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Eurex
1. Introduction
With this circular, Eurex Deutschland informs that SMI® Futures (FSMI) will transition from an ineligible to eligible foreign security futures product (FSFP) under the terms of the SEC’s 2009 Order governing eligibility of U.S. persons to trade of FSFPs (2009 SEC Order) due to an extraordinary adjustment to the index composition, effective as of 13 June 2023.
Effective date: 13 June 2023
2. Required action
All Eurex Participants that are eligible to trade eligible FSFPs for U.S. accounts pursuant to the terms of Eurex Circular 105/21, the 2009 SEC Order, the CFTC’s 2010 Staff Advisory, and the Commodity Exchange Act may trade in FSMI consistent with the date of the adjustment to the SMI® Index, effective 13 June 2023, provided this trading complies with Eurex Circular 105/21, the 2009 SEC Order, the CFTC’s 2010 Staff Advisory and the Commodity Exchange Act.
3. Details
In Eurex Circular 017/23, Eurex Deutschland announced that FSMI had transitioned from eligible to ineligible for U.S. accounts. On 5 June 2023, the SIX Swiss Exchange (SIX), which administers the SMI® Index, issued a press release, stating that SIX will be carrying out an extraordinary adjustment to the SMI® Index on 13 June 2023. Specifically, due to the merger agreement between Credit Suisse and UBS Group AG, SIX will be delisting Credit Suisse shares from the SMI® Index and admitting Kühne+Nagel International AG shares to the SMI® Index.
Eurex Deutschland has determined that, under its calculations, this change to the composition of the SMI® Index will result in SMI® Futures’ satisfaction of the 2009 SEC Order’s eligibility test effective 13 June 2023.
Eurex Deutschland reminds any Eurex Participant that trades FSFPs listed on Eurex Deutschland for U.S. accounts that it does not undertake to issue circulars each time an FSFP transitions between Eligible and Ineligible but is providing this notice for SMI® Futures due to the interest in the contract.
U.S. Persons should consult with their legal and other advisors if they have questions about whether they may trade FSFPs listed on Eurex Deutschland. Any eligible U.S. customer wishing to trade FSFPs should consult with its eligible intermediary.
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 circulars: | Eurex Circulars 105/21, 017/23 | |
Contact: | client.services@eurex.com or Rachna Mathur, rachna.mathur@eurex.com, Equity and Index Sales America, tel. +1 212 309 93 08 | |
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.
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