Equity and ETF Derivatives: Introduction of new products and other changes; Handling of Equity Options on multi-market securities

1.  Introduction

The Management Board of Eurex Deutschland took the following decisions with effect from 3 November 2025:

• Introduction of 43 Equity Options pursuant to Annex B to the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland (hereafter referred to as: Contract Specifications) (Attachment 3a),
• Introduction of two Single Stock Futures pursuant to Annex A to the Contract Specifications (Attachment 3a)
• Introduction of eight Single Stock Dividend Future pursuant to Annex D to the Contract Specifications (Attachment 3a),
• Introduction of one ETF Option pursuant to the Contract Specifications (Attachment 2)
• Amendment of the contract expiry cycle for four Equity Options and four Single Stock Dividend Futures pursuant to Annexes B and D to the Contract Specifications (Attachment 3a)
• Amendment of the TES tick size for Equity Options with Group IDs ES11/12/14 pursuant to Annex B to the Contract Specifications (Attachment 3a)
• Cease the automatic listing of new expiry series and withdrawal of admission from trading of series without open interest in Equity Options on Ferrari (Product ID: 2FE) and Stellantis (Product ID: FIA5)
• Further changes to the Contract Specifications pursuant to Attachments 2 and 3a.

The Executive Board of Eurex Frankfurt AG took the following decision with effect from 3 November 2025:

• Amendment of the existing Liquidity Provider Programs "Equity 01 - Equity Options and Selected Equity Index Options" and "Equity 04 – Options on ETFs" with regard to the new products admitted to trading.

The Executive Board of Eurex Frankfurt AG took the following decision with effect from 1 December 2025:

• Amendment of the existing Liquidity Provider Program "Equity 03 - Single Stock Dividend Futures" with regard to the new products admitted to trading and to the existing products changes.

The Management Board of Eurex Deutschland took the following decision with effect from 24 November 2025:

• Amendment of the end of the exercise time on the last trading day from 20:30 to 18:30 CET for EURO STOXX 50 Dividend Mid-Curve Options (Product ID: OED1-5) pursuant to Annex D to the Contract Specifications (Attachment 3b).

To implement the above decisions of Eurex Deutschland, the Contract Specifications will be amended with effect from 3 November 2025, as outlined in Attachments 2 and 3a, and with effect from 24 November 2025, as outlined in Attachment 3b.

This circular contains all information on the introduction of the new products and the updated sections of the relevant Rules and Regulations of Eurex Deutschland.

Production start: 3 November 2025

2.  Required action

All participants with remaining open positions in Equity Options on Ferrari (Product ID: 2FE) and Stellantis (Product ID: FIA5) are required to independently verify settlement details and consult appropriate sources before taking action regarding corporate actions, early exercise and physical settlement.

3.  Details of the initiative

A. Product overview

Please refer to Attachment 1 for the product details.

B. Contract specifications and product parameters

For the detailed contract specifications, please see Attachments 2, 3a and 3b.

The full version of the updated Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland will be published on the Eurex website www.eurex.com as of start of trading under:

Rules & Regs > Eurex Rules & Regulations > 03. Contract Specifications

C. Admission to the T7 Entry Services (TES)

The new products will be admitted to the T7 Entry Services (TES). You can find the minimum block trade sizes on product level in the attached Contract Specifications in Attachment 2.

An overview of the T7 Entry Services available for the products as well as detailed information on single product basis with regard to availability, possibility of utilization and minimum entry size for the various T7 Entry Services is available on the Eurex website under the link: 

Data > Trading files > T7 Entry Service parameters 

​D. Risk parameters

As of start of trading, risk parameters of the new products will be published on the Eurex website under the link:

Data > Clearing files > Risk parameters and initial margins

and on the Eurex Clearing website www.eurex.com/ec-en/ under the following path:

Services > Risk parameters

You will also find an updated list with details regarding Prisma-eligible Eurex products under this path.

E. Excessive System Usage Fee and Order-to-Trade Ratio

The Excessive System Usage Fee and the Order-to-Trade Ratio for the new products are determined in line with the existing products (Single Stock Futures, Single Stock Dividend Futures, Equity Options). For detailed information, please refer to the Eurex website under the following links:

Rules & Regs > Regulations > Excessive System Usage Fee
Rules & Regs > Regulations > Order-to-Trade Ratio 

F. Mistrade parameters and position limits

Mistrade ranges and position limits for the new products will be published as of start of trading on the Eurex website under the link:

Markets > Product Overview

G. Transaction fees

For the transaction fees for the new products, please refer to the Price List of Eurex Clearing AG on the Eurex Clearing website www.eurex.com/ec-en/ under the link:

Rules & Regs > Eurex Clearing Rules & Regulations > 3. Price List

H. Vendor codes

At start of trading, vendor codes for the new products will be published on the Eurex website under the link:

Markets > Product Overview > Vendor Codes

I. Liquidity Provisioning

Please refer to the attached Product Specific Supplements (Attachments 4-6) for details. An overview of Market-Making and Liquidity Provisioning at Eurex can be found on the Eurex website under the following link:

Trade > Market-Making and Liquidity provisioning

J. Handling of Equity Options on multi-listed instruments

The Management Board of Eurex Deutschland took the decision, with effect from 3 November 2025, to cease the automatic listing of new expiry series and withdrawal of admission from trading of series without open interest in Equity Options on Ferrari (Product ID: 2FE) and Stellantis (Product ID: FIA5).

All participants with remaining open positions in the above products are required to independently verify settlement details and consult appropriate sources before taking action regarding corporate actions, early exercise and physical settlement. The underlying shares to these Equity Options represent multi-market securities where Clearstream Europe AG (CEU) uses domestic depository DTCC and US model for corporate action events.

Participants are additionally reminded that the reference market in the Contract Specifications serve the purpose of determining a market place for the price of the share underlying the contract. Physical deliveries of securities shall be made through a Settlement Location (according to Chapter I Part 1 Number 1.4.2 (2) and Chapter II Part 3 Number 3.6.1 of the Clearing Conditions of the Eurex Clearing AG), which may be different from the reference market specified in the Contract Specifications. Any corporate action carried out in respect of securities which relate to transactions in Equity Options, shall be processed by the relevant Settlement Location in accordance with the applicable rules of the relevant Settlement Location. Information on the settlement location for physical deliveries of securities originating from Eurex options can be found on the Eurex Clearing website under Settlement Locations.

Attachments: 

• 1 – Product overview 
• 2 – Updated sections of the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland
• 3a – Updated sections of the Annexes to the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland (effective 3 November 2025)
• 3b – Updated sections of the Annexes to the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland (effective 24 November 2025)
• 4 – Product Specific Supplement (PSS) for Equity Options and Selected Equity Index Options – Equity 01
• 5 – Product Specific Supplement (PSS) for Single Stock Dividend Futures – Equity 03
• 6 – Product Specific Supplement (PSS) for Options on ETFs – Equity 04

Further information