18 May 2022

Eurex

Dividend Derivatives: Introduction of EURO STOXX® Banks Index Dividend Options

Eurex Circular 054/22 Dividend Derivatives: Introduction of EURO STOXX® Banks Index Dividend Options

1.  Introduction

The Management Board of Eurex Deutschland took the following decisions with effect from 13 June 2022:

  • Introduction of EURO STOXX® Banks Index Dividend Options,
  • Introduction of a new Product Specific Supplement for EURO STOXX® Banks Index Dividend Options.

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: 13 June 2022

2.  Required action

There is no required action for participation.

3. Details 

A.    Product overview

Please refer to Attachment 1 for the products.

B.    Contract specifications and product parameters

For general product parameters, please find an overview in table format in Attachment 1.

For the detailed Contract Specifications, please see Attachment 2.

The full version of the updated Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland will be published on the Eurex website www.eurex.com as of start of trading under:

Rules and Regulations > Eurex Rules & Regulations > 03. 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 utilization 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 for 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 www.eurex.com/ec-en/ under the following link:

Services > Risk parameters

There, you will also find an updated list 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 are determined in line with the existing products (FSTK and OSTK). For detailed information, please refer to the Eurex website under the following links:

Markets > Equity Index

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 > Dividends > Equity Index Dividend Derivatives

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

Transaction fees listed in Attachment 1 will apply. For details, please refer to the current Price List of Eurex Clearing AG, available on the Eurex Clearing website under the following link:

Rules & Regs > Eurex Clearing Rules & Regulations > 3. Price List

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 3 for the Liquidity Provisioning.

Attachments:

  • 1 - Details regarding product overview, contract specifications, trading hours, product group, Eurex T7 Entry Services, transaction fees
  • 2 - Updated sections of the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland
  • 3 - Product Specific Supplement for EURO STOXX® Banks Index Dividend Options


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

Related circular:

Eurex Clearing Circular 036/22

Web:

www.eurex.com

Authorized by:

Randolf Roth


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