Eurex
1. Introduction
The Management Board of Eurex Deutschland took the following decisions with effect from 28 August 2023:
Furthermore, the Executive Board of Eurex Frankfurt AG has decided the following with effect from 28 August 2023:
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.
Simulation start: 2 June 2023
Production start: 28 August 2023
2. Required action
The new products will be traded and cleared identically to existing equity index derivatives, hence there is no action required for participation.
3. Details of the initiative
A. Product overview
Euro STOXX 50® EoD Index Options differ from the existing Euro STOXX 50® Index Options (OESX) in terms of final settlement price determination, supported expiration days, maximum offered terms and tradable tick size. On expiration day, the end of trading is at 17:30 CET compared to 12:00 CET in OESX. The final settlement price for OEXP is determined by the index close value.
B. Contract specifications and product parameters
In general, contract specifications for the new Micro options are identical to the already listed Euro STOXX 50® Index Options (OESX).
The main differences of OEXP compared to OESX, the product-specific information and the selected contract reference data information regarding OEXP are as indicated in the tables in Attachment 1 to this circular.
For the detailed Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland (Contract Specifications), please see Attachment 2.
For technical details, please refer to the “Market and Reference Data Interfaces Manual”, (T7 EMDI_MDI_RDI_Manual_v11.1.1) §11.2.2 provided on the Eurex website www.eurex.com under the following path:
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 be admitted to the Eurex T7 Entry Services (TES). The minimum block trade size will be 1,000 contracts.
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 www.eurex.com/ec-en/ under the following path:
You will also find an updated list with details regarding Prisma-eligible Eurex products under this path.
E. Mistrade ranges
Mistrade ranges for the new products will be published as of start of trading on the Eurex website under the link:
Markets > Product Overview > Contract Specs
F. Excessive System Usage Fee and Order-to-Trade Ratio
The Excessive System Usage Fee and the Order to Trade Ratio are determined in line with the existing Equity Index Derivatives (OINX). For further information, please refer to 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 www.eurex.com/ec-en/ 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 4).
In order to provide Trading Participants with additional clarity regarding which quoting parameters are applied to which type of contracts as outlined in PSS Equity Index 70, changes were made to the structure of the daily parameter file “90FILMMPARPUBLIYYYYMMDDXEUR.XML” and accompanying .csv versions of the same file. All details pertaining to these changes can be found in Attachment 5 to this circular and will be published on the Eurex website under the following path:
Trade > Market-Making and Liquidity provisioning > MMPM Parameters on Common Report Engine
The parameter file as described in Attachment 5 will become effective in production on 28 August 2023.
J. Further amendment of the Contract Specifications
Due to the cancellation of admission to trading of options on Euro STOXX 50® month-end options (OMSX), the Contract Specifications were amended accordingly. Additionally, some other minor corrections have been included.
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: | client.services@eurex.com | |
Web: | www.eurex.com | |
Authorized by: | Randolf Roth |
Market Status ⓘ
XEUR
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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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