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 June 2026:
2. Required action
Liquidity Providers should adapt 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”
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 June 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 June 2026 with updated parameters.
Furthermore, as of 1 June 2026, the Liquidity Provision Scheme will be amended to extend the Phase I stipend period until 30 September 2026, supporting continuity of liquidity provision and facilitating the transition toward the revenue-sharing phase.
Effective 1 July 2026, additional changes to the Liquidity Provision Scheme will come into effect. These include higher required coverage for Tier 1 Outrights, Calendar Spreads, and Butterfly Strategies as per section 3.1, and a volume-linked approach to determining the number of eligible Liquidity Providers receiving additional supporter incentive payments, in accordance with Section 4.1 of the amended PSS “Fixed Income 17 – Three-Month Euribor Futures and Three-Month Euro STR Futures”.
In addition, effective 1 July 2026, a further Outright Tier 0 Scheme for Three-Month Euribor Futures and Three-Month Euro €STR Futures shall be introduced, as set out in Chapters 1, 3.1, 3.2 and 5.8 of the amended PSS “Fixed Income 17 – Three-Month Euribor Futures and Three-Month Euro STR Futures”, and shall be supported by additional monetary incentives as described in Chapter 4.1.
Furthermore, the amended PSS introduces increased quoting requirements in sections 5.1, 5.2, 5.3, 5.4, and 5.6, effective from 1 July 2026. The daily cap level detailed in section 6 of the amended PSS will likewise be increased for the calculation of the performance volume pursuant to Sec 4.1.
These changes are intended to further align incentives with market activity and support the continued development of liquidity in STIR derivatives.
B. Product Specific Supplement (PSS) „Fixed Income 18 – STIR Options"
The updates to PSS “Fixed Income 18 – STIR Options” are limited to editorial amendments only, reflecting the correction of a typo in the Spread Classes.
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:
Market-Making and Liquidity provisioning
Attachments:
1 – Amended PSS “Fixed Income 17 – Three-Month Euribor Futures and Three-Month Euro STR Futures”
2 – Amended PSS “Fixed Income 18 – STIR Options"
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 |
Market Status ⓘ
XEUR
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