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Equity Derivatives: Introduction of Single Stock Futures and equity options

Release date: 10 Oct 2019 | Eurex Exchange

097/2019 Equity Derivatives: Introduction of Single Stock Futures and equity options

Eurex Circular 097/19 Equity Derivatives: Introduction of Single Stock Futures and equity options

1. Introduction

The Management Board of Eurex Deutschland took the following decisions with effect from 21 October 2019:

  • Introduction of nine Single Stock Futures pursuant to Annex A of the Attachment;
  • Introduction of ten equity options pursuant to Annex B of the Attachment

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: 21 October 2019


2. Required actions

There are no actions required from the Trading Participants.


3. Product overview
Please refer to attachment 1 for the products.


4. Contract specifications and product parameters
In general, contract specifications for the new Single Stock Futures and equity options products are in line with the existing contracts 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:

Resources > Rules and Regulations > Contract specifications


5. 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.

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:


6. Risk parameters
As of start of trading, risk parameters of the new products will be published on the Eurex website under the link:
Market data > Clearing data > Risk parameters

and initial margins and on the Eurex Clearing website www.eurexclearing.com under the following path:

You will also find an updated list with details regarding Prisma-eligible Eurex products under this path.


7. 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 (FSTK and OSTK). For detailed information, please refer to the Eurex website under the following links: 

8. Mistrade parameters and position limits

Mistrade ranges and position limits for the new products will be published as of start of trading on the Eurex website under the links:


9. Transaction limits
The same values apply as for existing products with the relevant Eurex group ID. For details, please refer to the Eurex website under the link:

Technology > Excessive System Usage Fee


10. Transaction fees

The same transaction fees apply as for the corresponding existing products.
 

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


12. Liquidity Provisioning

Please refer to attachment 1 for the Liquidity Provisioning.

The order of the respective contracts, which are attached to this circular as Annex A, B and D, does not correspond to the order of the contracts in the (complete) Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland. The bundling of the contracts has only been conducted in order to provide more clarity.


Attachments:

Attachment 1 – Details regarding the new products and Liquidity Provisioning

Attachment 2 – Updated sections of the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland



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
Web:www.eurexchange.com
Authorized by:Michael Peters