Equity Derivatives: Introduction of new Micro Stock & ETF Options

1.    Introduction

The Executive Boards of Eurex Clearing AG took the following decision:

Effective 17 August 2026, Eurex Clearing AG (Eurex Clearing) will offer clearing services for Micro Stock & ETF Options. 

In this context, the following measures will apply:

• Amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) as outlined in Attachment 1 and Price List of Eurex Clearing AG (Price List) as outlined in Attachment 2 regarding the Micro Stock & ETF Options.
• Introduction of a Product Specific Supplement "Equity 05 - Micro Stock & ETF Options" for the new products pursuant to Attachment 3.

Please refer to Eurex Circular 045/26 for detailed trading-related information, including fee classification and the related amendments to the Rules and Regulations of Eurex Deutschland.

2.    Required action

There is no action required for participation.

Information on Section 871(m) IRC – No Current Relevance

Certain derivatives (e.g. Single Stock Options and Futures referencing U.S. equities) may, in principle, fall within the scope of sec, 871(m) IRC. However, based on the current product characteristics, such instruments do not give rise to dividend-equivalent payments and are therefore not subject to withholding tax or reporting obligations under Section 871(m) IRC. Accordingly, no additional documentation or eligibility requirements apply at this stage.

Clearing Members of Eurex Clearing AG should note that this assessment may change if the underlying circumstances evolve (e.g. in case of dividend payments). In such case, the relevant Section 871(m) IRC requirements would become applicable.

This information is provided for guidance purposes only and reflects Eurex Clearing AG’s current assessment. It does not constitute tax or legal advice and is subject to change, in particular in case of changes to the underlying facts or applicable law. Clearing Members remain responsible for their own assessment and compliance with any applicable tax obligations.

3.    Details of the initiative

A.    Product overview

Please refer to the below table for the product overview of the new products:

B.    Contract specifications

For the detailed contract specifications, please refer to Eurex Circular 045/26.

C.    Product group

Please refer to the below table for the product group of the new products.

D.    Transaction fees

The transaction fee per contract for Micro Stock & ETF Options is defined as a percentage of the contract value, i.e. the defined percentage multiplied by the contract size multiplied by the underlying equity price (for British pound (GBP) the underlying equity price in pence divided by 100). The underlying equity price is the official closing price of the underlying share on the relevant primary cash market on the previous trade day. Fees for the new products can be retrieved from the updated sections of the Price List, as outlined in the Attachment.  

E.    Risk parameters

Margins for the new products are calculated in Prisma. For the risk parameters of the new product, please refer to the Eurex Clearing website www.eurex.com/ec-en/ under the following 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 the Attachment 1 and 2:  

• Chapter II Part 3 Number 3.1, 3.16 of the Clearing Conditions of Eurex Clearing AG (Attachment 1)
• Numbers 3.1, 3.7 of the Price List of Eurex Clearing AG (Attachment 2)

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 & 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
• 3. Product Specific Supplement Equity 05 - Micro Stock & ETF Options

Further information