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30 Sep 2025

Eurex Clearing

Money Market Derivatives: Introduction of Options Contracts and Mid-Curve Options Contracts on Three-Month Euro STR (€STR) Futures

Eurex Clearing Circular 082/25 Money Market Derivatives: Introduction of Options Contracts and Mid-Curve Options Contracts on Three-Month Euro STR (€STR) Futures

1.    Introduction

Effective 3 November 2025, Eurex Clearing AG (Eurex Clearing) will offer clearing services for Options on the Three-Month Euro STR Future Contract, One-Year Euro STR Mid-Curve Options Contract and Two-Year Euro STR Mid-Curve Options Contract.

In this context, the Executive Board of Eurex Clearing AG took the following decisions effective 3 November 2025:

  • Amendments to the Price List of Eurex Clearing AG (Price List) as outlined in the Attachment

Please refer to Eurex Circular 088/25 for detailed trading-related information, including fee classification and the related amendments to the Rules and Regulations of Eurex Deutschland.

Production start: 3 November 2025 

2.    Required action

There is no action required for participation.

3.    Details of the initiative

A.    Product overview

Please refer to the table below for the product overview of the new products.  

Product

Product ID

Currency

Product-ISIN

Underlying ISIN

Three-Month Euro STR Options

OST3

EUR

DE000A4AP372

DE000A3CNW06

One-Year Euro STR Mid-Curve Options

OSM1

EUR

DE000A4AP380

DE000A3CNW06

Two-Year Euro STR Mid-Curve Options

OSM2

EUR

DE000A4AP398

DE000A3CNW06

B.    Contract specifications

For the detailed contract specifications, please refer to Eurex Circular 088/25.

C.    Product group

Please refer to the table below for the product group of the new products: 

  • Three-Month Euro STR Options 
  • One-Year Euro STR Mid-Curve Options
  • Two-Year Euro STR Mid-Curve Options

Product Segment

Product Group

Regulatory Status

Settlement Type

Product Type

Product Currency

Product Capacity Name

Interest Rate Index Options

Option Contracts

Pending CFTC Approval

Physical
Settlement  

OFIT

EUR

Cash EUR - CFTC

D.    Transaction fees

The transaction and maintenance fees for the new products can be retrieved from the updated section of the Price List, as outlined in the Attachment.

E.    Risk parameters

Margins for the new products are calculated in Prisma. For the risk parameters of the new product, please refer to the Eurex Clearing website www.eurex.com/ec-en/ under the following link:

Services > Risk parameters

F.    Amendments to the legal framework of Eurex Clearing AG

To reflect this decision in the legal framework of Eurex Clearing AG, the following provisions will be amended as outlined in the Attachment: 

  • Numbers 3.1, 3.3, 3.7, 3.8 of the Price List of Eurex Clearing AG

As of the effective date, the full version of the amended Clearing Conditions and Price List will be available for download on the Eurex Clearing website under the following link:

Rules & Regs > Eurex Clearing Rules and Regulations

The amendments to the legal framework of Eurex Clearing AG published by this circular are deemed accepted by each affected contractual party of Eurex Clearing AG, unless the respective contractual party objects by written notice to Eurex Clearing AG prior to the relevant effective date(s) as stipulated in this circular. In case of an objection by the respective contractual party pursuant the preceding sentence, Eurex Clearing AG is entitled to terminate the respective contract (including 5a Clearing Agreement, if applicable). Instead of submitting an objection, the respective contractual party may submit in writing to Eurex Clearing AG comments to any amendments of the legal framework of Eurex Clearing AG within the first 10 Business Days after the publication of the amendments. Eurex Clearing AG shall assess whether these comments prevent the published amendments from becoming effective taking into account the interests of Eurex Clearing AG and all contractual parties. 


Attachment:

  • Amended Sections of the Price List of Eurex Clearing AG

Further information 

Recipients:

All Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients, FCM Clearing Members of Eurex Clearing AG, vendors and other affected contractual parties

Target groups:

Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination 

Related circular:

Eurex Circular 088/25

Contact: 

client.services@eurex.com

Web: www.eurex.com/ec-en/
Authorized by: 

Jens Janka