Reform of the Liquidity Provider Framework for Single Stock Equity Options

1.  Introduction

The Executive Board of Eurex Frankfurt AG decided with effect from 1 November 2026:

• to amend the General Supplement to the Liquidity Provider Agreement, as outlined in Attachment 1,
• to offer a Liquidity Provider Scheme to Trading Participants of Eurex Deutschland for Single Stock Equity Options set out in the attached Product Specific Supplement (Attachment 2).

Eurex Frankfurt AG hereby announces the reform of the Liquidity Provider Framework for Single Stock Equity Options (SSEO).

The amended framework is designed to simplify the existing Liquidity Provider Program and to further support liquidity development in the order book by introducing a performance-based incentive model for Liquidity Providers.

The new framework aims to:

• broaden and stabilize Liquidity Provider coverage across SSEO products,
• improve visible order book liquidity and reference price formation,
• simplify participation requirements and reduce operational complexity,
• reward Liquidity Providers based on actual quoting performance, including spread quality, size quality, product coverage, expiry coverage and RFQ engagement,
• support liquidity in weekly expiries for selected SSEO products.

The amended framework will be implemented in two phases. From 1 September 2026, Eurex will activate the relevant measurement and reporting processes while rebating continues under the existing framework. From 1 November 2026, changes in the General Supplement and the Product Specific Supplements come into force, and rebating will take place exclusively under the amended SSEO Liquidity Provider Framework. Eurex stands at the disposal of its Liquidity Providers for support in troubleshooting quotation and adjusting quotation behavior. Please address your questions and/or comments via liquidity@eurex.com.

Liquidity Providers are to be informed that QuoteSizeRules in T7 will be adjusted as of 1 September 2026 to MinBidSize and MinOfferSize 1 for all single stock options for both regular and fast market conditions. The new Spread Class assignment as defined in Attachment 2 of this circular will be effective 1 November 2026.

Please refer to Eurex Clearing Circular 055/26 for the related amendments to the Price List of Eurex Clearing AG.

2.  Required action

All Liquidity Providers participating, or intending to participate, in the Liquidity Provider Program for Single Stock Equity Options should take note of the amended requirements stipulated in Attachments 1 and 2 of this circular and adjust their quotation activities accordingly.

The amendments will be deemed to have been approved if Liquidity Providers do not lodge objections with Eurex Frankfurt AG within two weeks after publication of this circular pursuant to Number 4 (2) of the Liquidity Provider Agreement.

3.  Details of the initiative

The amended SSEO Liquidity Provider Framework introduces a simplified and performance-based structure consisting of:

• a Basis Building Block, which defines the minimum quoting requirements and enables access to further incentives, and
• an Advanced Building Block, which determines additional incentives based on Liquidity Providers’ actual liquidity contribution.

The Basis Building Block includes simplified minimum quotation requirements for eligible SSEO products, including requirements regarding expiries, strike coverage, time coverage, minimum quote size and maximum spreads.

The Advanced Building Block rewards additional liquidity performance based on criteria including spread quality, size quality, product coverage, additional expiry coverage and RFQ engagement.

Eurex Frankfurt AG will also introduce a dynamic spread class framework for SSEO products. The new framework is intended to align quotation requirements more closely with the characteristics and liquidity profile of each product.

For the SSEO products specified in the Product Specific Supplement, the first two weekly expiries will form part of the applicable Basis Building Block quotation requirements.

In addition, Eurex Frankfurt AG will introduce a temporary Milestone Incentive Program to support onboarding and liquidity development during the initial phase of the amended framework. The Milestone Incentive rewards improvements in performance metrics including product coverage, additional expiry coverage, spread quality, size quality and RFQ engagement, subject to the eligibility, ranking, payout, compliance and anti-gaming provisions set out in the applicable Liquidity Provider documentation. Further details on the Milestone Incentive can be found in Attachment 2 of this circular.

Reporting and measurement

From 1 September 2026, Eurex will activate measurement and reporting for the amended SSEO Liquidity Provider Framework. The applicable quotation parameters will be provided through the daily MMPM XML parameter file. Further information on the MMPM XML parameter-file structure is provided in Attachments 3 and 4.

Attachments 1 and 2 outline all details of the amended framework and the specific parameters for the SSEO Liquidity Provider Program. Attachments 5, 6 and 7 are new or modified Product Specific Supplements that have become necessary because the index products, that have been previously contained in PSS Equity 01, need to be removed from PSS Equity 01 and included in the appropriate PSS for Equity Index.

Furthermore, PSS Equity Index 71 is discontinued, effective 31 October 2026, as the liquidity scheme for DAX^® Index EoD Options is shifted to PSS 68 so that the DAX^® family is together. New PSS 88 is for EURO STOXX 50^® Index Options, new PSS is for SMI^® Options (OSMI) and SLI Swiss Leader Index^® Options. No structural changes are made on the aforementioned Equity Index Options Product Specific Supplement schemes.

The currently valid versions of the Liquidity Provider documents can be found on the Eurex website www.eurex.com under the following link: Market-Making and Liquidity provisioning.

Attachments:

• 1 – Amended General Supplement to the Liquidity Provider Agreement
• 2 – Amended Product Specific Supplement “Equity 01 - Equity Options”
• 3 – Amended MMPM XML Parameter File
• 4 – XSD Schema for the MMPM XML Parameter File (90FILMMPARPUBLIYYYYMMDDXEUR.XML_ZIP)
• 5 – Amended Product Specific Supplement “Equity Index 68: Options on DAX^®”
• 6 – New Product Specific Supplement “Equity Index 88: Options for EURO STOXX 50^® Index Options”
• 7 – New Product Specific Supplement “Equity Index 89: Options for SMI^® Options and SLI Swiss Leader Index^® Options”

Further information