---
title: EEX Sets Out Rules for Suspending Regulatory Market Making Obligations
description: The European Energy Exchange (EEX) has published  a new Implementation Regulation on the Suspension of Regulatory Market Making, the compulsory regime set out by Section 33 of the EEX Exchange Rules.
---

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# [EEX Sets Out Rules for Suspending Regulatory Market Making Obligations](https://www.regtrail.com/resources/eex-sets-out-rules-for-suspending-regulatory-market-making-obligations)

 Written by [RegTrail](https://www.regtrail.com/resources/author/regtrail) | Oct 9, 2026, 10:15:00 PM

The European Energy Exchange (EEX) has published a new Implementation Regulation on the Suspension of Regulatory Market Making (click [here](https://4xmpf80h.r.eu-west-2.awstrack.me/L0/https:%2F%2Fwww.eex.com%2Ffileadmin%2FEEX%2FDownloads%2FRules%2FImplementing_Regulations%2FMarket_Making%2F20261009_Implementation_Regulation_Suspension_of_Regulatory_Market_Making_FINAL.pdf/2/010b01a134f08051-b381792d-ff4b-4ff0-a60e-319bed26c7e7-000000/xqy9SdqOKtroM0M6DCtvI5q3LvY=258)). So-called *regulatory market making* is the compulsory regime set out by Section 33 of the EEX Exchange Rules (click [here](https://4xmpf80h.r.eu-west-2.awstrack.me/L0/https:%2F%2Fwww.eex.com%2Ffileadmin%2FEEX%2FDownloads%2FRules%2FExchange_Rules%2F20260915_EEX_Exchange_Rules_0067a_E_FINAL.pdf/1/010b01a134f08051-b381792d-ff4b-4ff0-a60e-319bed26c7e7-000000/DuSLm4AREmjt2Yjd2lSdkLtcAF4=258)). The regime applies the definition of a market making strategy in Section 80(5) of the German Securities Trading Act (WpHG) (click [here](https://4xmpf80h.r.eu-west-2.awstrack.me/L0/https:%2F%2Fwww.gesetze-im-internet.de%2Fwphg%2F__80.html/1/010b01a134f08051-b381792d-ff4b-4ff0-a60e-319bed26c7e7-000000/PZ-GkSpmPko-W10nKkK7lVICE8I=258)), which is itself derived from Article 17 of MiFID II (click [here](https://4xmpf80h.r.eu-west-2.awstrack.me/L0/https:%2F%2Fwww.esma.europa.eu%2Fpublications-and-data%2Finteractive-single-rulebook%2Fmifid-ii%2Farticle-17-algorithmic-trading/1/010b01a134f08051-b381792d-ff4b-4ff0-a60e-319bed26c7e7-000000/Qin7R8iOrG1OBuRHEdNeqk-SkoU=258)). This regime is distinct from the “voluntary” market maker agreements that firms may sign with EEX (these are governed under Sections 31 and 32 of the Exchange Rules as referenced above).

Under Section 33, an *Exchange Participant* engaged in algorithmic trading must continuously check whether it is pursuing a market making strategy in a financial instrument. This broadly means that the firm is posting simultaneous buy and sell orders for its own account (within spreads set by EEX) on at least half of the trading days in a month, and for at least 50% of daily trading hours. A firm that meets this test over a one-month period must notify EEX and apply for admission as a *Market Maker* under Section 33. Where a firm meets the above criteria but does not apply, the EEX will admit it as a *Market Maker* on its own initiative. Once a firm has been admitted, it must continue to quote in the market at those levels. If it fails to do so for three consecutive months and a reminder goes unheeded, the EEX may revoke the admission and ban it from pursuing a market making strategy.

Section 2 of the implementing regulation sets out when the Section 33 obligations are suspended. They are suspended for any period for which the EEX’s Management Board has announced one of four exceptional circumstances. These are drawn from Article 3 of the MiFID Delegated Regulation (EU) 2017/578 (click [here](https://4xmpf80h.r.eu-west-2.awstrack.me/L0/https:%2F%2Feur-lex.europa.eu%2Flegal-content%2FEN%2FTXT%2FPDF%2F%3Furi=CELEX:32017R0578/1/010b01a134f08051-b381792d-ff4b-4ff0-a60e-319bed26c7e7-000000/FtpYaYVrLVY5obJGdP4b9dYd46Y=258)) and are 1) extreme volatility triggering volatility mechanisms for the majority of financial instruments traded on EEX, 2) war, industrial action, civil unrest or cyber sabotage, 3) disorderly trading conditions, such as significant system delays or multiple erroneous orders, and 4) a suspension of pre-trade transparency for derivatives or emission allowances because liquidity has fallen below a set threshold. It should be noted that obligations that fall under a *contractual* *Market Maker* *Agreement* are not affected in such circumstances.

Section 3 covers the procedure to be followed when EEX has concrete indications of one of the four circumstances. This can happen in a number of ways, including the Management Board’s own observations, from information received from EEX’s market surveillance team, from information received from the Saxonian Exchange Supervisory Authority (the German state-level authority responsible for supervising the EEX), from information received from trading participants or from press reports. The Management Board must investigate without delay and, if exceptional circumstances are confirmed, it announces this without delay. By default, the announcement lasts until the end of that trading day. A longer period may be set only where necessary (although never for extreme volatility). Participants cannot declare exceptional circumstances themselves and the suspension applies only once EEX has announced it.

Section 4 deals with what happens once exceptional circumstances have been announced. EEX’s Management Board must continuously assess whether the circumstances still exist and whether its initial estimate of their duration remains accurate. If it concludes that they will last longer or shorter than first assumed, it will extend or shorten the announcement accordingly. If it concludes the circumstances have ceased, it will revoke the announcement and publish an announcement to this effect in the same manner as the original. A revocation can only take effect at the end of a trading day, so any such suspension will not end mid-session.

Finally, Section 5 covers the return to normal. Once the announcement expires, the Section 33 rules apply again. Those days on which an announcement applies are excluded from two calculations i.e. whether a firm is pursuing a market making strategy in the first place, and whether an already-admitted Market Maker has met its quoting obligations. In practice, quoting (or not quoting) on a suspended day doesn’t count towards triggering an admission, nor does it count against a Market Maker’s compliance record. Firms should therefore track EEX’s announcements and revocations closely and record the affected days.

It should be noted that Article 1(5) of MiFID II extends the algorithmic trading requirements set out under Article 17, including the market making provisions, to members or participants of regulated markets and MTFs that are not authorised as investment firms (click [here](https://4xmpf80h.r.eu-west-2.awstrack.me/L0/https:%2F%2Fwww.esma.europa.eu%2Fpublications-and-data%2Finteractive-single-rulebook%2Fmifid-ii%2Farticle-1-scope/1/010b01a134f08051-b381792d-ff4b-4ff0-a60e-319bed26c7e7-000000/ZJkBRaJ8Nha9vunFliK4fM3BmTI=258)). This could include firms, for example, that rely on the ancillary activity exemption. Section 33 of the EEX rules is addressed to Exchange Participants engaged in algorithmic trading and does not, on its face, limit itself to investment firms. Firms in doubt about the scope of application of these rules may wish to raise the question with EEX’s legal team directly or to seek legal advice on the applicability of the WpHG in this context.

[View full post](https://www.regtrail.com/resources/eex-sets-out-rules-for-suspending-regulatory-market-making-obligations)

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