Equity Derivatives: Introduction of new Micro Stock & ETF Options

1.    Introduction

The Management Board of Eurex Deutschland took the following decisions with effect from 17 August 2026:

• Introduction of three Micro Stock & ETF Options pursuant to the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland (hereafter referred to as: Contract Specifications) (Attachments 2 and 3). 
• Amendments to the Contract Specifications as outlined in Attachments 2 and 3

The Executive Board of Eurex Frankfurt AG took the following decision with effect from 17 August 2026: 

• Introduction of a Liquidity Provider scheme "Equity 06 – Micro Stock & ETF Options" for the new products pursuant to Attachment 4 

To implement the above decisions of Eurex Deutschland, the Contract Specifications will be amended with effect from 17 August 2026, as outlined in Attachments 2 and 3. 

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: 17 August 2026

2.    Required action

There is no action required for participation.

Information on Section 871(m) IRC – No Current Relevance

Certain derivatives (e.g. Single Stock Options and Futures referencing U.S. equities) may, in principle, fall within the scope of sec, 871(m) IRC. However, based on the current product characteristics, such instruments do not give rise to dividend-equivalent payments and are therefore not subject to withholding tax or reporting obligations under Section 871(m) IRC. Accordingly, no additional documentation or eligibility requirements apply at this stage.

Clearing Members of Eurex Clearing AG should note that this assessment may change if the underlying circumstances evolve (e.g. in case of dividend payments). In such case, the relevant Section 871(m) IRC requirements would become applicable.

This information is provided for guidance purposes only and reflects Eurex Clearing AG’s current assessment. It does not constitute tax or legal advice and is subject to change, in particular in case of changes to the underlying facts or applicable law. Clearing Members remain responsible for their own assessment and compliance with any applicable tax obligations.

3.    Details of the initiative

A. Product overview

Please refer to Attachment 1 for the product overview. This represents a “soft launch” with three products for Eurex Trading Participants and Clearing Members to conduct test trades and ensure readiness for the “full launch” to be announced later. New Micro Stock & ETF options differ from standard options in terms of supported expiration days, trading hours until 22:00 CET for US underlyings, cash settlement,  and European exercise as a standard feature.

B. Contract specifications and product parameters 

For the detailed contract specifications, please see Attachments 2 and 3.

The full version of the updated Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland will be published on the Eurex website as of start of trading under: 03. Contract Specifications.

C. Admission to the T7 Entry Services (TES) 

The new products will be admitted to the Eurex T7 Entry Services (TES). You can find the minimum block trade sizes on product level in the Contract Specifications in Attachments 2 and 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 various T7 Entry Services is available on the Eurex website under the link: T7 Entry Service parameters.

D. Transaction Size Limits (TSL) Product Group  

A new TSL Product Groups will be created “MICRO” for Micro Stock & ETF Options.

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. Excessive System Usage Fee and Order-to-Trade Ratio

The Excessive System Usage Fee and the Order-to-Trade Ratio for the new products are determined in line with the existing products. For detailed information, please refer to the Eurex website under the following links: Excessive System Usage Fee, Order-to-Trade Ratio.

G. 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.

H. Transaction fees

The transaction fee per contract for Micro Stock & ETF Options is defined as a percentage of the contract value, i.e. the following percentage multiplied by the contract size multiplied by the underlying equity price (for British Pound (GBP) the underlying equity price in pence divided by 100). The underlying equity price is the official closing price of the underlying share on the relevant primary Cash Market on the previous trade day. For details, please refer to the Price List of Eurex Clearing AG on the Eurex Clearing website under the link: 3. Price List.

I. Vendor codes

At start of trading, vendor codes for the new products will be published on the Eurex website under the link: Product Overview.

J. Liquidity Provisioning

Please refer to the attached Product Specific Supplement (Attachment 4) for details. An overview of Market-Making and Liquidity Provisioning at Eurex can be found on the Eurex website under the following link: Market-Making and Liquidity provisioning.

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.

Attachments: 

• 1 – Product overview 

• 2 – Updated sections of the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland 

• 3 – Updated Annexes to the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland 

• 4 – Product Specific Supplement (PSS) for Micro Stock & ETF Options – Equity 06 

Further information