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Contract Specifications
Underlying terminology
Settlement
Cash settlement, payable on the first exchange day following the final settlement day.
Contract size
100 shares
Quotation and minimum change of the TRF spread
TRF spread as annualised rate expressed in basis points with one decimal place. The minimum change of the TRF spread is +/- 0.5 basis points (1 basis point = 0.0001).
Trade types
Trade at Close (TAC) with an underlying price based on the official closing price of the share on the relevant primary cash market.
Trade at Market (TAM) with an underlying price predetermined and entered by the Exchange Participants. TAM is only available in Basket Trades of Equity Total Return Futures in TES.
Accrued Distributions and Accrued Funding
The accumulated dividend distributions and the funding rate payments are added into the calculation of TRF futures price. The daily changes in price, dividend distributions and funding payments are incorporated into the Variation Margin.
Contract months
Up to 24 months: At any time the nearest four semi-annual months of the June and December cycle, five quarterly months of the March, June, September and December cycle and three successive calendar months are available for trading.
Where expirations would overlap according to the prior sentence only a single expiration will be available.
Last trading day and final settlement day
The third Friday of each maturity month, if this is an exchange day; otherwise the exchange day immediately preceding that day. Close of trading in the maturing Total Return Futures on the last trading day is at 17:30 CET.
Daily settlement price
The daily settlement price is established on the current exchange trading day based on the following components: underlying official closing price of the share on the relevant primary cash market, Daily Settlement TRF Spread, Accrued Dividends and Accrued Funding accumulated from the product launch of the respective Equity Total Return Futures contract until the current date.
Final settlement price
The final settlement price is established by Eurex on expiry date based on the following components: underlying official closing price of the share on the relevant primary cash market on the expiry date, Accrued Dividends and Accrued Funding from the product launch of the respective Equity Total Return Future until the expiry date.
Further details are available in the clearing conditions and the contract specifications.
Block Trades
Admitted to the Eurex Block Trade Service with a Minimum Block Trade Size of 25 contracts.
Market-Making Parameter
All quotation parameters at a glance
Mistrade Parameter
This file provides an overview of mistrade ranges for Options and Futures including information on their behavior close to expiration and in stressed markets.
Crossing Parameters
(section 2.6 Eurex Trading Conditions)
(1) Orders and Quotes relating to the same Instrument or Combined Instrument may, in case they could immediately be executed against each other, neither be entered knowingly by an Exchange Trader or several Exchange Traders of an Admitted Company (a “Cross Trade”) nor pursuant to a prior understanding between Exchange Traders of two different admitted companies (a “Pre-Arranged Trade”), unless the conditions according to Paragraph 2 have been fulfilled. The same shall apply for the entry of Orders as part of a Quote.
(2) A Cross Trade or a Pre-Arranged Trade is admissible if a participant in a Cross Trade or a Pre-Arranged Trade Eurex Trading System, announces his intention to execute a corresponding number of Contracts as Cross Trades or Pre-Arranged Trades in the Order Book (“Trade Request”). The buying participant has to ensure that he himself or the selling participant enters the Trade Request. The Order or Quote giving rise to the Cross Trade or Pre-Arranged Trade must be entered one second at the earliest and 121 seconds at the latest after the entry of the Trade Request. Entering a Trade Request without entering the respective Order or Quote is not admissible.
(3) Paragraphs 1 and 2 shall not apply to Transactions consummated during the netting process in an auction (Number 1.4 Paragraphs 2 and Paragraph 3).
(4) The automated entry functionality for Cross Trades or Pre-Arranged Trades of the Eurex Trading System may be used for entering Cross Trades or Pre-Arranged Trades. In this case, announcement and entry of the corresponding Orders pursuant to Paragraph 2 will be automated.
| Pre-Trading | Trading | Post-Trading | |||
|---|---|---|---|---|---|
| Full | Late1 | Late2 | Restricted | ||
| 09:25 | 09:30 | 17:25 | 22:10 |
| Pre-Trading | Trading | Post-Trading | |||
|---|---|---|---|---|---|
| Full | Late1 | Late2 | Restricted | ||
| 09:25 | 09:30 | 17:30 |
Eurex is closed for trading and clearing (exercise, settlement and cash) in all derivatives
Last Trading Day for equity derivatives (standard maturity/expiration)
Last Trading Day for equity derivatives (standard maturity/expiration)
Last Trading Day for equity derivatives (standard maturity/expiration)
No cash payment in NOK
No cash payment in DKK
Eurex is closed for trading and clearing (exercise, settlement and cash) in all derivatives
Eurex is closed for trading and clearing (exercise, settlement and cash) in all derivatives
Last Trading Day for equity derivatives (standard maturity/expiration)
Eurex is closed for trading and clearing (exercise, settlement and cash) in all derivatives
No cash payment in NOK
No cash payment in SEK
No cash payment in DKK
No cash payment in DKK
Last Trading Day for equity derivatives (standard maturity/expiration)
No cash payment in NOK
Last Trading Day for equity derivatives (standard maturity/expiration)
No cash payment in DKK
No cash payment in NOK
No cash payment in DKK
No cash payment in SEK
Last Trading Day for equity derivatives (standard maturity/expiration)
No cash payment in SEK
Last Trading Day for equity derivatives (standard maturity/expiration)
Last Trading Day for equity derivatives (standard maturity/expiration)
Last Trading Day for equity derivatives (standard maturity/expiration)
Last Trading Day for equity derivatives (standard maturity/expiration)
Last Trading Day for equity derivatives (standard maturity/expiration)
Last Trading Day for equity derivatives (standard maturity/expiration)
Eurex is closed for trading in all derivatives
No cash payment in SEK
No cash payment in DKK
Eurex is closed for trading and clearing (exercise, settlement and cash) in all derivatives
Eurex is closed for trading and clearing (exercise, settlement and cash) in all derivatives
Trading in selected derivatives on products traded on Xetra® and on the Vienna Stock Exchange will end earlier than usual - see Eurex circular 114/24 (https://www.eurex.com/ex-en/find/circulars/circular-4170768)
Eurex is closed for trading in all derivatives
No cash payment in DKK
No cash payment in SEK
| Fee Type | Fee |
|---|---|
| Exchange transactions: Standard fees (A-accounts) | EUR 0.0006 percent of the contract value |
| Exchange transactions: Standard fees (M- and P-accounts) | EUR 0.0003 percent of the contract value |
| TES transactions: Standard fees (A-accounts) | EUR 0.0006 percent of the contract value |
| TES transactions: Standard fees (M- and P-accounts) | EUR 0.0003 percent of the contract value |
| Cash settlement (A-accounts) | EUR 0.0006 percent of the contract value |
| Cash settlement (M- and P-accounts) | EUR 0.0003 percent of the contract value |
| Daily maintenance fees (A-accounts) | EUR 0.000024 percent of the contract value |
| Daily maintenance fees (M- and P-accounts) | EUR 0.000012 percent of the contract value |
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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