04 Jun 2021

Eurex

Equity Derivatives: Introduction of Single Stock Futures, equity options and other equity derivatives measures

Eurex Circular 049/21 Equity Derivatives: Introduction of Single Stock Futures, equity options and other equity derivatives measures


1.  Introduction

The Management Board of Eurex Deutschland took the following decisions with effect from 14 June 2021:

  • Introduction of 30 Single Stock Futures pursuant to Annex A of Attachment 2,
  • Introduction of eight American style equity options and one European style equity option pursuant to Annex B of Attachment 2,
  • Extension of maturities for options on Anheuser-Busch InBev S.A. to up to 60 months pursuant to Annex B of Attachment 2.

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: 14 June 2021

Learn more about Eurex topics! To help Trading Participants keep up with all Eurex updates, all support information is now available via Eurex Support and on the go via the personalized Eurex App.

2.  Action required

There is no action required for participation.

3.  Details

A. Product overview

Please refer to Attachment 1 for the products.

B. Contract specifications and product parameters

In general, contract specifications for the new Single Stock Futures and equity options products 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:

Trade > Eurex T7 Entry Services

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

You will also find an updated list with details regarding Prisma-eligible Eurex products under this path. 

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 are determined in line with the existing Single Stock Futures and equity options products (FSTK and OSTK). For detailed information, please refer to the Eurex website under the following links:

Markets > Equity > Equity Options and Markets > Equity > Single Stock Futures

or

Rules & Regs > Excessive System Usage Fee
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 links:

Markets > Equity > Equity Options and Markets > Equity > Single Stock Futures

or

Markets > Product Overview > Contract Specs

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 Attachment 1 for the Liquidity Provisioning.

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 Equity Options and Selected Equity Index Options”
  • 4 – “Product Specific Supplement for Single Stock 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

Michael Peters


Market Status

XEUR

The market status window is an indication regarding the current technical availability of the trading system. It indicates whether news board messages regarding current technical issues of the trading system have been published or will be published shortly.

We strongly recommend not to take any decisions based on the indications in the market status window but to always check the production news board for comprehensive information on an incident.

An instant update of the Market Status requires an enabled up-to date Java™ version within the browser.

circular