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«Exchange Rules for Eurex Deutschland and Eurex Zürich 1 Organization 1.1 Areas of Business These Exchange Rules regulate the organization of the ...»

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Eurex01e

Exchange Rules for October 16January 2, 20030

Eurex Deutschland and Eurex Zürich Page 1

Exchange Rules for Eurex Deutschland and Eurex Zürich

1 Organization

1.1 Areas of Business

These Exchange Rules regulate the organization of the options and futures exchange approved under German law

(hereinafter referred to as “Eurex Deutschland”) with its registered office in Frankfurt / Main, hereafter referred to as “Eurex Deutschland”, and the options and futures exchange approved under Swiss law (hereinafter referred to as “Eurex Zürich”) with its registered office in Zürich, hereafter referred to as “Eurex Zürich”. Eurex Deutschland and Eurex Zürich (hereinafter jointly referred to as The “Eurex Exchanges”) provide a fully automated trading platform for the conclusion of options and futures transactions, in particular standardized options and futures contracts (hereinafter referred to as “options and futures transactions” or “products”). …

1.2 Administrating and Operating Institutions of Eurex Deutschland and Eurex Zürich The administrating and operating institution of Eurex Deutschland is Eurex Frankfurt AG, with registered office in Frankfurt am Main. In accordance with § 1 paragraph (2) of the Exchange Act (Börsengesetz, BörsG), Tthe administrating and operating institution shall – upon request by Eurex Deutschland – provides the financial resources, the staff, and the facilities and premises, and the financial resources necessary for the operation of the exchange and for an adequate further development of the operation of the exchange Eurex Deutschland.

...

1.3 Exchange Supervisory Authorities...

Should the above authorities have to take supervisory measures abroad, such measures shall be implemented by means of administrative or legal cooperation, unless international agreements provide otherwise; insofar as the Exchange Supervisory Authority is concerned, such measures shall be implemented via the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BAFin) Federal Securities Supervisory Office (Bundesaufsichtsamt für den Wertpapierhandel).

… Eurex01e Exchange Rules for October 16January 2, 20030 Eurex Deutschland and Eurex Zürich

–  –  –

2.1.1 Exchange Council The Exchange Council of Eurex Deutschland shall have the following responsibilities pursuant to the Exchange Act (Börsengesetz, BörsG):

1.…, …

5.the appointment and removal of the members of the Board of Management of Eurex Deutschland in consultation agreement with the Hessian Exchange Supervisory Authority, 6.…,

7.the appointment, re-appointment and removal of the head of the Trading Surveillance Office and his or her deputy at Eurex Deutschland upon the recommendation of the Board of Management of Eurex Deutschland and in agreement with the Exchange Supervisory Authority.

...

2.1.2 Exchange Management … 2.1.2.1 Representation by the Board of Management...

The Board of Management may also authorize other persons to act as representatives. The details shall be specified in the Rules of Procedure for the Board of Management.

2.1.2.2 Responsibilities of the Board of Management The Board of Management of Eurex Deutschland shall fulfill all responsibilities which have not expressly been assigned to other Exchange Bodies of Eurex Deutschland. Its responsibilities shall include, in particular, 1.…,

2.regulating the organization and business operations of Eurex Deutschland and setting the times of exchange sessions, 3.…,

–  –  –

2.1.3 Trading Surveillance Office 2.1.3.1 Responsibilities of the Trading Surveillance Office...

The head of the Trading Surveillance Office and his or her deputy shall be appointed and removed by the Exchange Council at the recommendation of the Board of Management and in agreement with the Exchange Supervisory Authority.

The personnel of the Trading Surveillance Office may, to the extent necessary for the discharge of their duties, demand information and the production of documents from the Trading Participants (§ 1a 4 paragraph (31) in connection with § 2 paragraph 1 sentences 1 to 6, 9 and 10 of the Exchange Act), conduct inspections and, during normal working hours, enter the property and business premises of Eurex Deutschland and the Trading Participants.... § 1a4 paragraph (31) in connection with § 2 paragraph 1 sentences 3, 10 and 11 sentences 3, 6 and 7 and § 1a paragraph (3) of the Exchange Act shall apply in all other respects.

...

