With effect from 3 January 2018, the Hessian Exchange Supervisory Authority has decided that Article 36 MiFIR will not apply to the derivatives exchange Eurex Deutschland for a transitional period until 3 July 2020. According to Article 36 MiFIR, central counterparties that intend to clear transactions concluded on a trading venue can request non-discriminatory access to this trading venue under certain conditions. For exchange-traded derivatives, Article 54(2) MiFIR allows the application of Article 36 MiFIR to be excluded for a transitional period at the request of a trading venue.
The Exchange Supervisory Authority of the State of Hesse decided with effect from January 3rd, 2018 that Article 36 MiFIR would not apply to the derivatives exchange Eurex Deutschland for a transitional period until July 3rd, 2020. According to Article 36 MiFIR Central Counterparties, that wishes to clear transactions concluded on a trading venue, can demand non-discriminatory access to that trading venue provided certain preconditions are fulfilled. In respect of exchange-traded derivatives and on request of a trading venue the application of Article 36 MiFIR can be excluded for a transitional period according to Article 54 para. 2 MiFIR.
According to Article 17 (2) subparagraph 1 of DIRECTIVE 2014/65/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 15 May 2014 on markets in financial instruments and amending Directives 2002/92/EC and 2011/61/EU (MiFID II), an investment firm that engages in algorithmic trading in an EU Member State is obliged to notify the competent Government agency of the trading venue of which it is a member or participant in algorithmic trading.
This provision has been transposed into national law in the EU member states.
The Hessian Ministry of Economic Affairs, Energy, Transport and Regional Development is the competent exchange supervisory authority for the Frankfurt Stock Exchange and Eurex Deutschland.
Investment firms which are trading participants of the Frankfurt Stock Exchange or Eurex Deutschland and which are subject to the notification obligation regulated in the implementation of Article 17 (2) subparagraph 1 MiFID II, please send this notification to the Hessian Exchange Supervisory Authority by e-mail using the form below.
Investment firms that are trading participants on the aforementioned stock exchanges on 3 January 2018 should submit this notification as soon as possible and by 31 January 2018 at the latest.
Investment firms that are admitted to trading on the aforementioned exchanges after 3 January 2018 should submit this notification before they commence algorithmic trading.
According to Article 17 para. 2 sub-para. 1 of DIRECTIVE 2014/65/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II) an investment firm that engages in algorithmic trading in an EU-Member State shall notify this to the competent authorities of the trading venue at which the investment firm engages in algorithmic trading as a member or participant of the trading venue.
This rule was transformed by the EU-Member States into their national laws.
The Hessian Ministry of Economic Affairs, Energy, Transport and Regional Development is the competent Exchange Supervisory Authority for Frankfurter Wertpapierbörse and for Eurex Deutschland.
Investment firms which are trading participants of Frankfurter Wertpapierbörse or of Eurex Deutschland and which are obliged to notify by law enacted to transform Article 17 para. 2 sub-para. 1 of MiFID II send the notification via e-mail to the Exchange Supervisory Authority of the State of Hesse by using this form, please.
Investment firms which are trading participants at the exchanges mentioned above on January 3rd, 2018 send this notification as soon as possible, at the latest by January 31st, 2018.
Investment firms which will be admitted to trading at the exchanges mentioned above after January 3rd, 2018 send this notification before they engage in algorithmic trading.
According to Article 17 (5) subparagraph 3 of DIRECTIVE 2014/65/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 15 May 2014 on markets in financial instruments and amending Directives 2002/92/EC and 2011/61/EU (MiFID II), an investment firm that provides direct electronic access to a trading venue in an EU Member State is obliged to notify the competent authority of the trading venue where it provides direct electronic access.
This provision has been transposed into national law in the EU member states.
The Hessian Ministry of Economic Affairs, Energy, Transport and Regional Development is the competent exchange supervisory authority for the Frankfurt Stock Exchange and Eurex Deutschland.
Investment firms which are trading participants of the Frankfurt Stock Exchange or Eurex Deutschland and which are subject to the notification obligation regulated in the implementation of Article 17 (5) subparagraph 3 MiFID II, please send this notification to the Hessian Exchange Supervisory Authority by e-mail using the form below.
Investment firms that are trading participants on the aforementioned stock exchanges on 3 January 2018 must submit this notification as soon as possible, at the latest by 31 January 2018.
Investment firms that are admitted to trading on the aforementioned exchanges after 3 January 2018 shall make this notification before offering direct electronic access.
According to Article 17 para. 5 sub-para. 3 of DIRECTIVE 2014/65/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II) an investment firm that provides direct electronic access to a trading venue in an EU-Member State shall notify the competent authority of the trading venue at which the investment firm provides direct electronic access accordingly.
This rule was transformed by the EU-Member States into their national laws.
The Hessian Ministry of Economic Affairs, Energy, Transport and Regional Development is the competent Exchange Supervisory Authority for Frankfurter Wertpapierbörse and for Eurex Deutschland.
Investment firms which are trading participants of Frankfurter Wertpapierbörse or of Eurex Deutschland and which are obliged to notify by law enacted to transform Article 17 para. 5 sub-para. 3 of MiFID II send the notification via e-mail to the Exchange Supervisory Authority of the State of Hesse by using this form, please.
Investment firms which are trading participants at the exchanges mentioned above on January 3rd, 2018 send this notification as soon as possible, at the latest by January 31st, 2018.
Investment firms which will be admitted to trading at the exchanges mentioned above after January 3rd, 2018 send this notification before they provide direct electronic access.
