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EURO STOXX 50® Variance Futures

EURO STOXX 50® Variance Futures

Overview EURO STOXX 50® Variance Futures contract specifications


Product ID & Product ISIN

Product ID: EVAR
Product ISIN: DE000A11Q8E3

Contract value

EUR 1 per Variance Futures point

Contract months

Variance Futures are available for trading until one trading day before the final settlement day of each of the following terms:

up to and in each case including the final settlement day of the next, the second and the third succeeding calendar month and the next three succeeding quarter-end months (March, June, September, December) and the next two succeeding half-year expiration days (June and December) thereafter.

Price quotation and order maintenance

On-exchange trading in Variance Futures takes place in notional Vega at volatility:

  • Minimum order size = 1 Vega
  • Minimum price change = 0.05 percentage points in volatility

Variance Futures prices are calculated upon trade matching and are rounded to the nearest fourth digit (0.0001 points, equivalent to a value of EUR 0.0001).
Variance Futures quantities are calulated upon trade matching and are rounded to the nearest integer, at least to one futures.


Cash settlement

Final settlement price

The final realized variance is based on the average of the EURO STOXX 50® Index calculations between 11:50 CET until 12:00 CET on the third Friday of the maturity month.

Last trading day and final settlement day

Last trading day is the exchange day before the final settlement day of each maturity month if this is an exchange day; otherwise the exchange day immediately preceding that day. Final settlement day is the third Friday of each maturity month.

Trading Hours

ProductPre-TradingTradingPost-Trading FullOTC Block TradingLast trading day

Trading until

Variance Futures07:00-08:5009:00-17:3018:30-22:0018:30-21:0017:30

Eurex Trade Entry Services

The following Eurex Trade Entry Services are available for Variance Futures:

  • Block Trades (minimum block trade size 1 contract).

Trade matching / Block Trade entry

  • Variance Futures are traded on-exchange in terms of notional Vega at volatility. Upon matching notional Vega and volatility are converted into Variance Futures at Variance Futures prices. The corresponding conversion formulas and parameters are published by the exchange.
  • Block Trades are entered in Variance Futures at final Variance Futures prices.

Megan Morgan

Eurex, Chicago Representative Office | Sell Side

233 South Wacker Drive, Suite 2450
Chicago, IL 60606

T +1-312-544-10 83

Markus-Alexander Flesch

Eurex Zürich AG

Manessestrasse 85
8045 Zürich

T +41-43-430-71 21

Sascha Semroch

Eurex Frankfurt AG
Global Product Research and Development

Mergenthalerallee 61
65760 Eschborn

T +49 69 2 11-1 50 78


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