Contract Specifications
Futures on notional short-, medium- or long-term debt instruments issued by the Federal Republic of Germany, the French Republic and the Republic of Italy with remaining terms and a coupon of:
| Options on | Product ID | Underlying | Remaining term of the underlying | Coupon (percent) |
Euro-Schatz Futures | OGBS | Euro-Schatz Futures | 1.75 to 2.25 years | 6 |
Euro-Bobl Futures | OGBM | Euro-Bobl Futures | 4.5 to 5.5 years | 6 |
Euro-Bund Futures | OGBL | Euro-Bund Futures | 8.5 to 10.5 years | 6 |
Euro-Buxl® Futures | OGBX | Euro-Buxl® Futures | 24.0 to 35.0 years | 4 |
Euro-OAT Futures | OOAT | Euro-OAT Futures | 8.5 to 10.5 years | 6 |
Euro-BTP Futures | OBTP | Euro-BTP Futures | 8.5 to 11 years | 6 |
Contract size
One fixed income futures contract.
Settlement
The exercise of an option on fixed income futures results in the creation of a corresponding position in the fixed income futures for the option buyer as well as the seller to whom the exercise is assigned. The position is established after the Post-Trading Full Period of the exercise day, and is based on the agreed exercise price.
Price quotation and minimum price change
| Options on | Minimum price change | |
| Points | Value | |
Euro-Schatz Futures | 0.005 | EUR 5 |
Euro-Bobl Futures | 0.005 | EUR 5 |
Euro-Bund Futures | 0.01 | EUR 10 |
Euro-Buxl® Futures | 0.02 | EUR 20 |
Euro-OAT Futures | 0.01 | EUR 10 |
Euro-BTP Futures | 0.01 | EUR 10 |
Term
Standard - up to 6 months: The three nearest successive calendar months and the following quarterly month of the March, June, September and December cycle thereafter.
Calendar months: The maturity month of the underlying futures contract is the quarterly month following the expiration month of the option.
Quarterly months: The maturity month of the underlying futures contract and the expiration month of the option are identical.
OGBL: In addition to the standard expirations, the five next weeks for the first, second, third, fourth and fifth week of the following maturity month with a weekly options expiration. In the expiration week of the standard option series, no additional weekly expiration will be available.
Between Christmas and New Year's Eve basically no expirations are available for trading as well.
Last trading day
Standard: Last trading day is the last Friday prior to the first calendar day of the option expiration month, followed by at least two exchange days prior to the first calendar day of the option expiration month.
OGBL: In addition to the standard expirations, last trading day is the Friday of the respective expiration week, if this is an exchange day; otherwise the exchange day immediately preceding that day.
Unless at least two exchange days lie between the last Friday of a month and the first calendar day of the expiration month, the last trading day is the Friday preceding the last Friday. If this Friday is not an exchange day, the exchange day immediately preceding that Friday is the last trading day. An exchange day within the meaning of this exception is a day, which is both an exchange day at the Eurex Exchanges and a federal workday in the U.S.
If the preceding exchange day is not in the same calendar month as the Friday of the expiration week, the last trading day shall be the exchange day following the Friday of the expiration week.
If the last trading day lies between Christmas and New Year’s Eve, then the Friday preceding that day is the last trading day.
Daily settlement price
The daily settlement price is established by Eurex. The daily settlement prices for options on fixed income futures are determined trough the binomial model according to Cox/Ross/Rubinstein.
Exercise
American-style; an option can be exercised until the end of the Post-Trading Full Period (18:30 CET, on the last trading day 18:00 CET) on any exchange day during the lifetime of the option.
Exercise prices
| Options on | Exercise price intervals in points |
Euro-Schatz Futures | 0.1 |
Euro-Bobl Futures | 0.25 |
Euro-Bund Futures | 0.50 |
Euro-Buxl® Futures | 1.00 |
Euro-OAT Futures | 0.25 |
Euro-BTP Futures | 0.50 |
Number of exercise prices
Upon the admission of the options, at least nine exercise prices shall be made available for each term for each call and put, such that four exercise prices are in-the-money, one is at-the-money and four are out of-the-money.
