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Eurex
1. Introduction
The Management Board of Eurex Deutschland took the following decisions with effect from Monday, 23 February 2026:
Production start: Monday, 23 February 2026
The new US ETRFs will be enabled for Baskets of Equity Total Return Futures (BTRFs) as well as for regular block trades (i.e. outside of a Basket) via Trade Entry Services (TES) functionality.
This circular contains all information on the trading-related updates as stated above and the updated sections of the relevant Rules and Regulations of Eurex Deutschland.
2. Required action
Participants interested to trade ETRFs/BTRFs will need to fill in and submit the “Application Form for Participation in Trading/Clearing of Basket Trades Functionality” for the assignment of the ETRF product capacity for USD currency "ETRF/BTRF – 871m USD" and entitlement to the Basket Trades functionality. The form will be sent to the Participants via their Key Account Managers.
Participants already active in trading ETRFs/BTRFs will need to additionally request assignment of the respective ETRF/BTRF clearing capacity for USD currency “ETRF/BTRF – 871m USD”.
It is recommended that the Participants analyze the potential impact front-to-back of the above changes, in particular handling of the new profiles for USD and GBX currencies, as well as the activation of the block trades handling outside of a BTRF basket via TES functionality and application of the 871m reporting rule.
3. Details
I. Introduction of 73 Equity Total Return Futures
Please refer to Attachment 1 for the new ETRFs.
II. Introduction of new profile and bucket
Profile name | Currency | Eligible Buckets | Notional ADV Limitation | Individual Limitation | Financial Sector Entities Limitation |
Profile 16 | USD | B13 | Maximum 1 ADV | Maximum 50% | |
Profile 17 | USD | B13 | Maximum 1 ADV | Maximum 50% | Maximum 30% |
Profile 16X | USD | B13 | Each party shall additionally have the right to substitute where the underlying reference equity has an ex-date in reference to any corporate action (including dividend and other distributions) in the next five exchange days from the trade date. | ||
Profile 17EX | USD | B13 | Each party shall additionally have the right to substitute where the underlying reference equity has an ex-date in reference to any corporate action (including dividend and other distributions) in the next five exchange days from the trade date. | ||
Profile11US | USD | B13 | Electronic approval of the terms of a Substitution Trade prior to trade entry must be given. | ||
Profile 12EX | GBX | B13 | Each party shall additionally have the right to substitute where the underlying reference equity has an ex-date in reference to any corporate action (including dividend and other distributions) in the next five exchange days from the trade date. | ||
Profile 13EX | GBX | B10 + B11 | Each party shall additionally have the right to substitute where the underlying reference equity has an ex-date in reference to any corporate action (including dividend and other distributions) in the next five exchange days from the trade date. | ||
Group ID | Bucket ID | Group description | ||
US40 | B13 | United States/Large Cap |
A. Contract specifications and product parameters
For the detailed contract specifications, please see Attachments 2 and 3.
The complete version of the updated Contract Specifications can be found on the Eurex website www.eurex.com under the following path: 03. Contract Specifications.
B. Admission to the T7 Entry Services (TES)
The new products will be admitted to the T7 Entry Services (TES). You can find the minimum block trade sizes on product level in the attached Contract Specifications (Attachment 3).
An overview of the T7 Entry Services available for the products as well as detailed information on single product basis with regard to availability, possibility of utilization and minimum entry size for the T7 Entry Services is available on the Eurex website under the link: T7 Entry Service parameters.
C. Transaction fees and maintenance fees
The transaction and maintenance fees for the new products can be retrieved from the updated sections of the Price List of Eurex Clearing AG, as outlined in Attachment 3 to Eurex Clearing Circular 003/26. The full version of the updated Price List will be published on the Eurex Clearing website www.eurex.com/ec-en/ under the link: 3. Price List.
D. Vendor codes
At start of trading, vendor codes for the new products will be published on the Eurex website under the link: Vendor Codes.
E. Risk parameters
As of start of trading, risk parameters of the new products will be published on the Eurex website under the link: Risk parameters and initial margins and on the Eurex Clearing website under the following path: Risk parameters.
You will also find an updated list with details regarding Prisma-eligible Eurex products under this path.
F. Mistrade parameters and position limits
Mistrade ranges and position limits for the new products will be published as of start of trading on the Eurex website under the link: Product Overview.
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: | Stuart Heath, Equity & Index Product Design, tel. +44-207-862-72 53, stuart.heath@eurex.com; | |
Web: | ||
Authorized by: | Matthias Graulich |
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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