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## Service Navigation

# VSTOXX® Futures

## VSTOXX® Futures (FVS)

- Product ISIN
- DE000A0Z3CW9
- Underlying ISIN
- DE000A0C3QF1

- Currency
- EUR

## Latest

#### Prices/Quotes

Displayed data is 15 minutes delayed. Last trade: **Sep 02, 2014 18:33:20**

Orderbook

Product Name | Expiry | Diff. to previous day | Last Price | Date | Time | Traded Contracts | Open Interest (adj.) | Open Interest Date |
---|---|---|---|---|---|---|---|---|

VSTOXX® Futures | SEP 2014 | -0.84% | 17.65 | 09/02/2014 | 18:33:20 | 7,119 | 53,005 | 09/02/2014 |

VSTOXX® Futures | OCT 2014 | -0.28% | 17.85 | 09/02/2014 | 17:29:58 | 4,616 | 27,365 | 09/02/2014 |

VSTOXX® Futures | NOV 2014 | -0.28% | 18.05 | 09/02/2014 | 18:33:20 | 2,357 | 36,678 | 09/02/2014 |

VSTOXX® Futures | DEC 2014 | -0.29% | 17.30 | 09/02/2014 | 18:33:20 | 2,562 | 34,292 | 09/02/2014 |

VSTOXX® Futures | JAN 2015 | -0.53% | 18.80 | 09/02/2014 | 18:33:20 | 322 | 16,905 | 09/02/2014 |

VSTOXX® Futures | FEB 2015 | -0.26% | 19.05 | 09/02/2014 | 18:33:20 | 247 | 13,615 | 09/02/2014 |

VSTOXX® Futures | MAR 2015 | -0.26% | 19.10 | 09/02/2014 | 18:33:20 | 480 | 9,060 | 09/01/2014 |

VSTOXX® Futures | APR 2015 | -0.51% | 19.35 | 09/02/2014 | 18:33:20 | 801 | 1,717 | 09/01/2014 |

Total | 18,504 | 192,637 |

#### Statistics

Data is for **Sep 2, 2014** Last update: **Sep 03, 2014 00:00:00**

Delivery month | Opening price | Daily High | Daily Low | Closing price | Settlem. price | Traded contracts | Open Interest (adj.)* |
---|---|---|---|---|---|---|---|

Sep 14 | 17.60 | 17.75 | 17.40 | 17.60 | 17.65 | 7,119 | 53,005 |

Oct 14 | 17.80 | 17.90 | 17.70 | 17.85 | 17.85 | 4,616 | 27,365 |

Nov 14 | 18.05 | 18.15 | 17.95 | 18.00 | 18.05 | 2,357 | 36,678 |

Dec 14 | 17.25 | 17.35 | 17.25 | 17.30 | 17.30 | 2,562 | 34,292 |

Jan 15 | 18.80 | 18.85 | 18.80 | 18.80 | 18.80 | 322 | 16,905 |

Feb 15 | 19.00 | 19.05 | 19.00 | 19.00 | 19.05 | 247 | 13,615 |

Mar 15 | 19.00 | 19.10 | 19.00 | 19.05 | 19.10 | 480 | 9,060 |

Apr 15 | 19.35 | 19.35 | 19.30 | 19.30 | 19.35 | 801 | 1,717 |

Total | 18,504 | 192,637 |

#### Vendor Codes

Vendor Name | Vendor Code |
---|---|

Bloomberg L.P. | FVSA Index |

thomsonreuters | 0#FVS: |

## Trading

#### Contract Specifications

**Contract Standards**

Contract | Product ID | Underlying | Currency |

VSTOXX® Futures | FVS | VSTOXX® | EUR |

**Contract Value**

EUR 100 per index point of the underlying.

**Settlement**

Cash settlement, payable on the first exchange day following the Final Settlement Day.

**Price Quotation and Minimum Price Change**

The Price Quotation is in points with two decimal places. The Minimum Price Change is 0.05 points, equivalent to a value of EUR 5.

**Contract Months**

*Up to 8 months:*The eight nearest successive calendar months.

**Last Trading Day and Final Settlement Day**

Last Trading Day is the Final Settlement Day. Final Settlement Day is 30 calendar days prior to the expiration day of the underlying options (i.e. 30 days prior to the third Friday of the expiration month of the underlying options, if this is an exchange day). This is usually the Wednesday prior to the second last Friday of the respective maturity month, if this is an exchange day; otherwise the exchange day immediately preceding that day. Close of trading in the maturing futures on the Last Trading Day is at 12:00 CET.

