On 18^th January 2022, Deutsche Börse’s Market Data + Services department announced the launch of a new data offering ‘Eurex^® Open Interest Insights’, providing customers with unique insights into market positioning and dynamics as well as allowing an in-depth view into the distribution of exposure in futures and options.

Eurex^® Open Interest Insights captures proprietary data from behind the exchanges network, providing unique insights into market sentiment. It gives a daily analysis of the positions of market participants such as agents, market makers and proprietary traders. The offering is also supplemented with ‘Open Interest’ measures, enabling users to gauge trading participant’s risk appetites and convictions.

The data is available via API or Web GUI in a daily t+2 subscription file for the most active Fixed Income and Equity + Index products traded on Eurex^®. The product also offers a deep 20 years of history, with an expanded coverage of the entire Eurex universe (with exception of Single Stock Futures and FX). The product is designed for market participants across the buy-side and sell-side with particular benefit to traders, researchers and analysts.

Click on the above link for further information

GERMANY: Deutsche Börse Expands Analytics Suite with Eurex® Open Interest Insights
Trevor Dempster

On 18^th January 2022, the Saudi Stock Exchange (Tadawul), the Securities Clearing Centre (Muqassa), and the Securities Depository Centre (Edaa) announced that the Board of the Capital Market Authority (CMA) has issued its Resolution Number (1-2-2022) Dated 30/5/1443H corresponding to 3/1/2022G which includes the following:

First: The approval of the below Exchange Rules and procedures:

• The amended Trading and Membership Rules (click here)
• The amended Securities Clearing Centre Rules (click here)
• The amended Securities Depository Centre Rules  (click here)
• The amended Short Selling Regulations (click here)
• The amended Securities borrowing and Lending Regulations  (click here)
• The amended Trading and membership Procedures  (click here)
• Cash Market Clearing Procedures (click here)
• Depository Centre Procedures  (click here) and
• the amended Glossary of Defined Terms used in the Exchange Rules (click here).

Second: Cancelling the following documents -upon the effective date referred to below-:

1. The Exchange and Centre Procedures.
2. Orders Aggregation Accounts Regulations; and
3. Regulations and requirements of the depository Centre for depository receipts issued out of the kingdom in accordance with the instructions on issuing depository receipts out of the kingdom.

As the provisions of the Exchange and Centre Procedures have been included in two separate documents, the Depository Centre Procedures draft and the amended Trading and Membership procedures draft (based on specialization). Moreover, the provisions of the Regulations and requirements of the depository Centre for depository receipts have been included in the amended Securities Depository Centre Rules draft. as to the orders aggregation accounts regulations, it will not be effective anymore in accordance with the approved business model.

These amendments aim to increase the efficiency and attractiveness of the financial market for domestic and international participants and investors, while enhancing the post trade infrastructure to provide safe and trustworthy financial framework.

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SAUDI ARABIA: Tadawul, Muqassa, and Edaa Announce Approval of Rules and Procedures of Post Trade Project
Trevor Dempster

On 18^th January 2022, Shanghai International Energy Exchange (INE) released a circular to enhance the role of market makers, improve the functioning of the futures and options markets, and better serve the real economy, the Shanghai International Energy Exchange (“INE”) now accepts applications for new market makers for relevant INE futures and options products in accordance with the Market-Making Management Rules of the Shanghai International Energy Exchange. Details about this application are as follows:

 Products Concerned

Futures: Crude oil (SC), TSR 20 (NR), Low sulfur fuel oil (LU), Bonded copper (BC).

Options: Crude oil options.

Application Requirements

• Having net assets of no less than RMB 50 million or its equivalent in foreign currency.
• Having specialized agencies and personnel in charge of the market-making business, and market-making personnel familiar with the relevant laws and regulations as well as INE’s business rules.
• Having a sound plan for the market-making business, an internal control system, and a risk management system.
• Having no record of severe violation of laws or regulations in the past three years.
• Having a stable and reliable technology system for the market-making business.
• Having the experience recognized by INE in trading, market-making, or simulated market-making; and
• Other requirements prescribed by INE.

