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Contract Specifications
Contract standards
| Contract | Product ID | Underlying | Currency |
| Options on VSTOXX® Futures | OVS2 | VSTOXX® Futures | EUR |
Contract value
EUR 100 per volatility index point.
Settlement
Physical delivery of the underlying. The underlying matures on the same exchange day and will be settled in cash.
Price quotation and minimum price change
The price quotation is in index points with three decimal places. The minimum price change is 0.025 index points, equivalent to a value of EUR 2.50.
Contract months
Up to 8 months:The eight nearest successive calendar months.
Last trading day and final settlement day
Last trading day is the final settlement day. Final settlement day is 30 calendar days before the expiration day of the underlying options (i.e. 30 days before the third Friday of the expiration month of the underlying options, if this is an exchange day). This is usually the Wednesday before the second last Friday of the respective expiration month, if this is an exchange day; otherwise the exchange day immediately preceding that day. Close of trading in the maturing futures on the last trading day is at 12:00 CET.
Daily settlement price
The daily settlement price is established by Eurex. The daily settlement prices for Options on VSTOXX® Futures are determined through the Black/Scholes 76 model.
Further details are available in the clearing conditions.
Final settlement price
The final settlement price is established by Eurex on the final settlement day, based on the average of the index values of the underlying on the last trading day between 11:30 and 12:00 CET.
Exercise
American-style; an option can be exercised up to the end of the Post-Trading Full Period (20:30 CET) on any exchange day during the lifetime of the option.
Exercise prices
All option series have exercise prices with price gradations in the amount of not less that one point.
Number of exercise prices
Upon the admission of a contract, at least fifteen exercise prices shall be made available for each term for each call and put, such that seven exercise prices are in-the-money, one is at-the-money and seven are out-of-the-money.
Futures-style premium
The premium payment is not made through a one-time payment after the purchase of the option; instead it is part of the daily settlement process during the duration of the option position based on a mark-to-market valuation of the position on each exchange day. The valuation is made on the day on which the transaction is entered into on the basis of the difference between the option price and the daily settlement price, and thereafter on the basis of the difference between the daily settlement prices of the current exchange day and the preceding exchange day. The daily settlement may also result in an interim debit of the writer. Upon exercise and assignment of the option, as well as upon its expiration, a final premium payment shall be made in an amount equivalent to the daily settlement price of the options contract on the exercise day or the expiration day, as the case may be.
Block Trades
Admitted to the Eurex Block Trade Service with a Minimum Block Trade Size of 1,000 contracts; the EnLight Minimum Block Trade Size is 1,000 contracts.
Market-Making Parameter
All quotation parameters at a glance
Mistrade Parameter
This file provides an overview of mistrade ranges for Options and Futures including information on their behavior close to expiration and in stressed markets.
Crossing Parameters
(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.
| Pre-Trading | Trading | Post-Trading | |||
|---|---|---|---|---|---|
| Full | Late1 | Late2 | Restricted | ||
| 07:30 | 08:50 | 17:30 | 18:30 | 20:30 |
| Pre-Trading | Trading | Post-Trading | |||
|---|---|---|---|---|---|
| Full | Late1 | Late2 | Restricted | ||
| 07:30 | 08:50 | 12:00 | 20:30 |
Last Trading Day for VSTOXX® derivatives
Last Trading Day for EURO STOXX 50® Variance Futures
Final Settlement Day for EURO STOXX 50® Variance Futures (no trading)
Last Trading Day for VSTOXX® derivatives
Last Trading Day for EURO STOXX 50® Variance Futures
Final Settlement Day for EURO STOXX 50® Variance Futures (no trading)
Last Trading Day for EURO STOXX 50® Variance Futures
Final Settlement Day for EURO STOXX 50® Variance Futures (no trading)
Last Trading Day for VSTOXX® derivatives
Eurex is closed for trading and clearing (exercise, settlement and cash) in all derivatives
Eurex is closed for trading and clearing (exercise, settlement and cash) in all derivatives
Last Trading Day for VSTOXX® derivatives
Last Trading Day for EURO STOXX 50® Variance Futures
Final Settlement Day for EURO STOXX 50® Variance Futures (no trading)
Eurex is closed for trading and clearing (exercise, settlement and cash) in all derivatives
Last Trading Day for VSTOXX® derivatives
Last Trading Day for EURO STOXX 50® Variance Futures
Final Settlement Day for EURO STOXX 50® Variance Futures (no trading)
Last Trading Day for EURO STOXX 50® Variance Futures
Final Settlement Day for EURO STOXX 50® Variance Futures (no trading)
Last Trading Day for VSTOXX® derivatives
Last Trading Day for VSTOXX® derivatives
Last Trading Day for EURO STOXX 50® Variance Futures
Final Settlement Day for EURO STOXX 50® Variance Futures (no trading)
Last Trading Day for VSTOXX® derivatives
Last Trading Day for EURO STOXX 50® Variance Futures
Final Settlement Day for EURO STOXX 50® Variance Futures (no trading)
Last Trading Day for EURO STOXX 50® Variance Futures
Final Settlement Day for EURO STOXX 50® Variance Futures (no trading)
Last Trading Day for VSTOXX® derivatives
Last Trading Day for VSTOXX® derivatives
Last Trading Day for EURO STOXX 50® Variance Futures
Final Settlement Day for EURO STOXX 50® Variance Futures (no trading)
Last Trading Day for VSTOXX® derivatives
Last Trading Day for EURO STOXX 50® Variance Futures
Final Settlement Day for EURO STOXX 50® Variance Futures (no trading)
Last Trading Day for EURO STOXX 50® Variance Futures
Final Settlement Day for EURO STOXX 50® Variance Futures (no trading)
Last Trading Day for VSTOXX® derivatives
Eurex is closed for trading and clearing (exercise, settlement and cash) in all derivatives
Eurex is closed for trading and clearing (exercise, settlement and cash) in all derivatives
| Fee Type | Fee |
|---|---|
| Exchange transactions: Standard fees (A-, M- and P-accounts) | EUR 0.30 per contract |
| TES transactions / Eurex EnLight: Standard fees (A-, M- and P-accounts) | EUR 0.30 per contract |
| Position Closing Adjustments (A-, M- and P-accounts) | EUR 0.60 per contract |
| Exercise of options (A-, M- and P-accounts) | EUR 0.10 per contract |
| Assignment of options (A-, M- and P-accounts) | EUR 0.10 per contract |
| Position transfer with cash transfer | EUR 7.50 per transaction |
Market Status ⓘ
XEUR
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