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Eurex
1. Introduction
According to Eurex circular 122/22, Eurex Clearing AG offers currently reduced transaction fees for selected MSCI Futures. This temporary reduction is valid until 31 December 2023 and should be extended as of 1 January 2024 until 31 December 2024.
As well until 31 December 2024, the existing Asian Broker scheme will be extended for selected MSCI Futures. This incentive scheme targets market participants who act as interdealer brokers in selected Asian MSCI Futures during Asian trading hours.
In addition, the fee reduction for the usage of Daily Futures via calendar instruments (“fee waiver”) will be extended until 30 April 2024.
2. Required action
Interested market participants in the Asian broker scheme are requested to send the filled-out form (Attachment 2) to Eurex Frankfurt AG. Market participants already active under the current Asian Broker scheme do not need to send another form.
3. Details
A. Extension of transaction fee reductions for selected products
For the period from 1 January 2024 until 31 December 2024, the transaction fees for the products shown in the table in Attachment 1 will be further kept at a reduced level compared to the Price List of Eurex Clearing AG (Price List).
The transaction fees of all other MSCI derivatives are shown in the full version of the Price List available on the Eurex Clearing website www.eurex.com/ec-en under the following link:
Rules & Regs > Eurex Clearing Rules & Regulations > 3. Price List
B. Extension of existing Asian Broker scheme
To further increase the activity in Asian MSCI Index Futures, market participants based in Asia who act as interdealer brokers and who have the ability to enter trades at Eurex directly from their Asian location can qualify for monetary incentives from 1 January 2024 until 31 December 2024. The following conditions need to be fulfilled:
Per traded contract during the aforementioned period, Eurex Frankfurt AG will pay the market participant a fixed amount, which differs between trades entered during roll months (March, June, September and December) and non-roll months. For trades, where the Broker initially takes both sides, buy and sell, the incentives will be also paid for both sides. Accordingly, for calendar spreads („rolls“), the incentives will be paid for both legs.
All amounts are in US dollar (USD) and will be paid quarterly. Details are summarized in the table in Attachment 1.
Per product and broker, a maximum pay-out amount is fixed at USD 10,000 per month (in a roll month) or USD 7,500 per month (in a non-roll month).
Eurex Frankfurt AG reserves the right to adjust the selection of products, as well as the pay-outs on a quarterly basis. Any changes will be announced via another Eurex circular.
Interested market participants, who want to participate in the Asian Broker scheme, are not allowed to participate in any other incentive scheme for MSCI derivates at Eurex simultaneously.
C. Extension of fee waiver for usage of Daily MSCI Futures via calendar instrument
In addition, a fee waiver for the usage of Daily MSCI Futures via calendar instrument (to enable basis trading) is currently granted. This fee waiver, which is offered until 31 October 2023 will be extended unchanged until 30 April 2024. For the period from 1 November 2023 until 30 April 2024, the transaction fees per leg for trading of the calendar instrument between daily and quarterly futures will be the following:
Product / | Currency | Execution Type | Accounts | Standard Fee per Contract |
MSCI Futures, if traded via the calendar spread instrument between a Daily and a Quarterly Future | In product currency | Order book | A | 0.00 |
P | 0.00 | |||
M | 0.00 | |||
TES & Eurex EnLight | A | 0.15 | ||
P | 0.15 | |||
M | 0.15 |
Only as of 1 May 2024, the transaction fees according to the Price List of Eurex Clearing AG will be charged.
Attachments:
Further information
Recipients: | All Trading Participants of Eurex Deutschland and Vendors | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination | |
Contacts: | Rachna Mathur, Equity & Index Sales, tel. +1 212 309 93 08, rachna.mathur@eurex.com; Mezhgan Qabool, Equity & Index Sales, tel. +65 6597 3062, mezhgan.qabool@eurex.com; Ralf Huesmann, Equity & Index Product Design, tel. +49-69-211-1 54 43, ralf.huesmann@eurex.com | |
Related circular: | Eurex Circular 122/22 | |
Web: | www.eurex.com | |
Authorized by: | Randolf Roth |
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