Equity Index Derivatives: A) Introduction of Euro STOXX 50® Index End-of-Day Options; B) Editorial changes to the Price List of Eurex Clearing AG

1.   Introduction

This circular contains information with respect to Eurex Clearing AG’s service offering and corresponding amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) and the Price List of Eurex Clearing AG (Price List) regarding the following topics:

• Introduction of Euro STOXX 50^® Index End-of-Day (EoD) Options (Eurex product code: OEXP)
• Editorial changes to the clearing provisions of Equity Index Options contracts in the Price List

The amendments will become effective as of 28 August 2023.

2.   Required action

There is no required action for the participants.

3.   Details of the initiative

A.   Introduction of Euro STOXX 50^® Index EoD Options

Effective 28 August 2023, Eurex Clearing will offer clearing services for Euro STOXX 50^® Index EoD Options introduced at Eurex Deutschland.

In this context, the following measure will apply effective 28 August 2023:

• Amendments to the Clearing Conditions regarding the inclusion of Euro STOXX 50^® Index EoD Options

Please refer to Eurex circular 047/23 for detailed trading-related information as well as the amendments of the relevant Rules and Regulations of Eurex Deutschland.

Production start: 28 August 2023
Simulation start: 2 June 2023

a)    Product Overview

b)    Contract Specifications

For the detailed Contract Specifications, please refer to Eurex circular 047/23.

c)    Product group

The product group of the new product is as follows:

d)    Simulation

Starting 2 June 2023, the new product will be available in the Eurex simulation environment for testing purposes. For further information, please refer to the simulation calendar on the Eurex website www.eurex.com under the following link:

Support > Initiatives & Releases > Simulation calendar

e)    Risk parameters

Margins for the new products are calculated in Prisma. For the risk parameters of the new products, please refer to the Eurex Clearing website www.eurex.com/ec-en/ under the link:

Services > Risk parameters

f)    Amendments to the legal framework of Eurex Clearing AG

To reflect this decision in the legal framework of Eurex Clearing AG, the following provisions will be amended as outlined in Attachment 1: 

• Chapter II Part 3 Number 3.4.3 of the Clearing Conditions

B.    Editorial changes to the provisions on the Clearing of Equity Index Options Contracts in the Price List

In order to reflect the discontinuation of the clearing services for Euro STOXX 50^® Month-end Options (OMSX), the following provisions will be amended as outlined in Attachment 2:

• Number 3.1 of the Price List

As of the effective date, the full version of the amended Clearing Conditions and Price List will be available for download on the Eurex Clearing website under the following link:

Rules & Regs > Eurex Clearing Rules and Regulations

The amendments to the legal framework of Eurex Clearing AG published by this circular are deemed accepted by each affected contractual party of Eurex Clearing AG, unless the respective contractual party objects by written notice to Eurex Clearing AG prior to the relevant effective date(s) as stipulated in this circular. In case of an objection by the respective contractual party pursuant the preceding sentence, Eurex Clearing AG is entitled to terminate the respective contract (including a Clearing Agreement, if applicable). Instead of submitting an objection, the respective contractual party may submit in writing to Eurex Clearing AG comments to any amendments of the legal framework of Eurex Clearing AG within the first 10 Business Days after the publication of the amendments. Eurex Clearing AG shall assess whether these comments prevent the published amendments from becoming effective taking into account the interests of Eurex Clearing AG and all contractual parties. 

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.

Attachments: 

1. Amended sections of the Clearing Conditions of Eurex Clearing AG
2. Amended sections of the Price List of Eurex Clearing AG

Further information