The stock exchange supervisory authority offers the possibility of reporting possible or actual violations of the Stock Exchange Act, Regulation (EU) 600/2014 on markets in financial instruments and Regulation (EU) 2015/2365 on transparency of securities financing transactions or regulations, legal acts, orders and other provisions issued for their implementation, compliance with which it monitors. These reports can also be made anonymously.
To protect the identity of the reporting person, Section 3b para. 3 sentence 1 BörsG generally stipulates that the identity of the reporting person is not disclosed unless the person has given their express consent. According to sentence 3, the personal data must be disclosed in connection with investigations or subsequent administrative or court proceedings. In addition, paragraph 5 stipulates that employees of supervised companies or persons will not be held liable under labour law or criminal law for reporting.
Reports can be submitted by post, email, telephone or in person.
The European Securities and Markets Authority (ESMA) has published guidelines on CSDs' access to transaction data of central counterparties and trading venues. The guideline is based on Article 53 of the Central Securities Depositories Regulation - CSDR. This allows CSDs to access the transaction data of central counterparties (CCPs) and trading venues. According to Article 53 (3) CSDR, access can be denied if it would jeopardise the smooth and orderly functioning of the financial markets or entail a systemic risk. The requested party must therefore carry out a risk assessment in each case. The Hessian stock exchange supervisory authority has declared to ESMA that it will apply the guidelines in its supervisory practice. The guidelines are therefore binding for the Frankfurt Stock Exchange and the derivatives exchange Eurex Deutschland.
The European Securities and Markets Authority (ESMA) has published guidelines on trade reporting, order data recording and clock synchronisation under MiFID II. Following the development of the final draft regulatory technical standards (RTS) on trade reporting, order data recording and clock synchronisation (Commission Delegated Regulation (EU) 2017/590, Commission Delegated Regulation (EU) 2017/580 and Commission Delegated Regulation (EU) 2017/574 ), ESMA has taken its own initiatives for supervisory convergence measures to implement these standards.
These guidelines reflect the results of these initiatives. They apply to investment firms, trading venues, authorised reporting mechanisms (ARMs) and competent authorities. The guidelines apply in relation to the transmission of trade reports in accordance with Article 26 of Regulation (EU) No 600/2014 of the European Parliament and of the Council (MiFIR), the recording of order data in accordance with Article 25 MiFIR and the synchronisation of clocks used in transactions in accordance with Article 50 of Directive 2014/65/EU of the European Parliament and of the Council (MiFID II). The guidelines are to be applied from 3 January 2018.
The Hessian Exchange Supervisory Authority has declared to ESMA that it will apply the guidelines in its supervisory practice. The guidelines are therefore binding for the Frankfurt Stock Exchange and the derivatives exchange Eurex Deutschland.
The European Securities and Markets Authority (ESMA) has published guidelines on the calibration of contingency arrangements and the publication of trading halts under MiFID II. The purpose of these guidelines is to clarify the provisions of Article 48(5) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directives 2002/92/EC and 2011/61/EU (MiFID II).
These guidelines apply to trading venues whose systems enable or support algorithmic trading and to competent Government agencies. They are not limited to a specific type of failsafe and apply equally to all mechanisms that trading venues may potentially provide for under Article 48(5) MiFID II.
The guidelines apply from 3 January 2018.
The Hessian Exchange Supervisory Authority has declared to ESMA that it will apply the guidelines in its supervisory practice. The guidelines are therefore binding for the Frankfurt Stock Exchange and the derivatives exchange Eurex Deutschland.
The European Securities and Markets Authority (ESMA) has published guidelines on the management bodies of market operators and data reporting services providers.
The guidelines apply to national competent authorities, market operators and data reporting services providers.
The purpose of the guidelines is to establish common standards to be taken into account by market operators and data reporting services providers when appointing new and assessing current members of management bodies and to provide guidance on how to record information from market operators and data reporting services providers so that it is available to competent authorities for the exercise of their supervisory duties.
The Hessian Exchange Supervisory Authority has declared to ESMA that it will apply the guidelines in its supervisory practice. The guidelines are therefore binding for the Frankfurt Stock Exchange and the derivatives exchange Eurex Deutschland as well as their operating companies.
The European Securities and Markets Authority (ESMA) has published guidelines on market data obligations under MiFID II/MiFIR.
These guidelines apply from 1 January 2022 in relation to Article 13, Article 15(1) and Article 18(8) of MiFIR, as further specified in Articles 6 to 11 of Delegated Regulation (EU) 2017/567, and in relation to Article 64(1) and (2) and Article 65(1) and (2) of MiFID II, as further specified in Articles 84 to 89 of Delegated Regulation 2017/565. The guidelines apply to market data that trading venues, SIs, APAs and CTPs are required to publish under the pre- and post-trade transparency regime.
The Hessian Exchange Supervisory Authority has declared to ESMA that it will apply the guidelines in its supervisory practice. The guidelines are therefore binding for the Frankfurt Stock Exchange and the derivatives exchange Eurex Deutschland.
The European Securities and Markets Authority ESMA has published guidelines on outsourcing to cloud providers esma_cloud_guidelines_en.pdf (europa.eu).
The guidelines apply to national competent authorities, market operators and other financial market participants.
The purpose of the guidelines is to establish common standards to be taken into account by outsourcing companies when outsourcing to cloud providers.
The Hessian stock exchange supervisory authority has declared to ESMA that it will apply the guidelines in its supervisory practice. The guidelines are therefore binding for the Frankfurt Stock Exchange and the derivatives exchange Eurex Deutschland as well as their operating companies.
