In its letter dated 14 May 2021, the Party Concerned explained the background to the trading activity and stated that it had made a determined effort to comply with the Exchange Rules.Internal parameters and systematic filters had been put in place to monitor cross trades on a daily basis.Customers suspected of engaging in cross trades were requested to cease such behaviour, and where necessary the business relationship with them was terminated.In addition, various notices referencing the trading rules were placed on the official website and all electronic trading platforms,prohibiting customers from violating the Eurex rules and regulations.In the present case, action had been taken to improve compliance with the exchange rules and regulations.The customer had executed the cross trades unintentionally and had been cautioned as to the importance of complying with stock exchange regulations.Efforts were ongoing to overhaul the system's safeguards.As the schedule currently stood, the assumption was the real-time safeguards would be ready by the end of Q4 2021.Were the customer to then enter a new order at a price equal to or exceeding the minimum selling price of that same customer, the order would be rejected immediately.
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