20 Dec 2022


Recalibration of the Order to Trade Ratio and the Excessive System Usage Fee

Eurex Circular 123/22 Recalibration of the Order to Trade Ratio and the Excessive System Usage Fee

1.  Introduction

Due to the geopolitical development on 24 February 2022, Eurex increased the parameters for the calculation of the Order to Trade Ratio (OTR) as well as parameters for the calculation of the Excessive System Usage Fee (ESU). The goal of this measure was to provide all market participants with enough headroom to continue their trading and market-making activities for all products admitted to trading at Eurex Deutschland.

Nowadays the extreme volatility has decreased, but not to previous levels. The higher volatility is driven by changed market conditions as well as rising interest rates. Hence, the previously used parameter set is not reasonable anymore.

Furthermore, the inclusion of weekly expiring contracts in the main options products as part of the NextGen ETD Contracts Initiative requires a recalibration which has impact on the OTR and ESU. 

To account for both the higher volatility as well as the impact of the NextGen ETD Contracts Initiative, Eurex has adjusted both the OTR and ESU parameters.

Effective date: 1 February 2023

2.  Required action

It is strongly recommended that Trading Participants analyze their past OTR and ESU behavior and assess whether they need to adjust under the new parameter regime. Upon request, Eurex will be able to provide back-testing results.

3.  Details

The table in Attachment 1 shows the amended parameters used to calculate the OTR for all product groups.

The table in Attachment 2 shows the amended parameters used to calculate the ESU Limit for all limit types and product groups.

In case of any questions, please contact your Key Account Manager or send an e-mail to:


  • 1 – Amended sections of the Annexes to the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland
  • 2 – Amended sections of the Price List to Connection Agreement, Provider Connection Agreement and STPIP and QTPIP Connection Agreement

Further information


All Trading Participants of Eurex Deutschland and Vendors

Target groups:

Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination


Your Key Account Manager or


Authorized by:

Jonas Ullmann

Market Status


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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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