440| 774|