–  –  –

… 2.2.2 Board of Management … 2.2.2.2 Responsibilities of the Board of Management The Board of Management of Eurex Zürich shall fulfill all responsibilities which have not expressly been assigned to other Exchange Bodies of Eurex Zürich. Its responsibilities shall include, in particular, 1.…,

2.regulating the organization and business operations of Eurex Zürich and setting the times of exchange sessions, 3.…,...

2.2.3 Surveillance Office

–  –  –

2.2.3.1 Responsibilities of the Surveillance Office The Surveillance Office shall monitor the determination of prices and the conclusion and settlement of transactions in such a way that any exploitation of the knowledge of confidential information, any price manipulation and any other breaches of law can be detected. In particular, it shall

–  –  –





…,

d) be the contact for members and third parties should they have complaints concerning Eurex Zürich or the members or traders of Eurex Zürich or their traders.

...

2.2.5 Reporting Office The reporting office within the meaning of Article 15 of the Swiss Law on Stock Exchange and Securities Trading (Gesetz über die Börsen und den Effektenhandel, BEHG) in connection with Article 7 et seq. of the Ordinance of the Swiss Banking Commission (EBK) on Stock Exchange and Securities Trading (Verordnung über die Börsen und den Effektenhandel, BEHV) shall be the Swiss Stock Exchange SWX.

… 3 Admission to Trading at Eurex Deutschland and Eurex Zürich...

3.1 Admission of Enterprises (Exchange Participants) Notwithstanding the provisions below, an enterprise is to be admitted to trading if it has a clearing license of Eurex Clearing AG for clearing transactions carried out at the Eurex Exchanges (hereinafter referred to as “Derivatives Clearing License”) or has concluded an NCM-GCM agreement or an NCM-DCM agreement with a Clearing Member as prescribed by Eurex Clearing AG.

3.1.1 Admission to Eurex Deutschland … 3.1.1.1 Minimum Capital Requirements for Admission...

The applicant must provide evidence of equity capital of at least 100,000 Deutsche Marks * EUR 50,000 unless … … * The respective amount in Euro is 51,129.19 EUR on the basis of the official conversion factor.

–  –  –

3.3 Admission as Market Maker...

A Market Maker Admission entitles the holder to engage, for its own account, in the trading of those products with respect to which such Market Maker has accepted the obligation to supply bid and ask quotes promptly upon request at any time during exchange hoursthe Opening Period and the Trading Period and to do business on the basis of such quotes.

...

3.3.1 Resignation, Cancellation, Withdrawal, Revocation and Suspension of Market Maker Admission...

If an application is made for a Market Maker Admission for underlying valuesproducts with respect to which the Market Maker had previously resigned, the respective Eurex Exchange may prescribe a waiting period of at least ten exchange days.

...

3.3.2 Rights and Obligations of Market Makers...

Quotes may be entered during the Pre-Trading Period, the Pre-Opening Period, and the Trading Period and the PostTrading Full Period. Quotes shall not be held in the order book overnight by the system of the Eurex Exchanges but shall be erased and, after clearance by the Market Maker, they shall be noted again for the next day’s trading, to the extent that they have not been rescinded by the Market Maker.

3.4 Orderly Settlement of Options and Futures Transactions; Technical Equipment... The orderly settlement of transactions requires the provision of adequate technical equipment and the necessary staff (back office).

3.5 Disclosure of the Assignment Method

–  –  –

3.8 Market Surveillance 3.8.1 Examinations Abroad...

3.8.2 Reporting The respective administrating and operating institutions of Eurex Deutschland or Eurex Zürich shall immediately inform the Board of Management of the Eurex Exchange which requested the examination with regard to compliance with the Eurex Rules and Regulations of the results of such examination in accordance with any special instructions of the Board of Management. If Eurex Deutschland requested the examination, the Exchange Participant concerned may request that the report of such examination be presented in the first instance to the Exchange Supervisory Authority. The Exchange Supervisory Authority shall determine in its duly exercised discretion the nature and scope of the information to be passed on to the Board of Management of Eurex Deutschland. Notwithstanding the foregoing, the administrating and operating institution of Eurex Deutschland or Eurex Zürich, as applicable, shall in all cases promptly inform the Board of Management of the Eurex Exchange which requested the examination of the result of such examination.