 Materials for Application

• An Application Form for Market Maker Qualification with the applicant’s common seal (if any) signed by its legal representative or authorized signatory (Appendix 1).
• A photocopy of the applicant’s Business License bearing its common seal or notarized and lawfully authenticated materials on its legitimate establishment.
• The original of the latest audited financial statement, or a photocopy bearing the common seal of the accounting firm or bearing the signature of the authorized signatory of the accounting firm or the auditing firm. In any case, a paging seal should be stamped.
• Post setting and job responsibility of the market-making department, and the name list and resumes of the person-in-charge and other personnel for the market-making business (Appendix 2).
• An implementation plan for the market-making business, internal control system, and risk management system (Appendix 3 for key points of reference). All these documents should be stamped with a paging seal.
• A Letter of Commitment on no severe violation of laws or regulations in the past three years (Appendix 4).
• A statement on its technology system for the market-making business (Appendix 5).
• A statement on its market-making or simulated market-making; and
• Other materials required by INE and, for a risk management subsidiary of a securities company or futures firm, a photocopy of its Filing Letter of the China Futures Association on Market-making Business.

Requirements for Submission

• Form of Materials: All application materials should be submitted in electronic format and, for Appendices 1 and 4, in paper format as well. Both electronic and paper materials should bear the applicant’s common seal. For existing market makers for INE futures or options products, only Appendices 1 and 4 are needed.
• Order of Materials: Please number the required materials by referring to the above “Materials for Application” section and submit them together with a list.
• Name of Materials: Please name the materials in the format of “Applicant Name—Application Materials for Shanghai International Energy Exchange Market Maker.”
• Deadline of Submission: Please submit the electronic and paper materials respectively by email and post before January 25^th, 2022 and call us to confirm their receipt.
• Applicants who do not meet the application requirements or provide incomplete application materials will be ineligible for the subsequent comprehensive assessment. INE may require additional materials or conduct on-site inspection as necessary.

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CHINA: INE Releases Notice on Market Maker Applications for Futures and Options Products
Trevor Dempster

On 11^th January 2022, Kazakhstan Stock Exchange (KASE) announced that all financial instruments of the stock market will be traded on January 11^th, 2022.The markets for the purchase and sale of securities and repo operations will be available to trading participants. 

The trading session will be held from 11.30 to 15.30 o’clock  of the time of Nursultan city  for all financial instruments. 

The first clearing session will be held from 13.00 to 14.30, the second clearing session – from 15.30 to 17.00 o’clock of Nur-Sultan time. 

According to the results of the clearing sessions, settlements on exchange transactions will be carried out. 

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KAZAKHSTAN: KASE Announces Resumption of Trading on all Financial Instruments
Trevor Dempster

On 10^th January 2022, National Stock Exchange Clearing Limited (NSE Clearing), a subsidiary of NSE announced the introduction of Futures and Options Contracts on Nifty Midcap Select Index. Members have been notified that all the existing clearing and settlement procedures along with the extant risk management measures adopted for futures and options contracts such as initial margins, minimum margins, position limits including the right of Clearing Corporation to close out positions shall apply mutatis mutandis to these contracts.

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INDIA: NSE Clearing Introduces Futures and Options Contracts on Nifty Midcap Select Index
Trevor Dempster

On 10^th January 2022, the Bulgarian Stock Exchange (BSE) and ATHEX Group signed a framework agreement for the admission to trading, clearing and settlement of Bulgarian derivatives.

The scope of the agreement includes the introduction of single stock futures having as underlying selected stocks traded at BSE and index futures, having as underlying the main BSE index SOFIX. The products are planned to be traded on the derivative market of the Athens Stock Exchange and the clearing to be provided by ATHEXClear in accordance with the relevant requirements of European Market Infrastructure Regulation (EMIR) and the European Union (EU) legislation. Euro will be the currency for both trading and clearing of the instruments.

In the Future teams from both exchanges will implement the complex project with different phases regarding product and model design, promotional and market awareness activities, infrastructure deployment, training and testing.

