Eurex T7 Entry Services

Exchange for Swaps

Interest Rate Derivatives

Futures Leg
A list of all combinations of Eurex interest rate futures and off-book interest rate swaps as well as off-book interest rate swaptions admitted as a Futures Leg for the EFS Service can be found in the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland, chapter 3.2.4.

Cash Leg
Cash transactions in EFS Trades must have the following characteristics:

  • Off-book interest rate swap or swaption
  • Agreement under the terms of an ISDA Master Agreement or any similar framework agreements

Equity Index Futures

Futures Leg
A list of all Equity Index Futures admitted as a Futures Leg for the EFS Service can be found in the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland, chapter 3.2.4.

Cash Leg
Cash transactions in EFS Trades for equity indexes are equity index swaps with the following characteristics:

  • The share basket reflected via the swap shall be composed of at least ten different index components or a number of shares which represent at least half of the equity index underlying the futures contract
  • The market value of the part of the share basket reflected via the swap whose values are part of the equity index underlying the futures contract shall be at minimum 20 percent of the market value of the entire cash transaction.
  • All single shares in the share basket reflected via the swap shall be part of the STOXX® Europe TMI Index, the MSCI World Index, the MSCI Emerging Markets Index, the MSCI Frontier Markets Index, the ATX® or the CECE® EUR Index.
  • Written under the terms of an ISDA Master Agreement
  • All swap payments must be denominated in a currency of the OECD Member States


Clearing of Exchange for Swaps
EFS Trades are supported by Eurex Clearing for clearing and settlement.

  • The EFS Service allows Eurex Trading Participants to clear futures positions resulting from EFS Trades through Eurex Clearing.
  • The EFS Service is not used to conclude cash transactions (see Cash Leg)
  • Equity index futures positions resulting from EFS Trades are administered as normal exchange positions by the Eurex system and may be closed through the regular market

Market Status

XEUR

The market status window is an indication regarding the current technical availability of the trading system. It indicates whether news board messages regarding current technical issues of the trading system have been published or will be published shortly.

Please find further information about incident handling in the Emergency Playbook published on the Eurex webpage under Support --> Emergencies and safeguards. Detailed information about incident communication, market re-opening procedures and best practices for order and trade reconciliation can be found in the chapters 4.2, 4.3 and 4.5, respectively. Concrete information for the respective incident will be published during the incident via newsboard message. 

We strongly recommend not to take any decisions based on the indications in the market status window but to always check the production news board for comprehensive information on an incident.

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