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Single Stock Dividend Futures: Introduction of 43 Single Stock Dividend Futures

Release date: 28 Jun 2019 | Eurex Exchange

069/2019 Single Stock Dividend Futures: Introduction of 43 Single Stock Dividend Futures

Eurex Circular 069/2019

1. Introduction

The Management Board of Eurex Deutschland took the following decisions with effect from 15 July 2019:

  • Introduction of 43 Single Stock Dividend Futures Futures pursuant to Annex D of the Attachment;
  • Incorporation of the new Single Stock Dividend Futures into the respective schemes SDFDE, SDFFR, SDFES, SDFIT, SDFCH and SDFUK of the Liquidity Provider Scheme for Single Stock Dividend Futures, with effect from 1 August 2019.

This circular contains all information on the introduction of the new products, the Product Specific Supplement related to the Liquidity Provider scheme and the updated sections of the relevant Rules and Regulations of Eurex Deutschland.

Information on clearing of the new products as well as the updated sections of the relevant Rules and Regulations of Eurex Clearing AG are contained in Eurex Clearing circular 064/19.

Production start: 15 July 2019

2. Required action

There is no required action for participation.

3. Details about the new products

Please refer to the tables in attachment 1 for the Eurex products.

4. Contract Specifications

In general, contract specifications for the new Single Stock Dividend Futures are in line with those for the existing Single Stock Dividend Futures with the relevant Eurex group ID, also in terms of trading hours and trading calendar, last trading day, settlement and determination of the daily and final settlement prices.

For the detailed contract specifications please see attachment 2.

The full version of the updated Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland will be published on the Eurex website www.eurexchange.com as of start of trading under:

5. Liquidity Provider scheme

With effect from 1 August 2019, the new Single Stock Dividend Futures will be included into the respective schemes SDFDE, SDFFR, SDFES, SDFIT, SDFCH and SDFUK of the Liquidity Provider Scheme for Single Stock Dividend Futures (Equity-03). The number of monthly exceptions will be increased as described in the table in attachment 1. 

For the quotation parameters please refer to the table in attachment 1. 

6. Excessive System Usage Fee and Order to Trade Ratio

The Excessive System Usage Fee and the Order to Trade Ratio are determined in line with the existing equity derivatives (FSTK). For detailed information, please refer to the Eurex website under the following links: 

7. Mistrade parameters

Mistrade ranges for the new Single Stock Dividend Futures are determined according to Eurex circular 184/13 and following the quote spreads valid for Liquidity Providers. Unlike the Maximum Spreads, which are part of the obligations, the mistrade ranges refer to the current reference price of the Single Stock Dividend Futures. Depending on the contract month and assignment of the individual Single Stock Dividend Future to the corresponding spread class under a particular Liquidity Provider scheme, the mistrade ranges may vary between 15 and 55 percent of the reference price.

Please find the classification of mistrade ranges for the Single Stock Dividend Futures in the table in attachment 1. 

Please find the table of the mistrade ranges for the new Single Stock Dividend Futures in attachment 1. 

The mistrade ranges on product level for all Single Stock Dividend Futures are also available on the Eurex website under the link:

Products > Dividend derivatives > Single Stock Dividend Futures > Product name >
Parameters > Mistrade Ranges

8. Data vendor codes

At start of trading, vendor codes for the new products will be published on the Eurex website under the link:

9. Admission to the T7 Entry Services (TES)

The new Stock Tracking futures will be admitted to the T7 Entry Services (TES).

You can find the minimum block trade sizes on product level in the attached contract specifications.

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 utilisation and minimum entry size for the various Eurex T7 Entry Services is available on the Eurex website under the link:

10. Transaction fees

Transaction fees are determined according to the relevant Eurex group ID (see section 1). Please refer to the table in attachment 1. 

Effective 15 July 2019 until and including 31 August 2019, transaction fees for the new Single Stock Dividend Futures will be as described in the table in attachment 1.

The yearly determination of the exact transaction fees for each Single Stock Dividend Future as of
1 September 2019 will be communicated in a separate Eurex Clearing circular.

For further details, please refer to the current Price List for Eurex Clearing AG on the Eurex website under the following link:

11. Risk parameters

As of start of trading, risk parameters of the new products will be published on the Eurex website under the link:

and on the Eurex Clearing website www.eurexclearing.com under the link:

There, you will also find an up-to-date list with details for all Prisma-eligible Eurex products.

Attachments:

  • Attachment 1 - Single Stock Dividend Futures: Tables for Eurex products, Liquidity Provider scheme, mistrade parameters and transaction fees 
  • Attachment 2 - Updated sections of the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland 
  • Attachment 3 - Product Specific Supplement for Single Stock Dividend Futures
Recipients:All Trading Participants of Eurex Deutschland and Vendors
Target groups:Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination
Contact:client.services@eurexchange.com
Related circulars:Eurex Clearing Circular 064/19
Authorized by:Michael Peters