Eurex
1. Introduction
The Management Board of Eurex Deutschland (Eurex) and the Executive Board of Eurex Frankfurt AG took the following decisions:
Start of trading for the new products: 12 June 2023
2. Required action
There is no action required for participation.
3. Details of the initiative
A. Product overview
Please refer to Attachment 1 for an overview of the new products and products whose admission to trading will be cancelled.
Whereas the three MSCI Futures on World ex USA, EM ex China and Vietnam will cover new indices, the change for the Real Estate Sector indices is just for technical reasons: The currently listed Futures are based on the Real Estate Indices, which were originally set up as so-called “Industry Group” on Level 2 of the GICS-System (the sector classification system used by MSCI).
When Real Estate became a separate sector (Level 1), MSCI has introduced new indices for it. Both index versions (Level 1 and 2) were identical in the composition since then. Now, MSCI will discontinue the Level 2 indices und Eurex will accordingly cancel admission to trading of the current Futures and admit new ones for World and Emerging Markets with adjusted contract specifications. For the MSCI Europe Real Estate Sector, currently no EUR-denominated index exists, therefore at this stage no new Futures will be reintroduced.
B. Contract specifications
Attachment 1 contains an overview in table format.
For the detailed contract specifications please see Attachment 2.
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. Trading hours
Please refer to Attachment 1 for the trading hours.
D. Trading calendar
Futures and Options on MSCI Indices will be available for trading on every exchange trading day at Eurex Deutschland. As of start of trading, the trading days can be retrieved from the trading calendar on the Eurex website under the following link:
E. Product group
The product group for the new products is contained in Attachment 1.
F. Liquidity Provider scheme
As of 1 July 2023, the new products will be added to the existing Liquidity Provider (LP) scheme for MSCI Futures. Please refer to the Product Specific Supplement (PSS) (Attachment 3) for the detailed incentives of the scheme, quote parameters and all further information.
G. 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. Further information can be found on the Eurex website under the following links:
Markets > Equity Index
Rules & Regs > Excessive System Usage Fee
Rules & Regs > Order to Trade Ratio
H. Mistrade parameters and vendor codes
Mistrade ranges and vendor codes for the new index derivatives will be published as of start of trading on the Eurex website under the link:
I. Transaction fees
The transaction fees stated in Attachment 1 will apply for the new MSCI derivatives. For details, please refer to the Price List of Eurex Clearing AG available for download on the Eurex Clearing website www.eurex.com/ec-en/ under this link:
Rules & Regs > Eurex Clearing Rules & Regulations > 3. Price List
J. Admission to the Eurex T7 Entry Services (TES)
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
The new MSCI derivatives will be admitted to the TES with the parameters listed in Attachment 1.
K. 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.
Attachments:
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: | Rachna Mathur, Equity & Index Sales, tel. +1 212 309 93 08, rachna.mathur@eurex.com; Ralf Huesmann, Equity & Index Product Design, tel. +49-69-211-1 54 43, ralf.huesmann@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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