The term “Clearing hours” refers to the time during the day when it is possible to enter and submit
- transaction separation
- transaction adjustment to adjust text fields
- transaction open/close adjustment
- internal account transfer
- average price processing
and position adjustments:
- position close-out/re-opening
- automatic close-out
- position account transfer
- external position transfer with/without cash
- automatic exercise
for Futures and Options Contracts.
Clearing adjustments are possible depending on the product phase in which the product is at that time. The following product phases are differentiated by the C7 system:
- Clearing Phase: all clearing activities are allowed.
- No Position Move Phase: this product phase allows all clearing activities but restricts the transfer of quantity to other participants via give-up or External Position Transfer.
- No Settlement Phase: this product phase allows for all clearing activities, but exercise, abandonment from automatic exercise or abandon are not allowed.
- Restricted Access Phase: position and transaction management are not possible.
Each product is assigned to a product phase schedule in C7. Phase changes are triggered automatically at the specified cut-off time. In addition to the product phase, transactions are adjustable for a limited period, known as the transaction duration. The limit is set to allow adjustments on T=trade date until T+5 for ECAG.
The clearing hours of a product (clearing phase) start at the beginning of the Pre-Trading Period and generally end (restricted access phase) at the end of the Post-Trading Period. In deviation from such provision, the clearing hours of all products which are continuously traded until 22:00 end at 22:30.
For more information, please refer to the “C7 - Derivatives Clearing Functional Reference” under “Overview and Functionality” under: C7 Releases. Please select the latest releaser version and go to the section: System Documentation > Overview and Functionality.
The Trading Hours are specified in Annex C of the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland.
1. What is the clearing cut-off time for a product?
- Please refer to to our Trading Hours and to the Contract Specifications. The clearing hours of a product start at the beginning of the Pre-Trading Period and generally end at the end of the Post-Trading Period.
- In deviation from such provision, the clearing hours of all products which are continuously traded until 22:00 end at 22:30. Product schedules may differ for Holidays/ Last trading days!
- Additionally, a CSV file with the current day clearing cut-off times for all products is available to download under “Product Clearing Phases” on Transaction management listed derivatives. Please note that on the last trading day for some products different timings for the front month may apply. These different front month timings as well as intraday changes to the schedules are not covered in the CSV file. Time is given in CET/CEST in the CSV file.
2. In which cases will Eurex Clearing grant an extension to the Clearing Hours?
- Eurex Clearing might need to extend the Clearing hours due to the market conditions, internal incidents, requests from Clearing Members, among others. Each situation is analyzed individually, and will be communicated via Production Newsboard messages.
- If you need to request an extension, please contact the Derivatives Clearing Helpdesk via
3. What are the Clearing Hours during holidays?
- To get an overview on the Clearing Hours during holidays, please refer to the Eurex Holiday regulations.
- The availability of Clearing Services on 24 December and 31 December are communicated via Eurex Clearing Circular, usually published in November. All Circulars are available here: Eurex Clearing Circulars.
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