21 Nov 2022

Eurex

Equity Index Derivatives: STOXX® Europe 600 Health Care Futures: Upcoming transition from non-narrow-based to narrow-based and withdrawal of U.S. direct access tradability

Eurex Circular 111/22 Equity Index Derivatives: STOXX® Europe 600 Health Care Futures: Upcoming transition from non-narrow-based to narrow-based and withdrawal of U.S. direct access tradability

1.  Introduction

With effect from 19 December 2022, U.S. direct access tradability of the following product will be withdrawn for U.S. Eurex Participants:

Product name

Product ID

Currency

Previous
Capacity Group

 

New
Capacity Group

 

STOXX® Europe 600 Health Care Futures (EUR)

FSTH

EUR

Cash/Physical EUR - CFTC

Cash/Physical EUR - CFTC

2.  Required action

All Trading Participants that have open positions in STOXX® Europe 600 Health Care Futures (EUR) must comply with applicable Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) regulation once these futures contracts transition to Foreign Security Futures Products (FSFPs).

3.  Details

The above STOXX® Europe 600 Health Care Futures will transition from non-narrow-based security index futures to narrow-based security index futures effective at the close of trading of 19 January 2023. Accordingly, the CFTC will be withdrawing its non-narrow-based certification for the contracts at this upcoming date.

After the close of trading on 19 January 2023, STOXX® Europe 600 Health Care Futures (EUR) contracts will be security futures and must therefore be traded in accordance with both the U.S. securities and commodity futures laws.

Eurex Exchange notes that, in order to ensure compliance, its 19 December 2022 withdrawal of direct access tradability for U.S. Eurex Participants is in advance of the official date of the STOXX® Europe 600 Health Care Index’s transition to a narrow-based security index.

Eurex Exchange will be evaluating whether STOXX® Europe 600 Health Care Futures meet the eligibility requirements of the 2009 SEC Order governing FSFPs and the Commodity Exchange Act. If STOXX® Europe 600 Health Care Futures meet the eligibility requirements, they will be listed on Eurex Exchange's list of eligible FSFPs, updated monthly, available on the Eurex website www.eurex.com under the following link: 

Rules & Regs > Eurex derivatives in the U.S. > Eligible foreign security futures products under 2009 SEC Order and Commodity Exchange Act

All Trading Participants are reminded that all trading of eligible FSFPs for U.S. accounts must comply with the 2009 SEC Order, the Commodity Exchange Act, and the terms of Eurex Circular 105/21.

The multicast addresses for data distribution remain unchanged. However, the following changes have been made for the port numbers:

  • Snapshot messages: Change from 59000 to 59032 
  • Incremental messages: Change from 59001 to 59033 

The corresponding new "capacity group" for STOXX® Europe 600 Health Care Futures (EUR) is "Cash/Physical EUR" (previously: "Cash/Physical EUR - CFTC").


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 or Rachna Mathur, rachna.mathur@eurex.com, 
Equity and Index Sales America, tel. +1 212 309 93 08

Related circular:

Eurex Circular 105/21

Web:

www.eurex.com

Authorized by:

Michael Peters


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