The terms “transaction”, “transaction management” and “transaction adjustment” apply for any transaction in clearing, this includes new on-book trades (central order book), TES trades (pre-arranged trades entered to the exchange system via T7 Entry Service), as well as transactions resulting from trade or position adjustments.
The following transaction adjustments are available:
The following position adjustments are available:
Position close-out/re-open: members can close-out and re-open positions manually. Closing-out positions reduces the long and the short side of the position equally. Previously closed-out positions can be re-opened.
Automatic position close-out: members can optionally instruct the system to automatically close-out open positions during the end-of-day processing; this can be activated per transaction account. Configured close-out rules will be executed during the daily end-of-day processing (including on expiration day of contracts) before exercise/assignment processing.
Position account transfer: positions can be transferred to a different account and partial transfers are supported.
External position transfer (with/without cash): positions can be transferred to another Member (external position transfer). All external position transfers are real-time and can optionally carry a cash amount. External position transfers require the approval/acceptance of the initiating and receiving Member, as well as their respective Clearing Members.
Exercise/assignment: Open long positions can be manually exercised. When a long position in options is exercised, the system randomly selects an option seller from among all open short positions of the same option series who will be assigned that exercise: the assigned seller will be obliged to fulfill the contractual conditions for delivery or receipt of the underlying.
Automatic exercise: members can maintain rules for the automatic exercise processing by setting minimum in-the-money (ITM) amounts per product and transaction account. Upon processing of the automatic exercise all positions that are sufficiently in-the-money and not abandoned are exercised. Note that automatic exercise only applies on the expiration day, regardless of the option style (American/European).
Abandon/unabandon: To exclude an option position (total or partial) from automatic exercise, Members can use the Abandon functionality.
Notification/Allocation: Notification is done by Clearing Members that hold short positions in physically settled products to indicate their choice of deliverable from a basket via notification on the expiry date. Once the notification process is completed, the securities nominated in the notification process are randomly allocated by the Clearing House to the holders of the long position in physically settled products.
For more information, please refer to: Transaction management listed derivatives.
Members can use the C7 Derivatives Clearing GUI for all transaction and position management functionality in all transaction accounts as well as maintenance of product assignment and auto approval for give-up/take-up.
Transactions are adjustable for a limited period, known as the transaction duration. The limit is set to allow adjustments on T=trade date until T+2 for ECC (European Commodity Clearing AG) and T+ 5 for ECAG (Eurex Clearing AG).
Open positions are automatically exercised on expiration day when the defined minimum in-the-money-amount is met. A default minimum in-the-money amount is defined for all Eurex option products (0.01 for products denominated in currencies with 2 decimal places and 1 for GBX products). To prevent auto-exercise of ITM positions it is necessary to Abandon the position before the clearing cut-off time.
Eurex Clearing publishes a newsboard message daily with the title “End of assignment EUREX”, this usually happens shortly after 20:30 CET. Please check: Production Newsboard.
At the previous night’s settlement price for future style products and 0 (zero) for premium style products. The user can adjust the price by entering a cash adjustment price or a cash amount. There is a fee for Position Transfer with Cash, please refer to the Eurex Clearing Price List.
Eurex Frankfurt AG
Key Account Management
Service times from 09:00 - 18:00 CET
T +49-69-211-10 333