3.9 Agent for Service of Process

... In the course of the procedure regarding admission to options and futures trading, the Eurex Exchanges must be notified in writing of the identity of the respective agent for service of process. This also applies to any changes regarding such agents for service of process at the Eurex Exchanges. In addition, each Exchange Participant must obtain the consent of the persons affected hereby, particularly that of the Exchange Traders working for it, that the Exchange Participant is authorized to appoint an agent for service of process within the meaning of sentence 1 in their name.

3.10 Evidence of the Conditions for Admission …

3.11 Reporting Obligation

–  –  –

3.12 Resignation, Cancellation, Withdrawal, Revocation and Suspension of Admission to Trading 3.12.1 Resignation and Cancellation of Admission to Trading...

The admission of an enterprise to Eurex Deutschland shall terminate if the persons notified to Eurex Deutschland as the persons who, by law, articles of association or shareholders’ agreement, are entrusted with the management of the business of the enterprise and are authorized to represent it (subsection 3.1.1) resign and are not replaced. However, the admission shall terminate in all cases only after the conditions of subsection 3.12.5 have been satisfied.

...

3.12.3 Disciplinary Committee 3.12.3.1 Responsibilities of the Disciplinary Committee The Disciplinary Committee shall have the responsibilities for Eurex Deutschland set forth in § 9 of the Exchange Act. To the extent that Exchange Participants whose registered office is located in Switzerland are deemed a group within the meaning of § 2 paragraph (4) in connection with § 3 No. 2 of the Disciplinary Committee Regulation (Sanktionsausschußverordnung), the Disciplinary Committee shall also fulfill the responsibilities incumbent upon it for Eurex Zürich. § 9 of the Exchange Act shall apply mutatis mutandis. With respect to Exchange Participants whose registered office is not located in the Federal Republic of Germany, the provisions concerning administrative cooperation shall apply to the taking of any necessary evidence.

3.12.3.2 Transfer of Proceedings

Should facts emerge in a proceeding before the Disciplinary Committee which justify the withdrawal or revocation of the admission, the proceeding shall be transferred pursuant to § 7 paragraph (9) of the Exchange Act to the Board of Management of the respective Eurex Exchange. At any stage of the proceeding, the Board of Management of the respective Eurex Exchange shall be entitled to request reports from the Disciplinary Committee and to assume the conduct of the proceeding. If the Board of Management of the respective Eurex Exchange assumes the conduct of the proceeding and establishes that the admission should not be withdrawn or revoked, it shall return the proceeding to the Disciplinary Committee.

3.12.34 Suspension and Revocation of Admission to Trading...

In the case of … if it appears that the fulfillment of the reporting obligations pursuant to § 9 of the Securities Trading Act (Wertpapierhandelsgesetz, WpHG) or the exchange of information with the competent authorities in such state for the purpose of monitoring compliance with the prohibition of insider trading or for the purpose of monitoring compliance with the prohibition of share price and market price manipulation is not ensured.

… 3.12.34.1 Exclusion from Trading due to Default by DCMs and GCMs

–  –  –

provide any margin or daily settlement payment required to be provided by it within the period prescribed therefor,...

To the extent such Direct Clearing Member is also entitled to clearing transactions of affiliated Exchange Participants which do not have a Derivatives Clearing License (Non-Clearing Members), sentence 1 shall apply mutatis mutandis to all Non-Clearing Members for which such Direct Clearing Member acts.

If an enterprise that which has been admitted to Eurex Deutschland or Eurex Zürich and which is a General Clearing Member has obtained a Derivatives Clearing License of Eurex Clearing AG for General Clearing Members fails to provide any margin or daily settlement payment required to be provided by it within the period prescribed therefor,...

If an enterprise that which has been admitted to Eurex Deutschland or Eurex Zürich and whichis a General Clearing Member has obtained a Derivatives Clearing License of Eurex Clearing AG for General Clearing Members fails to make any payment or delivery to Eurex Clearing AG when due,... Sentence 34 shall apply mutatis mutandis to enterprises which have obtained a Derivatives Clearing License of Eurex Clearing AG for Direct Clearing Members, as well as to their affiliated Non-Clearing Members.



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