Contract | Product ID | Underlying |
DAX® Options DAX® End-of-Day Options Micro-DAX® Options | ODAX ODAP ODXS | DAX®, the blue chip index of Deutsche Börse AG |
DAX® 50 ESG Options | OSDX | DAX® 50 ESG, the blue chip index of Deutsche Börse AG with the 50 largest, most liquid German market stocks that have passed standardized ESG screens related to Global Standards Screening |
DivDAX® Options | ODIV | DivDAX®, the dividend index of Deutsche Börse AG |
Mini-MDAX® Options | OSMX | MDAX®, the international mid cap index of Deutsche Börse AG |
TecDAX® Options | OTDX | TecDAX®, the international technology index of Deutsche Börse AG |
Settlement
Cash settlement, payable on the first exchange day following the final settlement day.
Contract values and price gradations
Contract | Contract value per index point | Minimum price change |
Points | Value |
DAX® Options | * | * | |
DAX® End-of-Day Options | * | * | |
Micro-DAX® Options | * | * | |
DAX® 50 ESG Options | EUR 10 | 0.1 | EUR 1 |
DivDAX® Options | EUR 200 | 0.01 | EUR 2 |
Mini-MDAX® Options | EUR 1 | 0.1 | EUR 0.10 |
TecDAX® Options | EUR 10 | 0.1 | EUR 1 |
* For ODAX, ODAP and ODXS the following minimum price change applies:
Contract value | Min price change below threshold I | Premium threshold I | Min price change above threshold I | Premium threshold II | Min price change above threshold II |
ODAX, ODAP: EUR 5 ODXS: EUR 1 | 0.1 | 25 | 0.5 | 250 | 1.0 |
Term
Equity index options contracts are available for the following terms:
- Weekly (W): the term of the contract is one calendar week after the expiration day of the preceding contract having the same weekday (Monday to Friday) as expiration day.
- Monthly (M): the term of the contract is one month after the expiration day of the preceding contract having the same weekday (Monday to Friday) as expiration day.
- Quarterly (Q): the term of the contract is three months after the expiration day of the preceding contract in the cycle March, June, September and December having the same weekday (Monday to Friday) as expiration day.
- Semi-annual (H): the term of the contract is six months after the expiration day of the preceding contract in the cycle June and December having the same weekday (Monday to Friday) as expiration day.
- Yearly (Y): the term of the contract is twelve months after the expiration day of the preceding contract in the cycle December having the same weekday (Monday to Friday) as expiration day.
Contract | Max. term (months) | Max. no. of terms | | | | | |
| | | W | M | Q | S | Y |
DAX® Options | 60 | 22 | 6 | 3 | 11 | - | 2 |
DAX® End-of-Day Options | 3 | 13 | 10 | 3 | - | - | - |
Micro-DAX® Options | 12 | 6 | - | 3 | 3 | - | - |
DAX® 50 ESG Options | 60 | 12 | - | 3 | 3 | 4 | 2 |
DivDAX® Options | 24 | 8 | - | 3 | 3 | 2 | - |
Mini-MDAX® Options | 24 | 8 | - | 3 | 3 | 3 | - |
TecDAX® Options | 24 | 8 | - | 3 | 3 | 2 | - |
Last trading day and final settlement day
Last trading day is the final settlement day.
Final settlement day is the third Friday of each expiration month if this is an exchange day; otherwise the exchange day immediately preceding that day. In addition, last trading day for equity index options with weekly expiration cycle is the Friday of the respective expiration week.
Daily settlement price
The daily settlement price is established by Eurex. The daily settlement prices for equity index options are determined through the Black/Scholes 76 model. If necessary, dividend expectations, current interest rates or other payments are taken into consideration.
Final settlement price
The final settlement price is established by Eurex on the final settlement day of the contract and is determined by the value of the respective index, based on Xetra® auction prices of the respective index component shares. The intraday auction starts at 13:00 CET, for ODAP it is based on the closing auction price of the respective index constituents at 17:30 CET.
Exercise
European-style; an option can only be exercised on the final settlement day of the respective option series until the end of the Post-Trading Full Period (20:30 CET).
Exercise prices
Contract | Exercise price intervals in index points for contract months with a remaining lifetime of |
≤ 3 months | 4-12 months | 13-24 months | 25-36 months | > 36 months |
DAX® Options | 50 | 100 | 200 | 200 | 200 |
DAX® End-of-Day Options | 25 50 | - | - | - | - |
Micro-DAX® Options | 50 | 100 | - | - | - |
DAX® 50 ESG Options | 5 | 10 | 20 | 50 | 50 |
DivDAX® Options | 5 | 5 | 10 | - | - |
Mini-MDAX® Options | 100 | 200 | 400 | - | - |
TecDAX® Options | 10 | 20 | 40 | - | - |
Number of exercise prices
Upon the admission of the options, at least seven exercise prices shall be made available for each due date with a term of up to 24 months for each call and put, such that three exercise prices are in-the-money, one is at-the-money and three are out-of-the-money.
Upon the admission of the options, at least five exercise prices shall be made available for each due date with a term of more than 24 months for each call and put, such that two exercise prices are in-the-money, one is at-the-money and two are out-of-the-money.
Option premium
The equivalent of the premium in points, payable in full in the currency of the respective contract on the exchange day following the day of the trade.
Further details are available in the clearing conditions and the contract specifications.
Admitted to the Eurex Block Trade Service with a Minimum Block Trade Size of 100 contracts.