Option premium
The premium is settled using the futures-style method.
Block Trades
Admitted to the Eurex Block Trade Service with a Minimum Block Trade Size of 100 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 | ||
| 07:30 | 08:00 | 17:15 | 18:30 |
| Pre-Trading | Trading | Post-Trading | |||
|---|---|---|---|---|---|
| Full | Late1 | Late2 | Restricted | ||
| 07:30 | 08:00 | 17:15 | 17:45 | 18:00 |
Eurex is closed for trading and clearing (exercise, settlement and cash) in all derivatives
No cash payment in CHF
Eurex is closed for trading and clearing (exercise and settlement) in Swiss fixed income derivatives
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (standard expiration)
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (standard expiration)
Last trading day for options on fixed income futures (weekly expiration)
Last Trading Day for fixed income futures
Last trading day for options on fixed income futures (weekly expiration)
Delivery Day for fixed income futures
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (standard expiration)
Last trading day for options on fixed income futures (weekly expiration)
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 options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (standard expiration)
Eurex is closed for trading and clearing (exercise, settlement and cash) in all derivatives
Last trading day for options on fixed income futures (weekly expiration)
Eurex is closed for trading and clearing (exercise and settlement) in Swiss fixed income derivatives
No cash payment in CHF
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (weekly expiration)
Eurex is closed for trading and clearing (exercise and settlement) in Swiss fixed income derivatives
No cash payment in CHF
Last trading day for options on fixed income futures (standard expiration)
Last trading day for options on fixed income futures (weekly expiration)
Last Trading Day for fixed income futures
Last trading day for options on fixed income futures (weekly expiration)
Delivery Day for fixed income futures
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (standard expiration)
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (standard expiration)
Eurex is closed for trading and clearing (exercise and settlement) in Swiss fixed income derivatives
No cash payment in CHF
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (standard expiration)
Last trading day for options on fixed income futures (weekly expiration)
Last Trading Day for fixed income futures
Last trading day for options on fixed income futures (weekly expiration)
Delivery Day for fixed income futures
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (standard expiration)
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (standard expiration)
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (standard expiration)
Last trading day for options on fixed income futures (weekly expiration)
Last Trading Day for fixed income futures
Last trading day for options on fixed income futures (weekly expiration)
Delivery Day for fixed income futures
Last trading day for options on fixed income futures (weekly expiration)
Last trading day for options on fixed income futures (weekly expiration)
Eurex is closed for trading in all derivatives
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
Eurex is closed for trading in all derivatives
| Fee Type | Fee |
|---|---|
| Exchange transactions: Standard fees (A-accounts) | EUR 0.25 per contract |
| Exchange transactions: Standard fees (M- and P-accounts) | EUR 0.20 per contract |
| Exchange transactions: Reduced fees A-accounts (contract volume above threshold) | EUR 0.13 per contract |
| Exchange transactions: Reduced fees P-accounts (contract volume above threshold) | EUR 0.10 per contract |
| TES transactions: Standard fees (A-accounts) | EUR 0.25 per contract |
| Eurex EnLight: Standard fees (A-accounts) | EUR 0.25 per contract |
| TES transactions / Eurex EnLight: Standard fees (M- and P-accounts) | EUR 0.20 per contract |
| TES transactions / Eurex EnLight: Reduced fees A-accounts (contract volume above threshold) | EUR 0.13 per contract |
| TES transactions / Eurex EnLight: Reduced fees P-accounts (contract volume above threshold) | EUR 0.10 per contract |
| Threshold A-accounts | 5,000.00 contracts |
| Threshold P-accounts | 5,000.00 contracts |
| Position Closing Adjustments (A-accounts) | EUR 0.50 per contract |
| Position Closing Adjustments (M- and P-accounts) | EUR 0.40 per contract |
| Exercise of options (A-accounts) | EUR 0.25 per contract |
| Exercise of options (M- and P-accounts) | EUR 0.20 per contract |
| Assignment of options (A-accounts) | EUR 0.25 per contract |
| Assignment of options (M- and P-accounts) | EUR 0.20 per contract |
| Position transfer with cash transfer | EUR 7.50 per transaction |
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.
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