Eurex
1. Introduction
The Management Board of Eurex Deutschland took the following decision with effect from 13 November 2023:
Furthermore, the Executive Board of Eurex Frankfurt AG has decided the following with effect from 13 November 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.
Production start: 13 November 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
The new DAX® Index EoD Options will be set up analogous to the Euro STOXX 50® Index EoD Options (OEXP).
DAX® Index EoD Options differ from the existing DAX® Index Options (ODAX) in terms of final settlement price determination, supported expiration days and maximum offered terms. On expiration day, the end of trading is at 17:30 CET compared to 13:00 CET in ODAX. The final settlement price for ODAP is determined by the index close value.
B. Contract specifications and product parameters
In general, contract specifications for the new daily options are identical to the already listed DAX® Index Options (ODAX).
The main differences of ODAP compared to ODAX are as shown in the tables in Attachment 1.
For the detailed Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland (Contract Specifications), please see Attachments 2 and 3.
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 350 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 detailed 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 71, 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 the document 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 13 November 2023.
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
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.
We strongly recommend not to take any decisions based on the indications in the market status window but to always check the production news board for comprehensive information on an incident.
An instant update of the Market Status requires an enabled up-to date Java™ version within the browser.
