Trading Conditions
2.1 Subpart
Contract Specifications for Futures Contracts
2.1.5 Sub-Subpart
Specifications for Futures Contracts on the Midcap DAX (MDAX-Futures)
2.1.5.1 Subject Matter of Contract
(1) An MDAX Future is a futures contract on the Midcap DAX (MDAX). The publications of the Frankfurt Stock Exchange shall determine the composition, weighting and calculation of the MDAX. The value of a contract shall be EUR 5 per index point.
(2) After the close of trading in the contract, the seller of an MDAX future shall pay in cash any difference between the agreed price and the higher final settlement price. The purchaser of an MDAX future shall pay in cash any difference between the agreed price and the lower final settlement price.
The final settlement price shall be determined by the Eurex Exchanges on the final settlement day for a contract (subsection 2.1.5.2 paragraph (2) sentence 2) according to the value of the MDAX based on the auction prices for the securities included in the MDAX fixed by the electronic trading system of the Frankfurt Stock Exchange (Xetra) in an intra-day auction determined by the Boards of Management of the Eurex Exchanges.
(3) If any changes are made in the calculation of the MDAX or its composition or weighting such that the concept of the MDAX appears to be no longer comparable with the concept that applied when a futures contract was admitted to trading, the Boards of Management of the Eurex Exchanges may order the termination of trading in such contract as of the last trading day prior to the change in the MDAX. Open positions shall be settled in cash upon the termination of trading. The final value of the MDAX, calculated on the basis of the auction prices for the securities included in the MDAX fixed by the electronic trading system of the Frankfurt Stock Exchange (XETRA) in an intra-day auction determined by the Boards of Management of the Eurex Exchanges, shall be used. New contracts shall be introduced in accordance with subsection 2.1.5.2.
2.1.5.2 Term, Close of Trading
(1) Terms expiring on the final settlement day of the next, the second succeeding and the third succeeding quarter-end months (March, June, September and December) are available for trading at the Eurex Exchanges. The longest term of a contract is thus nine months.
(2) The last trading day of a contract shall be the final settlement day. The final settlement day shall be the third Friday of the relevant quarter-end month; provided, however, that if such Friday is not an Exchange day, the last trading day prior to such Friday shall be the final settlement day. Trading shall close upon the start of the call phase of the intra-day auction in the electronic trading system of the Frankfurt Stock Exchange (Xetra) as determined by the Boards of Management of the Eurex Exchanges.
2.1.5.3 Price Gradations
The prices of the contracts shall be quoted in index points with one decimal place. The minimum change in price ("Tick") shall be 0.5 index points (EUR 2.50).
2.1.5.4 Performance, Cash Settlement
(1) The performance day shall be the Exchange day after the last trading day of the contract.
(2) Contracts shall be performed by cash settlement between Clearing Members and Eurex Clearing AG. Each Clearing Member shall be responsible for handling the cash settlements with the Non-Clearing Members served by it and its own customers; the handling of cash settlements by Non-Clearing Members to their customers is the responsibility of the Non-Clearing Members.
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