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Jul 25, 2012

Eurex

1. German Stock Futures and Equity Options: Abolishment of Restrictions for the Day before Dividend cash-out Days, 2. German Equity Options: Option on Porsche SE (POR3) leaves the German AMM Package

  1. With the UCITS IV Directive (UCITS = Undertakings for Collective Investments in Transferable Securities), tax deduction was transferred from the issuer to the last domestic paying agent at the beginning of this year. Therefore, the Management Boards of the Eurex Exchanges decided to abolish the restrictions for derivatives on German equities for dividend cash-out days effective August 1, 2012.
    Accordingly, as a general rule, German equity options can be exercised on the day before the dividend cash-out day and can mature on such days. OTC Flexible Futures trades in German stock futures with physical delivery can mature on such days as well.
  2. Effective August 1, 2012, the option on Porsche SE (POR3) will leave the German AMM package. The number of exceptions in the German package, however, will remain unchanged.

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