Find
20 Apr 2022

Eurex

Selected Index Futures and Options: Introduction of additional expirations

Eurex Circular 041/22 Selected Index Futures and Options: Introduction of additional expirations

1.  Introduction

With effect from 23 May 2022, the Management Board of Eurex Deutschland took the following decisions:

  • EURO STOXX 50® Index Futures (FESX/FESQ): Introduction of four further quarterly expirations
  • STOXX 600® (FXXP) and SMI® Index Futures (FSMI): Introduction of eight further quarterly expirations
  • EURO STOXX 50® Index Options (OESX): Introduction of two further quarterly expirations
  • DAX® (ODAX), STOXX 600® (OXXP) and SMI® Index Options (OSMI): Introduction of four further quarterly expirations

For Liquidity Providers in ODAX and OSMI, the requirements will be adjusted.

Production start: 23 May 2022

2.  Required action

Liquidity Providers in ODAX and OSMI should adjust their quotation behavior accordingly. Trading Participants should adapt their trading and clearing systems to the new additional quarterly expirations.

3. Details of the initiative 

Aim of the initiative is to extend and harmonize the term structure for benchmark index derivatives on EURO STOXX 50® (FESX/FESQ/OESX), STOXX 600® (FXXP/OXXP), DAX® (FDAX/FDXM/ODAX) and SMI® (FSMI/OSMI) to support option volatility strategies. In a first step, the terms for FDAX and FDXM were already extended to three years as of 24 January 2024 (see Eurex Circular 119/21).

For all products, quarterly expirations for up to 36 months will be added, where required. 

The quotation requirements for Liquidity Providers will be adjusted accordingly if the new expirations are within the terms of the existing quotation requirements. This is the case for ODAX and OSMI only. Here, by this measure, the number of expiration months to be quoted will be increased from 8 to 10 months. The maximum expiration to be quoted remains unchanged at 24 months. All other requirements remain unchanged.
 

Attachments:

  1. Updated sections of the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland
  2. Product Specific Supplement “Equity 01 – Equity Options and Selected Equity Index Options“
  3. General Supplement to the Eurex Liquidity Provider Agreement

Further information

Recipients:

All Trading Participants of Eurex Deutschland and Vendors

Target groups:

Front Office/Trading, Middle + Backoffice

Contact:

Tobias Ehinger, Equity & Index Product Design, tel. +49-69-211-1 23 13, tobias.ehinger@eurex.com

Related Circular: 

Eurex Circular 119/21

Web:

www.eurex.com

Authorized by:

Randolf Roth


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. 

We strongly recommend not to take any decisions based on the indications in the market status window but to always check the production news board for comprehensive information on an incident.

An instant update of the Market Status requires an enabled up-to date Java™ version within the browser.