Transaction Limits
In order to encourage a responsible attitude towards use of the system's resources by members, Eurex defines
limits for the number of transactions generated on a member's front-end which are 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 (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. Separate limits are set for the number of Mass Quote
transactions that can be generated as part of the product-specific limits.
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 node, 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 programmable interface. Moreover, Eurex management must approve the use of such applications.
Excess transaction fees which become due are not charged automatically. In the event of transaction limits being exceeded,
Eurex will investigate the causes on an individual case by case basis before charging the associated fees. In justified cases, the fees may be waived.
For continuing violation of transaction limits, Eurex will charge the excess transaction fees to the respective member.
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 |
15,000 |
10,000 |
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 |
15,000 |
10,000 |
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 |
15,000 |
10,000 |
0.07 | 0.27 | 0.67 |
EXTF 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 |
15,000 |
10,000 |
0.08 | 0.32 | 0.80 |
EXTF 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 |
15,000 |
10,000 |
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 |
25,000 |
15,000 |
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 |
25,000 |
15,000 |
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 |
25,000 |
15,000 |
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 % |
| 25,000 |
5 |
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 % |
| 25,000 |
5 |
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 % |
| 25,000 |
5 |
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 % |
| 25,000 |
5 |
n/a |
n/a |
0.07 | 0.27 | 0.67 |
Euro-Inflation Futures (EUR)
For trading in Euro-Inflation Futures a transaction limit does not exist.
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 5 and the floor is 25,000.
Example:
- Dow Jones EURO STOXX 50® Futures (FESX); Member's executed trades in FESX on a particular day = 7,000.
- Transaction limit on FESX for the member on that day
= Max (7,000 * 5; 25,000)
= Max (35,000; 25,000)
= 35,000
