Futures on notional short-, medium- or long-term debt instruments issued by the Federal Republic of Germany, the French Republic and the Republic of Italy with remaining terms and a coupon of:
|Options on||Product ID||Underlying||Remaining term of the underlying||Coupon (percent)|
1.75 to 2.25 years
4.5 to 5.5 years
8.5 to 10.5 years
24.0 to 35.0 years
8.5 to 10.5 years
8.5 to 11 years
One fixed income futures contract.
The exercise of an option on fixed income futures results in the creation of a corresponding position in the fixed income futures for the option buyer as well as the seller to whom the exercise is assigned. The position is established after the Post-Trading Full Period of the exercise day, and is based on the agreed exercise price.
Price quotation and minimum price change
|Options on||Minimum price change|
Standard - up to 6 months: The three nearest successive calendar months and the following quarterly month of the March, June, September and December cycle thereafter.
Calendar months: The maturity month of the underlying futures contract is the quarterly month following the expiration month of the option.
Quarterly months: The maturity month of the underlying futures contract and the expiration month of the option are identical.
OGBL: In addition to the standard expirations, the five next weeks for the first, second, third, fourth and fifth week of the following maturity month with a weekly options expiration. In the expiration week of the standard option series, no additional weekly expiration will be available.
Between Christmas and New Year's Eve weekly expirations are not available for trading as well.
Last trading day
Standard: Last trading day is the last Friday prior to the first calendar day of the option expiration month, followed by at least two exchange days prior to the first calendar day of the option expiration month.
OGBL: In addition to the standard expirations, last trading day is the Friday of the respective expiration week, if this is an exchange day; otherwise the exchange day immediately preceding that day.
Unless at least two exchange days lie between the last Friday of a month and the first calendar day of the expiration month, the last trading day is the Friday preceding the last Friday. If this Friday is not an exchange day, the exchange day immediately preceding that Friday is the last trading day. An exchange day within the meaning of this exception is a day, which is both an exchange day at the Eurex Exchanges and a federal workday in the U.S.
If the preceding exchange day is not in the same calendar month as the Friday of the expiration week, the last trading day shall be the exchange day following the Friday of the expiration week.
Daily settlement price
The daily settlement price is established by Eurex. The daily settlement prices for options on fixed income futures are determined trough the binomial model according to Cox/Ross/Rubinstein.
American-style; an option can be exercised until the end of the Post-Trading Full Period (18:30 CET, on the last trading day 18:00 CET) on any exchange day during the lifetime of the option.
|Options on||Exercise price intervals in points|
Number of exercise prices
Upon the admission of the options, at least nine exercise prices shall be made available for each term for each call and put, such that four exercise prices are in-the-money, one is at-the-money and four are out of-the-money.
The premium is settled using the futures-style method.
Admitted to the Eurex Block Trade Service with a Minimum Block Trade Size of 300 contracts.
All quotation parameters at a glance
This file provides an overview of mistrade ranges for Options and Futures including information on their behavior close to expiration and in stressed markets.
(section 2.6 Eurex Trading Conditions)
(1) Orders and quotes relating to the same instrument or combined instrument may, in case they could immediately be executed against each other, neither be entered knowingly by an Exchange Participant (a cross trade) nor pursuant to a prior understanding by two different Exchange Participants (a pre-arranged trade), unless the conditions according to Paragraph 3 have been fulfilled. The same shall apply for the entry of orders as part of a quote.
(2) An Exchange Participant may submit a description of his internal and external links to the EDP system of Eurex Deutschland to the Market Surveillance Office of Eurex Deutschland with a view to a decision on whether the Exchange Participant acted knowingly within the meaning of Paragraph 1. The details of the specifications of the description of the IT linkage pursuant to Sentence 1 shall be determined by the Surveillance Office of Eurex Deutschland in agreement with the Management Board of Eurex Deutschland.
(3) A cross trade or a pre-arranged trade is admissible if a participant in a cross-trade or a pre-arranged trade, prior to entering his order or quote into the EDP system of Eurex Deutschland, announces his intention to execute a corresponding number of contracts as cross-trades or pre-arranged trades in the order book (“cross request”). The order or quote giving rise to the cross trade or pre-arranged trade must be entered one second at the earliest and 61 seconds at the latest with regard to Money Market Futures contracts, Fixed Income Futures contracts, options on Money Market Futures contracts and options on Fixed Income Futures contracts, respectively 31 seconds at the latest with regard to all other futures and option contracts after having entered the cross request. The purchasing Exchange Participant shall bear the responsibility for compliance with the content of the cross request entry. Entering a cross request without subsequently entering the respective order or quote is not admissible.
(4) Paragraphs 1 and 3 shall not apply to transactions consummated during the netting process in an auction (Number 1.4 Paragraphs 2 and Paragraph 3).
(5) Paragraph 1 shall apply mutatis mutandis to other behaviour constituting evasion of this regulation.
|Exchange transactions: Standard fees (A-accounts)||EUR 0.25 per contract|
|Exchange transactions: Standard fees (M- and P-accounts)||EUR 0.20 per contract|
|Exchange transactions: Reduced fees A-accounts (contract volume above threshold)||EUR 0.13 per contract|
|Exchange transactions: Reduced fees P-accounts (contract volume above threshold)||EUR 0.10 per contract|
|TES transactions: Standard fees (A-accounts)||EUR 0.25 per contract|
|Eurex EnLight: Standard fees (A-accounts)||EUR 0.25 per contract|
|TES transactions / Eurex EnLight: Standard fees (M- and P-accounts)||EUR 0.20 per contract|
|TES transactions / Eurex EnLight: Reduced fees A-accounts (contract volume above threshold)||EUR 0.13 per contract|
|TES transactions / Eurex EnLight: Reduced fees P-accounts (contract volume above threshold)||EUR 0.10 per contract|
|Threshold A-accounts||7,500.00 contracts|
|Threshold P-accounts||7,500.00 contracts|
|Position Closing Adjustments (A-accounts)||EUR 0.50 per contract|
|Position Closing Adjustments (M- and P-accounts)||EUR 0.40 per contract|
|Exercise of options (A-accounts)||EUR 0.25 per contract|
|Exercise of options (M- and P-accounts)||EUR 0.20 per contract|
|Assignment of options (A-accounts)||EUR 0.25 per contract|
|Assignment of options (M- and P-accounts)||EUR 0.20 per contract|
|Position transfer with cash transfer||EUR 7.50 per transaction|
Market Status ⓘ
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