**Daily Settlement Price**

The Daily Settlement Prices for the current maturity month of volatility index futures are determined during the closing auction of the respective futures contract.

For the remaining maturity months, the Daily Settlement Price for a contract is determined based on the average bid/ask spread of the combination order book.

Further details are available in the clearing conditions.

**Final Settlement Price**

The Final Settlement Price is established by Eurex on the Final Settlement Day, based on the average of the index values of the underlying on the Last Trading Day between 11:30 and 12:00 CET.

**VSTOXX® Futures are available for trading in the U.S.**

#### Trading Calendar

- 22 Jan 2014Volatility Index Derivatives | Last Trading Day
Last Trading Day for volatility index derivatives

- 19 Feb 2014Volatility Index Derivatives | Last Trading Day
Last Trading Day for volatility index derivatives

- 18 Mar 2014Volatility Index Derivatives | Last Trading Day
Last Trading Day for volatility index derivatives

- 16 Apr 2014Volatility Index Derivatives | Last Trading Day
Last Trading Day for volatility index derivatives

- 18 Apr 2014Interest Rate Derivatives | Equity Derivatives | Equity Index Derivatives | Dividend Derivatives | Volatility Index Derivatives | Exchange Traded Funds Derivatives | Commodity Derivatives | Property Derivatives | Holiday
Eurex is closed for trading and clearing (exercise, settlement and cash) in all derivatives

- 21 Apr 2014Interest Rate Derivatives | Equity Derivatives | Equity Index Derivatives | Dividend Derivatives | Volatility Index Derivatives | Exchange Traded Funds Derivatives | Commodity Derivatives | Property Derivatives | Holiday
Eurex is closed for trading and clearing (exercise, settlement and cash) in all derivatives

- 01 May 2014Interest Rate Derivatives | Equity Derivatives | Equity Index Derivatives | Dividend Derivatives | Volatility Index Derivatives | Exchange Traded Funds Derivatives | Commodity Derivatives | Property Derivatives | Holiday
Eurex is closed for trading and clearing (exercise, settlement and cash) in all derivatives

- 21 May 2014Volatility Index Derivatives | Last Trading Day
Last Trading Day for volatility index derivatives

- 18 Jun 2014Volatility Index Derivatives | Last Trading Day
Last Trading Day for volatility index derivatives

- 16 Jul 2014Volatility Index Derivatives | Last Trading Day
Last Trading Day for volatility index derivatives

- 20 Aug 2014Volatility Index Derivatives | Last Trading Day
Last Trading Day for volatility index derivatives

- 17 Sep 2014Volatility Index Derivatives | Last Trading Day
Last Trading Day for volatility index derivatives

- 22 Oct 2014Volatility Index Derivatives | Last Trading Day
Last Trading Day for volatility index derivatives

- 19 Nov 2014Volatility Index Derivatives | Last Trading Day
Last Trading Day for volatility index derivatives

- 17 Dec 2014Volatility Index Derivatives | Last Trading Day
Last Trading Day for volatility index derivatives

- 24 Dec 2014Volatility Index Derivatives | Property Derivatives | FX Derivatives | Interest Rate Derivatives | Equity Index Derivatives | Exchange Traded Funds Derivatives | Equity Derivatives | Dividend Derivatives | Commodity Derivatives | Holiday
Eurex is closed for trading in all derivatives

- 25 Dec 2014Interest Rate Derivatives | Equity Derivatives | Equity Index Derivatives | Dividend Derivatives | Volatility Index Derivatives | FX Derivatives | Exchange Traded Funds Derivatives | Commodity Derivatives | Property Derivatives | Holiday
Eurex is closed for trading and clearing (exercise, settlement and cash) in all derivatives

- 26 Dec 2014Interest Rate Derivatives | Equity Derivatives | Equity Index Derivatives | Dividend Derivatives | Volatility Index Derivatives | Exchange Traded Funds Derivatives | Commodity Derivatives | FX Derivatives | Property Derivatives | Holiday
Eurex is closed for trading and clearing (exercise, settlement and cash) in all derivatives

- 31 Dec 2014Commodity Derivatives | Dividend Derivatives | Equity Derivatives | Exchange Traded Funds Derivatives | Equity Index Derivatives | Interest Rate Derivatives | Property Derivatives | FX Derivatives | Volatility Index Derivatives | Holiday
Eurex is closed for trading in all derivatives

