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Corporate actions procedures

Corporate actions procedures

Adjustments to Eurex Equity Options and Single Stock Futures due to corporate actions

In the case of capital adjustments of quoted equities, the corresponding equity options and Single Stock Futures may be affected. Adjustments to equity options and Single Stock Futures at the Eurex exchanges are subject to the principle of unchanged contract values. Hence, Eurex derivatives must represent the same rights/contract values prior to and after a capital adjustment.

The following gives an insight to the various types of capital adjustments and their handling:

  • The same capital adjustment ratio applies to option and futures products on the same underlying.
  • The capital adjustment does not affect the LEPO (Low Exercise Price Option) exercise price. The rules for the incrementing of the version number of a LEPO series are identical to those for a regular series. The existing rules for regular series apply to LEPO series concerning the splitting of the contract size into cash fraction and share fraction.
  • The effects of capital adjustments on OTC Flexible Option series are identical to those on regular option series. The handling of capital adjustments on regular options, described in the following text also applies to them.
  • For OTC Flexible Options transactions, the change of expiration date in case of a holiday or annual general meeting that is newly scheduled to this date is treated like a capital adjustment. The handling of capital adjustments on pending deliveries is performed by the Central Counterparty System (CCP) of Eurex Clearing AG.
  • At Eurex each standard option series generally has the version number 0. In the event of a capital adjustment, existing option series have their version number increased by 1.
  • The exercise prices and contract sizes resulting from the adjustment will be published by Eurex Clearing AG to members via the Market Supervision Messages window of the Eurex GUI (Graphical User Interface) immediately after the close of trading on the day before the capital adjustment takes effect.
  • Usually all outstanding orders and quotes in the order book in the adjusted series will be deleted after close of trading on the day before the adjustment takes effect.
 

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