MiFID II and MiFIR Amendment to the EU Markets in Financial Instruments Directive

Direct Market Access

Order Routing Systems (ORS) and Direct Market Access (DMA) at FWB under the new regulatory regime

The commencement of MiFID II/ MiFIR and its transposition into the German legal environment with the FimanoG II, coming into effect on January 3rd 2018, means that German trading venues will get the possibility to allow DMA, as an additional option to allow access to their order books by non-participants, for the first time. Historically, trading venues were only allowed to grant direct access to their order books for their trading participants and their respective traders, acting for the trading participants.

Under the FimanoG II trading venues are now in a position to allow trading participants to grant their clients more control over the order flow using DMA and thereby granting control over the fraction of a second of the lifetime of an order. This means that there can be two different access possibilities for clients electronically sending orders through the trading participants of FWB.

According to the definition of electronic access under MiFID II / MiFIR DEA is only one possible way to access venues electronically. It comprises Direct Market Access (DMA) and Sponsored Access (SA).

FWB will only allow trading participants to offer DMA for clients. SA will be continue to be out of scope for the time being.

If you have any questions or require further information, please feel free to contact your dedicated Key Account Manager or sales.cashmarket@deutsche-boerse.com.

FWB requires a registration of the DMA Provider. Please request the form "Application for Authorisation of a System granting Direct Market Access (DMA) for Exchange EDP Electronic Trading (Xetra) according to §2 (9) Stock Exchange Act" from your Key Account Manager.

In addition, the National Competent Authorities require a notification. Please use the forms under the links below: