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Eurex
1. Introduction
In response to the Sanctions imposed by the European Union against Russian companies, Eurex Deutschland terminated trading on 28 February 2022 in four Eurex Deutschland single stock derivatives (OJSG, SBNF, VTBF and SBN) on Global Depositary Receipts (GDRs) listed on the London Stock Exchange (LSE). Open positions were terminated based on the underlying close price from 25 February 2022.
Eurex Deutschland also suspended trading of additional 11 single stock derivatives (TTFF, LUKF, MAGF, NNIG, N10F, RTSG, SGNF, PJPF, RG2, SGN and TTF) on GDRs on 28 February 2022 from trading.
As orderly trading seems not to be ensured anymore, today the Management Board of Eurex Deutschland decided to terminate trading in additional three options and one future based on Gazprom (GAZ, GAZG), Lukoil (LUK) and Norilsk Nickel (NNIA), effective as of 3 March 2022 at the close of trading 17:30 CET and 17:45 (GAZG).
Open positions on 3 March 2022 will be cash settled using the Fair value method based on official close of the respective underlying on the London Stock Exchange on 3 March 2022 or the last available price before that, if the closing price cannot be determined on 3 March 2022.
Eurex Deutschland reserves the right to immediately take any further appropriate measures, if such become necessary due to measures of the trading venue of the reference markets of the above-mentioned derivatives or the overall development with regards to the war in Ukraine.
Please find below the settlement details.
2. Required action
Trading Participants are encouraged to take notice of the announced termination and settlement details. Additionally, Eurex Default Management will be available to assist and support with any queries in relation to position transfer or closing in above-mentioned contracts (LUK, NNIA, GAZ and GAZG).
E-Mail: DMP_Inbox@deutsche-boerse.com
Tel.: Eurex Trading, +49 69 211-1 12 10
3. Details
Procedure for Fair Value Settlement of Eurex derivatives
The Eurex Options Contracts and the Eurex Single Stock Futures Contracts on Gazprom (GAZ, GAZG), Lukoil (LUK) and Norilsk Nickel (NNIA) will be settled according to the Fair value method. The following parameters will be defined for calculation according to the Fair value method:
The exact adjustment details, including interest rate, applicable dividends and implied volatilities of option series with open positions will be published in a separate circular. Series without open interest will be deleted.
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 |
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.
Please find further information about incident handling in the Emergency Playbook published on the Eurex webpage under Support --> Emergencies and safeguards. Detailed information about incident communication, market re-opening procedures and best practices for order and trade reconciliation can be found in the chapters 4.2, 4.3 and 4.5, respectively. Concrete information for the respective incident will be published during the incident via newsboard message.
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