#### Trading Hours

##### Regular Trading Day

Pre-Trading | Trading | Post-Trading | |||
---|---|---|---|---|---|

Full | Late1 | Late2 | Restricted | ||

07:30 | 08:50 | 17:30 | 18:30 | 20:30 |

##### Last Trading Day

Pre-Trading | Trading | Post-Trading | |||
---|---|---|---|---|---|

Full | Late1 | Late2 | Restricted | ||

07:30 | 08:50 | 12:00 |

#### Transaction Fees

Fee Type | Fee |
---|---|

Exchange transactions: Standard fees | EUR 0.20 per contract |

TES transactions: Standard fees | EUR 0.30 per contract |

Position Closing Adjustments | EUR 0.40 per contract |

Cash settlement | EUR 0.20 per contract |

Position transfer with cash transfer | EUR 7.50 per transaction |

#### Block Trades

Admitted to the Eurex Block Trade Service with a Minimum Block Trade Size of 1,000 contracts

## Parameters

#### Maximum Spreads

Designated Market Makers may choose between one of the following quotation parameter sets for fulfillment of the Designated Market-Making scheme:**Scheme 1**

Expirations 1-4:

0.20 volatility index points for bids up to 20 index points. 1 percent for bids greater than 20.

Expirations 5-8:

0.40 volatility index points for bids up to 20 index points. 2 percent for bids greater than 20.**Scheme 2**

Expirations 1-4:

0.10 volatility index points for bids up to 20 index points. 1 percent for bids greater than 20.

Expirations 5-8:

0.25 volatility index points for bids up to 20 index points. 2 percent for bids greater than 20.

#### Minimum Quote Size

Designated Market Makers may choose between one of the following quotation parameter sets for fulfillment of the Designated Market-Making scheme:**Scheme 1**

200 contracts on the bid and ask side.

The minimum quote duration is 80 percent of the trading hours between 09:00 and 17:10 CET

(on a monthly average).

All eight contract months have to be quoted.**Scheme 2**

250 contracts on the bid and ask side.

The minimum quote duration is 80 percent of the trading hours between 09:00 and 17:10 CET

(on a monthly average).

All eight contract months have to be quoted.

#### Market Makers

#### Mistrade Ranges

A deviation of the mistrade transaction price from the reference price shall be deemed significant if the price of the mistrade transaction deviates from the reference price more than 20 percent of the margin parameters for the corresponding futures contract, unless another regulation has been made for an individual product.

#### Crossing Parameters

(section 2.3 Eurex Trading Conditions)

(1) Orders and quotes relating to the same contract or to a system-supported combination of contracts may, in case they could immediately be executed against each other, neither be entered knowingly by an Exchange Participant (a cross trade) nor pursuant to a prior understanding by two different Exchange Participants (a prearranged trade), unless the conditions according to paragraph 3 have been fulfilled. The same shall apply for the entry of orders as part of a quote.

(2) An Exchange Participant may submit a description of his internal and external links to the EDP system of the Eurex Exchanges to the Market Surveillance Office of Eurex Germany or to the Surveillance and Enforcement Office of Eurex Zurich, with a view to a decision on whether the Exchange Participant acted knowingly within the meaning of paragraph 1. The details of the specifications of the description of the IT linkage pursuant to sentence 1 shall be determined by the Surveillance Offices of Eurex Germany and Eurex Zurich in agreement with the Boards of Management of the Eurex Exchanges. The specifications shall be subject to publication. Disclosure of said specifications to one of the two Surveillance Offices named above shall be deemed to be disclosure to both Eurex Surveillance Offices.

(3) A cross trade or a pre-arranged trade is admissible if a participant in a cross-trade or a pre-arranged trade, prior to entering his order or quote, enters a cross request equivalent to the number of contracts of the order. The order or quote giving rise to the cross trade or pre-arranged trade must be entered five seconds at the earliest and 65 seconds at the latest with regard to Money Market Futures contracts, Fixed Income Futures contracts, options on Money Market Futures contracts and options on Fixed Income Futures contracts, respectively 35 seconds at the latest with regard to all other futures and option contracts after having entered the cross request. The purchasing Exchange Participant shall bear the responsibility for compliance with the content of the cross request entry.

(4) Paragraphs 1 and 3 shall not apply to transactions consummated during the netting process in the opening period (subsection 1.3 paragraph 2) or during the closing auction (subsection 1.3 paragraph (3)).

(5) Paragraph 1 shall apply mutatis mutandis to other behaviour constituting evasion of this regulation.

## Orderbook

## New backtesting Application for VSTOXX® derivatives

Combine the VSTOXX® and the EURO STOXX 50® into a portfolio and choose individual weightings for each of them in the portfolio. The application then calculates — for the defined time period — relevant statistics important for your investment decisions.

Please make sure to use current versions of either Microsoft Internet Explorer, Google Chrome or Mozilla Firefox. Please make also sure that the browser supports SVG.

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