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INTERNATIONAL: BSE and ATHEX Group Sign Framework Agreement
Trevor Dempster

On 10^th January 2022, the Securities and Exchange Board of India (SEBI) approved the framework for Gold Exchange and SEBI (Vault Managers) Regulations, 2021. 

Government of India vide has declared “electronic gold receipts” as securities under Section 2(h)(iia) of the Securities Contracts (Regulation) Act 1956, and SEBI (Vault  Managers) Regulations, 2021, have been notified, paving the way for operationalizing of Gold Exchange. The framework for the proposed Gold  Exchange is listed at Annexure 1 

The  stock exchanges desirous of trading in electronic gold receipts (EGRs) may apply to SEBI for approval of trading of EGRs in new segment.  

The Circular shall come into force with immediate effect 

The Exchanges are advised to:  

•  Take steps to make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the same, 
•  Bring  the  provisions of  this  circular  to  the  notice  of  the  members  of  the Exchange and also to disseminate the same on their website, 
•  Communicate to SEBI, the status of the implementation of the provisions of this Circular. 

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INDIA: SEBI Approves Framework for Operationalizing the Gold Exchange in India
Trevor Dempster

On 6^th January 2022, the Taipei Exchange (TPEX) announced amendments to the ”Taipei Exchange Rules Governing Securities Trading on the TPEx” and related rules. 

In order to keep the market order and be in compliance with ”Regulations Governing the Administration of Shareholder Services of Public Companies”, TPEx announced the amendments of ”Taipei Exchange Rules Governing Securities Trading on the TPEx” Article 9 and 47,”Taipei Exchange Account Opening Agreement for Securities Trading on the TPEx” Article 7, and ”Taipei Exchange Directions for the Advance Collection of Funds and Securities in Brokerage Trading by Securities Brokers” Article 7 as attached. Effective immediately. 

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TAIWAN: TPEX Announces Amendment to Taipei Exchange Rules
Trevor Dempster

On 5^th January 2022, the Montreal Derivatives Exchange published circular (no. 001-22) replacing November 26^th, 2021 (circular no. 201-21)

The updated circular sets out the list of deliverable Canadian Government Bond issues with respect to the LGB, CGB, CGF and CGZ futures contracts delivery months. This list is produced in accordance with the Rules of Bourse de Montréal Inc. and Canadian Derivatives Clearing Corporation (CDCC) relating to delivery standards.

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CANADA: TMX Publishes List of Deliverable Canadian Government Bond Issues for Futures Contracts
Trevor Dempster

The Financial Service Commission (FSC) announced that Application Programming Interface (API) based financial MyData service will be fully launched from 16:00 (KST) January 5^th, after a month-long pilot period leading to improvements in the system.

As of January 5^th, 2022, 33 MyData service providers including banks, financial investment businesses, card companies, savings banks, and fintechs will offer MyData services using standardized APIs. Additional 21 entities are expected to make their MyData services available in the first half of this year after getting their system ready. During the pilot period, the authorities along with the financial industry, fintechs and other relevant institutions have worked to bring about improvements in the system stability, data compatibility and consumer convenience.

Financial consumers can also enjoy a greater level of convenience as more types of financial data can be accessed more quickly and easily at a single place. The API-only MyData scheme will allow MyData service providers to receive consumer data from the relevant data providing institutions more quickly and stably. The API-based MyData system will also provide an impetus for further innovation in business models as MyData service providers become connected to more types of data providers than before.

The authorities will set up a special response team to ensure stable operation and provision of MyData services by conducting real-time monitoring and taking appropriate measures to guarantee consumer data privacy and security.

After reaching an agreement with the relevant industry groups, the authorities will continue to seek an expansion in the types of financial data made available for MyData services in 2022. Along this line, the authorities will seek regulatory reforms to promote more financial services using big data and the creation of a virtuous cycle in the data economy by laying foundations for an “open finance” system which will foster the growth of more platform-based financial services.

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KOREA REPUBLIC: FSC Launches API-Based Financial My Data Service
Trevor Dempster