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Account structure

Account structure

Eurex provides several position accounts where a transaction may be kept until it is closed out. There are three types of accounts:

  • Agent account
  • Proprietary accounts
  • Market Maker accounts

Every order entered into the Eurex® system must be associated with one of these account types.

Agent and Proprietary accounts are kept on a gross basis. If a trader buys and sells identical contracts, he will have both a long position and a short position in the same account, unless the second trade is designated as a closing transaction. If an offsetting transaction is not marked as a closing transaction during entry, the designation can be adjusted later. If this is not done in a timely fashion, additional fees will be charged by Eurex. Market Maker accounts are kept on a net basis.

Overview of account types 

Account Codes

Account Type

Activity

Net v. Gross

A1

Agent

Clients only

Gross

G1

Pre-designated give-up

Without the member ID of the receiving Clearing Member

 

G2

Designated give-up

With the member ID of receiving Clearing

 

P1, P2

Proprietary

Own account

Gross

M1, M2

Market Maker

Quotes

Netto

 

Agent Account

Trades entered into the Eurex® system on behalf of clients are recorded in the agent account (A1). All give-up trades are considered part of account A1 and are displayed as such trades. The account codes G1 and G2 are actually designations that the trade is going to be sent to another member, usually when a client uses one member to perform the execution and another to do the clearing.

G1 (Pre-Designated Give-up)
When a trade is designated G1, the trade is flagged as being given up to another firm, but the firm is not yet identified.

G2 (Designated Give-up)
In designating a trade G2, the trader provides all the information necessary for the give-up at order entry, including the Clearing Member ID of the firm to which the take-up is being transferred. The give-up then happens automatically, assuming that the General Clearing Member involved has not specified that give-ups will be approved manually.

Proprietary accounts (P1/P2)

These two accounts are available for trades made for the participant's own account. The participant has full discretion over which account is used for an opening position, although close-outs must be directed to the same account as the open position.

Market Maker accounts (M1/M2)

Trades resulting from quotes or orders entered by market makers in options trading and from quotes by exchange participants in futures trading are recorded in the two market maker accounts. Limit orders entered by market makers in options trading may be recorded either on the Market Maker accounts or on the Proprietary accounts.

 

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