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Eurex
1. Introduction
The Management Board of Eurex Deutschland took the following decisions with effect from 9 June 2025:
The Executive Boards of Eurex Frankfurt AG and Eurex Clearing AG took the following decision with effect from 1 May 2025:
2. Required action
All Trading Participants of Eurex Deutschland and vendors are affected by these changes. Please consider the changes in your interfaces to the trading system. All changes may already be tested in the Simulation environment.
Liquidity Providers should adapt their quotation behavior accordingly.
3. Details of the initiative
A. Amendments of the Contract Specifications
a. Extension of the expiration cycle for Euro-STR Futures
With effect from 9 June 2025, Eurex will introduce further expiries for Three-Month Euro STR Futures (Product ID: FST3) as per section 1.1.3 of the Contract Specifications.
Under the new expiration cycle, Three-Month Euro STR Futures of the next nine successive months and the succeeding quarter-end months (March, June, September, December) up to a maximum term of 25 quarters will be available for trading at Eurex Deutschland.
b. Reduction of the minimum tick size for Packs & Bundles and Strips
As published with Eurex Circular 037/25, Eurex will amend the pricing notation for Packs & Bundles and Strips with effect from 9 June 2025.
With effect from 9 June 2025, the minimum tick size for these strategies in Three-Month Euribor Futures (Product ID: FEU3) and Three-Month Euro STR Futures (Product ID: FST3) will decrease to 0.00125 index points (before: 0.0025 index points) as per section 1.1.5 of the Contract Specifications.
Please be aware that for display purposes only, the Eurex Trading System “T7” will round down the prices to four decimals.
c. Introduction of further Exercise Prices for Options Contracts on Money Market Index Futures Contracts
For Options on Three-Month Euribor Futures (Product ID: OEU3) and Euribor Mid-Curve Options (Product ID: OEM1-4), Eurex will introduce exercise prices with a price gradation of 0.0625 index points (before: 0.125 index points) as per section 2.2.7 of the Contract Specifications with effect from 9 June 2025.
B. Product Specific Supplement (PSS) „ Fixed Income 17 – Three-Month Euribor Futures and Three-Month Euro STR Futures”
The amendments primarily focus on the additional incentive component based on the open interest in Three-Month Euro STR Futures initially introduced on 1 July 2024 which will be extended for the month of May 2025, as described in section 4.1 of the PSS ‘Fixed Income 17 - Three-Month Euribor Futures and Three-Month Euro STR Futures’, as of 1 May 2025 with updated parameters.
Furthermore, the calculation of the performance volume as per section 4.1, the caps as per section 6 and the events as per section 8, will be amended with effect from 1 June 2025.
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.
The current versions of the PSS documents are also available in PDF format on the Eurex website www.eurex.com under the following path:
Trade > Market-Making and Liquidity provisioning
Attachments:
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 037/25 | |
Contact: | Market Development & Pricing, eurex.pricing@eurex.com | |
Web: | ||
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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