Equity Derivatives: Introduction of Japanese Single Stock Futures and Single Stock Dividend Futures (Phase 1)

1. Introduction

The Management Board of Eurex Deutschland took the following decisions with effect from 2 November 2026: 

• Introduction of Single Stock Futures (SSFs) denominated in JPY and USD, and Single Stock Dividend Futures (SSDFs) denominated in JPY on ten Japanese underlyings. 
• Amendment of the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland (hereafter referred to as: Contract Specifications) pursuant to attachments 2 and 3. 

To implement the above decisions of Eurex Deutschland, the Contract Specifications will be amended with effect from 2 November 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: 2 November 2026

2. Required action

To trade and clear the new products, Trading Participants must be assigned to the "Cash JPY" capacity group. 

If you require a new assignment to the "Cash JPY" capacity group, please contact your respective Key Account Manager or email client.services@eurex.com for assistance. 

3. Details
 
A. Product overview

Please refer to Attachment 1 for the product overview. This represents a “pilot launch” with ten Japanese underlyings for Eurex Trading Participants and Clearing Members to conduct test trades and ensure readiness for the “full launch” to be announced later. New Japanese Single Stock & Dividend Futures differ from standard futures in terms of dual-currency denomination (JPY and USD lines for SSFs), extended trading hours from 1:10 CET until 22:10 CET, daily settlement price alignment with the Tokyo cash close (15:30 JST), and cash settlement as 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 Eurex 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 attached Contract Specifications in Attachment 2.

An overview of the Eurex 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 Eurex T7 Entry Services is available on the Eurex website under the link: T7 Entry Service parameters.

D. Transaction Size Limits (TSL) Product Group

New TSL Product Groups will be created "SSFJP" und "SSDFJP" for Japanese Single Stock Futures and Single Stock Dividend Futures. 

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 

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 Japanese Single Stock Futures and Single Stock Dividend Futures is defined as a fixed fee per contract based on tiered share price and dividend level bands. The relevant share price level for Single Stock Futures and dividend level for Single Stock Dividend Futures are determined as of the last trading day in November and become effective on 1 January of each calendar year. 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: Vendor Codes.

Tax Disclaimer 
 Eurex Exchange does not provide tax advice. Participants should consult their own professional advisers regarding the tax, legal, and regulatory implications of transactions in the products described herein. 


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 

Further information