10 Sep 2021

Eurex

Equity Derivatives: Introduction of Single Stock Futures, Equity Options and Single Stock Dividend Futures

Eurex Circular 084/21 Equity Derivatives: Introduction of Single Stock Futures, Equity Options and Single Stock Dividend Futures


1.  Introduction

The Management Board of Eurex Deutschland took the following decisions with effect from 4 October 2021:

  • Introduction of 9 Single Stock Futures pursuant to Annex A of Attachment 2,
  • Introduction of 11 American-style Equity Options pursuant to Annex B of Attachment 2,
  • Introduction of 24 Single Stock Dividend Futures pursuant to Annex D of Attachment 2,
  • Inclusion of the new Single Stock Dividend Futures in the existing Liquidity Provider (LP) scheme effective from 1 November 2021
  • Annual prolongation of Single Stock Dividend Futures Liquidity Provider (LP) scheme until 31 December 2022

This circular contains all information on the introduction of the new products and the updated sections of the relevant Rules and Regulations of Eurex Deutschland.

Production start of the new products: 4 October 2021

2.  Required action

There is no action required for participation.

3.  Details

A. Product overview

Please refer to Attachment 1 for the new products.

B. Contract specifications and product parameters

In general, contract specifications for the new Single Stock Futures, Equity Options and Single Stock Dividend Futures are in line with the existing contracts with the relevant Eurex group ID, also in terms of trading hours and trading calendar, last trading day, settlement and determination of the daily and final settlement prices.

For the detailed Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland (Contract Specifications), please see Attachment 2.

The full version of the updated Contract Specifications will be published on the Eurex website as of start of trading under:

Rules & Regs > Eurex Rules & Regulations > Contract Specifications

C. Admission to the Eurex T7 Entry Services (TES)

The new products will be admitted to the Eurex T7 Entry Services (TES). You can find the minimum block trade sizes on product level in the attached Contract Specifications.

An overview of the Eurex T7 Entry Services available for the products as well as detailed information on single product basis with regard to availability, possibility of utilisation and minimum entry size for the various Eurex T7 Entry Services is available on the Eurex website under the link:

Data > Trading files > T7 Entry Service parameters

D. Risk parameters

As of start of trading, risk parameters of the new products will be published on the Eurex website under the link:

Data > Clearing files > Risk parameters and initial margins

and on the Eurex Clearing website under the following link:

Services > Risk parameters

Under this link, an updated list is available with details regarding Prisma-eligible Eurex products.

E. Excessive System Usage Fee and Order to Trade Ratio

The Excessive System Usage Fee and the Order to Trade Ratio for the new products were determined in line with the existing products (Single Stock Futures, Equity Options, Single Stock Dividend Futures). For detailed information, please refer to the Eurex website under the following links:

Markets > Product Overview
or
Rules & Regs > Excessive System Usage Fee
or
Rules & Regs > Order to Trade Ratio

F. Mistrade parameters and position limits

Mistrade ranges and position limits for the new products will be published as of start of trading on the Eurex website under the link:

Markets > Product Overview

G. Transaction limits

The same values apply as for existing products with the relevant Eurex group ID. For details, please refer to the Eurex website under the link:

Rules & Regs > Excessive System Usage Fee

H. Transaction fees

The same transaction fees apply as for the corresponding existing products.

I. Vendor codes

At start of trading, vendor codes for the new products will be published on the Eurex website under the link:

Markets > Product Overview > Vendor Codes

J. Liquidity Provisioning

Please refer to Attachments 1 and 3 for the Liquidity Provisioning. Detailed information can be found on the Eurex website under the following link:

Trade > Market-Making and Liquidity provisioning > Product Specific Supplements to the LPA


Attachments:

  • 1 – Product overview, Liquidity Provisioning
  • 2 – Updated sections of the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland
  • 3 – Product Specific Supplement for Single Stock Dividend Futures


Further information

Recipients:

All Trading Participants of Eurex Deutschland and Vendors

Target groups:

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

Contact:

client.services@eurex.com

Web:

www.eurex.com

Authorized by:

Randolf Roth


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