A member of
Eurex
1. Introduction
The Executive Boards of Eurex Frankfurt AG and Eurex Clearing AG took the following decision with effect from 1 January 2026:
The Executive Board of Eurex Frankfurt AG took the following decision with effect from 1 January 2026:
2. Required action
Liquidity Providers should adjust their quotation behavior accordingly.
3. Details of the initiative
A. Product Specific Supplement (PSS) „Fixed Income 17 – Three-Month Euribor Futures and Three-Month Euro STR Futures”
a – The additional incentive component based on the open interest in Three-Month Euro STR Futures initially introduced on 1 July 2024 will be extended for the month of January 2026, as described in section 4.1 of the PSS ‘Fixed Income 17 – Three-Month Euribor Futures and Three-Month Euro STR Futures’. It will be effective as of 1 January 2026 with updated parameters.
b – Additionally, Phase I of the Liquidity Provider scheme will be extended until 31 March 2026.
c – Furthermore, effective from 1 February 2026, the amendments in section 6 “Caps”, and the Phase I: Additional Supporter Incentive with regards to “Participation Condition for Additional Supporter Incentive Payment “Fix payment” and “Pro Rata Payment” will be adjusted as shown in the Attachment.
d – Finally, effective from 1 February 2026, the Quotation Requirements as per sections 5.1 and 5.2 will be adjusted as shown in the Attachment.
B. Temporary fee waiver for services under the Connection Agreement
All Trading Participants, who qualify under the participation condition according to Sec 4.1. of the PSS "Fixed Income 17 – Three-Month Euribor Futures and Three-Month Euro STR Futures" - as amended from time to time - will not be charged, as of 1 January 2026, for their first Full High-Frequency ETI Sessions for each of the products (Three-Month Euribor Futures (Product ID: FEU3) and Three-Month Euro STR Futures (Product ID: FST3)) for the month in which the participation condition was fulfilled.
This session fee waiver for “FEU3” and “FST3” is valid until 31 December 2026. Eurex Frankfurt AG shall have the right to terminate or adjust this incentive at any time with a one-month notice.
This is an extension to an existing session fee waiver agreement expiring on the 31 December 2025. Please refer to Eurex Circulars 078/24 and 130/24 for further details.
The amendments shall be deemed approved unless objected to Eurex Frankfurt AG and Eurex Clearing AG within a period of two weeks after notification of this circular pursuant to Number 4 (2) of the Liquidity Provider Agreement.
The current versions of the PSS documents are also available in PDF format on the Eurex website www.eurex.com under the following link:
Trade > Market-Making and Liquidity provisioning
Attachment:
Amended PSS “Fixed Income 17 – Three-Month Euribor Futures and Three-Month Euro STR Futures”
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: | Market Development & Pricing, eurex.pricing@eurex.com | |
Web: | ||
Authorized by: | Matthias Graulich |
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XEUR
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