30 Nov 2021

Eurex Clearing

Equity Total Return Futures and Basket Trades of Equity Total Return Futures: First Adopter Incentive Scheme

Eurex Clearing Circular 106/21 Equity Total Return Futures and Basket Trades of Equity Total Return Futures: First Adopter Incentive Scheme

1.    Introduction

Eurex Clearing AG took the decision to introduce a First Adopter Incentive Scheme for Equity Total Return Futures and Basket Trades of Equity Total Return Futures (ETRF/BTRF) with effect from 1 December 2021.

The First Adopter Incentive Scheme will support the further development and adoption of ETRFs/BTRFs introduced on 7 October 2019.

For details of the First Adopter Incentive Scheme, please refer to the attachment to this circular.

The eligibility period for inclusion in the incentive scheme will be valid until 30 June 2022. The benefits under the scheme will be applicable until 31 December 2023.

Please refer to Eurex circular 113/21 for detailed trading-related information. 

2.    Required action

Participants interested in the First Adopter Incentive Scheme will need to submit the “Application Form for Participation in Trading/Clearing of Basket Trades Functionality” for the assignment of the ETRF product capacity and entitlement to Basket Trades functionality. The form will be sent to the participants via their Key Account Managers.

No further registration for the incentive scheme is required.

3.    Details of the initiative

The First Adopter Incentive Scheme aims to provide short-term impetus to on-board participants to the ETRF/BTRF offering in the first half of 2022 by offering initial and subsequent rebates on both transaction fees and maintenance fees for M- and P-accounts as follows:

Description

SCHEME APPLICATION PERIOD

Phase 1 Registration

Phase 2 Registration

Ongoing Eligibility

Dec. 2021 –Mar. 2022

Apr. – Jun. 2022

Jul. – Dec. 2022

Jan. – Dec. 2023

Minimum Monthly Average Open Interest requirement

EUR 200 million

EUR 400 million

EUR 400 million

Transaction Fee Rebate (in the next month(s))

100%

100%

100%

100%

Maintenance Fee Rebate (in the next month(s))

50%

50%

50%

-

For the full and legally binding details of the First Adopter Incentive Scheme, please see the attachment.

Unless the context requires otherwise, terms used and not otherwise defined in this circular shall have the meaning ascribed to them in the Clearing Conditions or FCM Clearing Conditions of Eurex Clearing AG, as applicable.

Attachment:

  • First Adopter Incentive Scheme for Equity Total Return Futures and Basket Trades of Equity Total Return Futures


Further information

Recipients:

All Clearing Members, Basic Clearing Members, Disclosed Direct Clients of Eurex Clearing AG, vendors and other affected contractual parties

Target groups:

Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination

Related circular:

Eurex Circular 113/21 

Contact:

client.services@eurex.com 

Web:

www.eurex.com/ec-en/

Authorized by:

Jens Janka