The Management Board of Eurex Deutschland took the following decisions with effect from 19 December 2022:
Furthermore, the Executive Board of Eurex Frankfurt AG has decided the following with effect from 19 December 2022:
Production start: 19 December 2022
This circular contains all information on the delisting of the products and the updated sections of the relevant Rules and Regulations of Eurex Deutschland.
2. Required action
The new products will trade and clear identical to existing equity index derivatives, hence there is no action required for participation.
3. Details of the initiative
A. Product overview
Micro-Options on the DAX® index differ from the existing DAX® index options (ODAX) in terms of contract size and offered terms only. The value of one index point is EUR 1, while the maximum term is 12 months.
B. Contract specifications
In general, contract specifications for the new Micro-Options are identical to the product ODAX, also in terms of trading hours and trading calendar, last trading day, settlement and determination of the daily and final settlement prices.
The product specific information is as follows:
Micro-Options on the DAX®
|Eurex Product Code||Product type|
For the detailed Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland (Contract Specifications), please see Attachment 1.
The full version of the updated Contract Specifications will be published on the Eurex website www.eurex.com as of start of trading under:
Rules & Regs > Eurex Rules & Regulations > 03. Contract Specifications
C. Admission to the Eurex T7 Entry Services (TES)
The new products will not be admitted to the Eurex T7 Entry Services (TES). Trading may occur only via order book.
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 path:
you will also find an updated list with details regarding Prisma-eligible Eurex products.
E. Mistrade ranges
Mistrade ranges and position limits for the new products will be published as of start of trading on the Eurex website under the link:
F. 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 Equity Index Derivatives (OINX). Further information can be found on the Eurex website under the following links:
Rules & Regs > Excessive System Usage Fee
Rules & Regs > Order to Trade Ratio
G. Transaction fees
Details can be found in the current Price List of Eurex Clearing AG which is available for download on the Eurex Clearing website under the following link:
Rules & Regs > Eurex Clearing Rules & Regulations > 3. Price List
H. Vendor codes
As of start of trading, vendor codes for the new products will be published on the Eurex website under the link:
Markets > Product Overview > Vendor Codes
I. Liquidity Provisioning
Please refer to the attached Product Specific Supplement (Attachment 2).
J. Further amendment of the Contract Specifications
Due to the delisting of Futures and Options on MDAX® (F2MX/O2MX), the Contract Specifications were amended accordingly.
All Trading Participants of Eurex Deutschland and Vendors
Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination
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