Transaction Limits
In order to encourage a responsible attitude towards the use of the system's resources by members
Eurex defines limits for the number of transactions generated on a member's front-end which can be
transmitted to the Eurex back-end.
Every "request" transaction which generates a response to the user (e.g. Order/Quote-Add, Change,
Delete, and Inquiries etc.) counts as a transaction. Product-specific limits (the number of
transactions per product, per exchange day, per member) and non-product-specific limits (number
of non-product-specific transactions per exchange day, per member) are defined. In addition separate
limits are set for the number of Mass Quote transactions that can be generated as part of the
product-specific limits. Special attention should be paid to the fact the number of Mass Quote
transactions are a subset of the total number of product specific transactions. As a result these
transactions will be included in the sum of all transactions for a member in a particular product.
Members are potentially liable for additional fees if the number of transactions entered into the
Eurex® system during one day exceeds any of the limits set in each category.
In Report RPTCB065 (System Transaction Overview) exchange participants receive an overview of the
number of transactions that were entered in each category during the exchange day, broken down per
product, where appropriate, and the additional fees liable due to exceeding any limit.
Report RPTCB068 (Transaction Mix Report) provides exchange members with detailed information about their
transaction behaviour, broken down by product, originating MISS or Session ID and individual trader.
Members who use quote machines or order routing programs should pay particular attention to the
transaction limits and the fees charged for exceeding them. Quote machines and similar applications
have to be linked to the Exchange system via the Enhanced Transaction Solution or VALUES interfaces.
Moreover, Eurex management must approve the use of such
applications.
Excess transaction fees which occur as a result of excessive system usage are not charged automatically.
In the event of transaction limits being exceeded, Eurex will investigate the causes on an individual
case by case basis and contact members directly before charging the associated fees. In justified cases,
the fees may be waived. In the event of sustained violation of transaction limits, Eurex will charge
the excess transaction fees to the respective member.
For futures the number of transactions available per member and per exchange day is dependent on the
number of trades executed by the member in the product concerned.
Independent of their trading activity, each member has a minimum number of transactions (the 'floor')
available each day in each futures product. In addition, by means of multiplying a product-specific
parameter (the 'factor') by the number of trades executed in a particular product, a second daily
total for a member's available transactions per product is calculated.
The actual transaction limit (TL) for each individual member, per product per exchange day is the larger
of the two numbers, i.e. TL = the greater of (number of executed trades in product XYZ times XYZ 'factor')
or ('floor' for product XYZ).
Currently the factor for all futures products is 6 and the floor is 200,000.
Example:
- EURO STOXX 50® Futures (FESX); Member's executed trades in FESX on a particular day = 40,000.
- Transaction limit on FESX for the member on that day
= Max (40,000 * 6; 200,000)
= Max (240,000; 200,000)
= 240,000
Equity Options
(CHF)
|
Floor
|
Factor / Trade
|
Limit per Product
|
Fee per Transaction in Excess
of Limit
|
| Normal | Mass Quote
(MASSQ) | < 50 % | 50-100 % | > 100 % |
| n/a |
n/a |
110,000 |
110,000 |
0.08 | 0.32 | 0.80 |
Equity Options
(EUR)
|
Floor
|
Factor / Trade
|
Limit per Product
|
Fee per Transaction in Excess
of Limit
|
| Normal | Mass Quote
(MASSQ) | < 50 % | 50-100 % | > 100 % |
| n/a |
n/a |
110,000 |
110,000 |
0.05 | 0.20 | 0.50 |
Equity Options
(GBP)
|
Floor
|
Factor / Trade
