Fixed Income Options: Changes to Liquidity Provider Eligible Volume in Options on Money Market Index Futures and Options on Fixed Income Futures

1.  Introduction

This circular announces changes to the take-up procedures and associated rebate eligibility for Options on Money Market Index Futures and Options on Fixed Income Futures.

The Executive Boards of Eurex Clearing AG and Eurex Frankfurt AG decided that the following shall become effective on 1 August 2025:

The Product Specific Supplements (PSS):

• Fixed Income 02 - Options on Euro-OAT Futures
• Fixed Income 03 - Options on Euro-BTP Futures
• Fixed Income 04 - Options on Euro-Bund-, Euro-Bobl- and Euro-Schatz-Futures
• Fixed Income 11 - Options on Euro-Buxl Futures
• Fixed Income 18 - Options on Euribor Futures

will be amended as shown in Attachments 1 to 5 to support the new procedure of taking up transactions (“Take-up”) directly on the M-account with eligibility of the transactions taken up for Liquidity Provider rebates.

2.  Required action

Trading Participants are advised to review their internal processes and/or technical interfaces to ensure readiness for the transition to the new procedure to support direct Take-up on M-accounts, ensuring accurate volume processing for rebate eligibility.

3.  Details of the initiative

A. Current procedure

In accordance with the current procedure for determining Liquidity Provider Eligible Volume, Section 3.1.1, paragraph 4 of the General Supplement to the Liquidity Provider Agreement does not apply to transactions taken up in products allocated to Options on Money Market Index Futures and Options on Fixed Income Futures, if these transactions have been taken up on the Clearing Member’s, Trading Participant’s or Registered Customer’s P-accounts and an equivalent position is subsequently transferred to the corresponding M-accounts.

This procedure will remain valid and operational during a defined transition period.

B. New procedure - direct Take-up on the M-account

Effective 1 August 2025, Eurex will introduce an additional procedure that will allow Liquidity Providers in Options on Money Market Index Futures and Options on Fixed Income Futures to directly take up transactions on M-accounts. This enhancement is intended to streamline post-trade processing and reduce operational overhead for our clients.

C. Transition period

Both the current procedure and the new “direct Take-up on the M-account” procedure will coexist during a transition period from 1 August 2025 to 31 October 2025.

D.  Decommissioning of the current procedure

As of 1 November 2025, the current procedure involving take-up on P-accounts followed by transfer to M-accounts will be discontinued. From this date onward, only the “direct Take-pp on the M-account” procedure will be supported.

The amendments will be deemed to have been approved if the Liquidity Provider does not lodge objections with Eurex Frankfurt and Eurex Clearing within two (2) weeks of notification of the amendment.

Unless the context requires otherwise, terms used and not otherwise defined in this circular shall have the meaning ascribed to them in the Clearing Conditions or FCM Clearing Conditions of Eurex Clearing AG, as applicable.

Attachments:

• 1 – Amended PSS “Fixed Income 02 – Options on Euro-OAT Futures”
• 2 – Amended PSS “Fixed Income 03 – Options on Euro-BTP Futures”
• 3 – Amended PSS “Fixed Income 04 – Options on Euro-Bund-, Euro-Bobl- and Euro-Schatz-Futures”
• 4 – Amended PSS “Fixed Income 11 – Options on Euro-Buxl Futures”
• 5 – Amended PSS “Fixed Income 18 – Options on Euribor Futures”

Further information