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Eurex
1. Introduction
With effect from 16 November 2026, tradability of the following products will be withdrawn for U.S. Eurex Participants for direct access from the U.S.:
Product name | Product | Currency | Previous | New |
MSCI Vietnam Index Futures | FMVN | USD | Cash USD - CFTC | Cash USD |
MSCI World Consumer Discretionary Futures | FMWD | USD | Cash Section 871m USD - CFTC | Cash Section 871m USD |
2. Required action
All Trading Participants that have open positions in those Futures must comply with applicable Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) regulation once Futures contracts transition to narrow-based.
3. Details
Withdrawal of U.S. direct access tradability for Futures on MSCI Vietnam and MSCI World Consumer Discretionary
The MSCI Vietnam Index Futures will transition from non-narrow-based security index futures to narrow-based security index futures effective at the close of trading of 28 November 2026. The MSCI World Consumer Discretionary Index Futures will transition from non-narrow-based security index futures to narrow-based security index futures effective at the close of trading of 22 December 2026. Accordingly, the CFTC will be withdrawing its non-narrow-based certification for the derivatives at these upcoming dates.
After the close of trading on 28 November 2026, MSCI Vietnam Index Futures contracts will be security futures and must therefore be traded in accordance with both the U.S. securities and commodity futures laws.
Eurex Exchange notes that, in order to ensure compliance, its 16 November 2026 withdrawal of direct access tradability for U.S. Eurex Participants is for both indices in advance of the official date of the Index's transition to a narrow-based security index.
All Trading Participants are reminded that all trading of eligible FSFPs for U.S. accounts must comply with the 2009 SEC Order, the Commodity Exchange Act, and the terms of Eurex Circular 105/21.
The multicast addresses for data distribution remain unchanged. However, the following changes have been made for the port numbers:
The corresponding new "capacity group" for MSCI Vietnam Index Futures is "Cash USD" (previously: "Cash USD - CFTC"), whereas the new “capacity group" for MSCI World Consumer Discretionary Index Futures is " Cash Section 871m USD " (previously: " Cash Section 871m USD - CFTC ").
U.S. Tax Disclaimer (relevant for MSCI Vietnam Index Futures)
Eurex Deutschland does not provide tax advice. Participants remain responsible for assessing the tax, legal and regulatory implications of transactions in the relevant product in light of their individual circumstances and should consult their own professional advisers where appropriate.
U.S. Tax / Section 871(m) Disclaimer (relevant for MSCI World Cons. Discr. Index Futures)
Eurex Deutschland does not provide tax advice. Based on the product characteristics available at the time of assessment, the product described in this Circular may potentially fall within the scope of Section 871(m) of the U.S. Internal Revenue Code, depending on the applicable requirements under Section 871(m) and the relevant U.S. Treasury Regulations.
Participants remain responsible for assessing the tax, legal and regulatory implications of transactions in the relevant product in light of their individual circumstances, including any applicable withholding, documentation and reporting requirements, and should consult their own professional advisers where appropriate.
Any assessment referred to in connection with this product is provided for transparency purposes only and does not constitute a determination by Eurex Deutschland of the tax treatment of any individual transaction or market participant.
This assessment may be subject to change as a result of changes in applicable law, regulatory guidance, product characteristics or underlying exposures.
Further information
Recipients: | All Trading Participants of Eurex Deutschland and Vendors | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination | |
Related circular: | Eurex Circular 105/21 | |
Contact: | client.services@eurex.com or Rachna Mathur, rachna.mathur@eurex.com, Equity and Index Sales America, tel. +1 212 309 93 08 | |
Web: | www.eurex.com | |
Authorized by: | Jonas Ullmann |
Market Status ⓘ
XEUR
The market status window is an indication regarding the current technical availability of the trading system. It indicates whether news board messages regarding current technical issues of the trading system have been published or will be published shortly.
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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