|
Limit per Product
|
Fee per Transaction in Excess
of Limit
|
| Normal | Mass Quote
(MASSQ) | < 50 % | 50-100 % | > 100 % |
| n/a |
n/a |
110,000 |
110,000 |
0.05 | 0.20 | 0.50 |
Equity Options
(USD)
|
Floor
|
Factor / Trade
|
Limit per Product
|
Fee per Transaction in Excess
of Limit
|
| Normal | Mass Quote
(MASSQ) | < 50 % | 50-100 % | > 100 % |
| n/a |
n/a |
110,000 |
110,000 |
0.07 | 0.27 | 0.67 |
ETF Options
(CHF)
|
Floor
|
Factor / Trade
|
Limit per Product
|
Fee per Transaction in Excess
of Limit
|
| Normal | Mass Quote
(MASSQ) | < 50 % | 50-100 % | > 100 % |
| n/a |
n/a |
110,000 |
110,000 |
0.08 | 0.32 | 0.80 |
ETF Options
(EUR)
|
Floor
|
Factor / Trade
|
Limit per Product
|
Fee per Transaction in Excess
of Limit
|
| Normal | Mass Quote
(MASSQ) | < 50 % | 50-100 % | > 100 % |
| n/a |
n/a |
110,000 |
110,000 |
0.05 | 0.20 | 0.50 |
Equity Index Options
(CHF)
|
Floor
|
Factor / Trade
|
Limit per Product
|
Fee per Transaction in Excess
of Limit
|
| Normal | Mass Quote
(MASSQ) | < 50 % | 50-100 % | > 100 % |
| n/a |
n/a |
180,000 |
150,000 |
0.08 | 0.32 | 0.80 |
Equity Index Options
(EUR)
|
Floor
|
Factor / Trade
|
Limit per Product
|
Fee per Transaction in Excess
of Limit
|
| Normal | Mass Quote
(MASSQ) | < 50 % | 50-100 % | > 100 % |
| n/a |
n/a |
180,000 |
150,000 |
0.05 | 0.20 | 0.50 |
Options on Interest Rate Futures
(EUR)
|
Floor
|
Factor / Trade
|
Limit per Product
|
Fee per Transaction in Excess
of Limit
|
| Normal | Mass Quote
(MASSQ) | < 50 % | 50-100 % | > 100 % |
| n/a |
n/a |
180,000 |
150,000 |
0.05 | 0.20 | 0.50 |
Gold Options
(USD)
|
Floor
|
Factor / Trade
|
Limit per Product
|
Fee per Transaction in Excess
of Limit
|
| Normal | Mass Quote
(MASSQ) | < 50 % | 50-100 % | > 100 % |
| n/a |
n/a |
180,000 |
150,000 |
0.05 | 0.20 | 0.50 |
VSTOXX® Options
(EUR)
|
Floor
|
Factor / Trade
|
Limit per Product
|
Fee per Transaction in Excess
of Limit
|
| Normal | Mass Quote
(MASSQ) | < 50 % | 50-100 % | > 100 % |
| n/a |
n/a |
180,000 |
150,000 |
0.05 | 0.20 | 0.50 |
Futures
(CHF)
|
Floor
|
Factor / Trade
|
Limit per Product
|
Fee per Transaction in Excess
of Limit
|
| Normal | Mass Quote
(MASSQ) | < 50 % | 50-100 % | > 100 % |
| 200,000 |
6 |
n/a |
n/a |
0.08 | 0.32 | 0.80 |
Futures
(EUR)
|
Floor
|
Factor / Trade
|
Limit per Product
|
Fee per Transaction in Excess
of Limit
|
| Normal | Mass Quote
(MASSQ) | < 50 % | 50-100 % | > 100 % |
| 200,000 |
6 |
n/a |
n/a |
0.05 | 0.20 | 0.50 |
Futures
(GBP)
|
Floor
|
Factor / Trade
|
Limit per Product
|
Fee per Transaction in Excess
of Limit
|
| Normal | Mass Quote
(MASSQ) | < 50 % | 50-100 % | > 100 % |
| 200,000 |
6 |
n/a |
n/a |
0.03 | 0.13 | 0.33 |
Futures
(USD)
|
Floor
|
Factor / Trade
|
Limit per Product
|
Fee per Transaction in Excess
of Limit
|
| Normal | Mass Quote
(MASSQ) | < 50 % | 50-100 % | > 100 % |
| 200,000 |
6 |
n/a |
n/a |
0.07 | 0.27 | 0.67 |
Gold Futures
(USD)
|
Floor
|
Factor / Trade
|
Limit per Product
|
Fee per Transaction in Excess
of Limit
|
| Normal | Mass Quote
(MASSQ) | < 50 % | 50-100 % | > 100 % |
| 200,000 |
6 |
n/a |
n/a |
0.05 | 0.20 | 0.50 |
Eurex KOSPI Product
(KRW)
|
Floor
|
Factor / Trade
|
Limit per Product
|
Fee per Transaction in Excess
of Limit
|
| Normal | Mass Quote
(MASSQ) | < 50 % | 50-100 % | > 100 % |
| n/a |
n/a |
180,000 |
150,000 |
0.05 | 0.20 | 0.50 |
Euro-Inflation Futures (EUR)
For trading in Euro-Inflation Futures a transaction limit does not exist.
Dow Jones-UBS Commodity Futures
For trading in Dow Jones-UBS Commodity Futures a transaction limit does not exist.
CO2 Derivatives
For trading in CO2 Derivatives a transaction limit does not exist.
Power Derivatives
For trading in power derivatives a transaction limit does not exist.
Agriculture Derivatives
For trading in Agriculture Derivatives a transaction limit does not exist.
Dividend Derivatives
For trading in Dividend Derivatives a transaction limit does not exist.
Weather Derivatives
For trading in Hurricane Futures a transaction limit does not exist.
Property Derivatives
For trading in IPD UK Annual All Property Index Futures a transaction limit does not exist.
