eurex clearing partnership program...end of june +0.05 +0.20 +0.35 +0.40 +0.55 1 volumes do not...

22
Eurex Clearing Partnership Programme October 2020

Upload: others

Post on 03-Oct-2020

1 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: Eurex Clearing Partnership Program...End of June +0.05 +0.20 +0.35 +0.40 +0.55 1 Volumes do not include post trading events (compression) 2 Based on ADV and subject to the ECAG Trading

Eurex Clearing –

Partnership

Programme

October 2020

Page 2: Eurex Clearing Partnership Program...End of June +0.05 +0.20 +0.35 +0.40 +0.55 1 Volumes do not include post trading events (compression) 2 Based on ADV and subject to the ECAG Trading

This industry partnership programme is designed to benefit the broader market

All Eurex Clearing Members and Registered Clients are

eligible to participate in the Partnership Programme

Governance

Representation on Eurex Clearing Supervisory Board

Participation in FIC Board Advisory Committee

+

Revenue Sharing

Attractive Performance Based Sharing

Turning into Perpetual Revenue Share after year 4

Direct rewards to 10 most active participants…Programme designed to deliver benefits for all

Eurex Clearing clients

▪ Price transparency and tight bid-offer spreads for Eurex

cleared swaps

▪ Cross-Margining across listed and OTC optimizes margin

requirements „PRISMA“

▪ Broad eligible collateral spectrum reduces funding costs

and liquidity needs

▪ Innovative direct buy-side access models reduce capital

requirements and improve asset protection “ISA Direct”

22 December 20202

Page 3: Eurex Clearing Partnership Program...End of June +0.05 +0.20 +0.35 +0.40 +0.55 1 Volumes do not include post trading events (compression) 2 Based on ADV and subject to the ECAG Trading

TOP Performers will be represented in the FIC Board Advisory Committee and the Supervisory Board

1Subject to minimum average daily volume during applicable measuring period of €35BN; otherwise mearing period and

assignment shifted by 12 months for Supervisory Board and extended by 6 months for FIC Board Advisory Committee

Scope Permanent Partnership 2018-2021 Perpetual Phase

Eurex FIC Board

Advisory Commitee

▪ Will consist of 10 members

▪ Advised the Executive Board of

Eurex Clearing on

▪ the general Fixed Income and

Currencies strategy and

▪ product and service expansions in

Fixed Income and Currencies

10 Seats assigned to

TOP performers

▪ TOP 10 performers based

on time-weighted

multiplied undiscounted

gross revenues during

applicable measuring

period

▪ 2 terms of each 2 years

starting June 20181

▪ TOP 10 performers based

on time-weighted

multiplied undiscounted

gross revenues during

Phase 1

Eurex Clearing

Supervisory Board

▪ Currently 12 members

▪ Appoints the Executive Board

▪ Appoints chairman/ -woman

▪ Approves important decisions and

planning

5 Seats assigned to

TOP performers

▪ TOP 5 performers based

on time-weighted

multiplied undiscounted

gross revenues during

applicable measuring

period

▪ 2 terms of each 2 years

starting June 20181

▪ TOP 10 performers based

on time-weighted

multiplied undiscounted

gross revenues over

Phase 1 receive

nomination right

▪ 5 representatives are

elected

▪ Right to nominate

Chairman/ -woman

22 December 20203

Page 4: Eurex Clearing Partnership Program...End of June +0.05 +0.20 +0.35 +0.40 +0.55 1 Volumes do not include post trading events (compression) 2 Based on ADV and subject to the ECAG Trading

Eurex’ Partnership Programs gains broad market support with 40 participants around the globe

35OTC IRD

Participants

31Repo

Participants

22 December 20204

Page 5: Eurex Clearing Partnership Program...End of June +0.05 +0.20 +0.35 +0.40 +0.55 1 Volumes do not include post trading events (compression) 2 Based on ADV and subject to the ECAG Trading

Approved Platforms at Eurex Clearing for OTC IRS Approved Platforms at Eurex Clearing for Repo

Eurex’ Partnership Programme gains broad market support with platforms around the globe

22 December 20205

Page 6: Eurex Clearing Partnership Program...End of June +0.05 +0.20 +0.35 +0.40 +0.55 1 Volumes do not include post trading events (compression) 2 Based on ADV and subject to the ECAG Trading

OTC IRD Volume Development at Eurex Clearing (1/2)Volumes as of 30th November 2020

1) Based on ADV and subject to the ECAG Trading Calendar 2019/2020

% YoY: ADV Oct ‘20 vs Oct ‘19

Market share source: Eurex, LCH and CME Website

Market share excludes volumes generated from post trading events

Based on ADV and subject to the ECAG Trading Calendar 2019/2020

15.3%EUR Market Share1 as of 30th November

2020

↗ +20%

€ 173bnADVas of 30th November 2020

Average Daily Volume in € bn

6

18

33

12

19

26

28

30

30

37 36

82

38

71 6780

6452

64 69

42

142

124117 119

101

126114

57

75

121

144

84

240

115

75

94

142

199

99

72

145

124

173

Jan 1

8

Feb

18

Ma

r 18

Apri 1

8

Ma

y 1

8

Jun 1

8

Jul 18

Aug 1

8

Sep 1

8

Oct 18

No

v 1

8

De

c 1

8

Jan

-19

Feb

-20

Ma

r-1

9

Apr-

19

Ma

y-1

9

Jun-1

9

Jul-1

9

Aug-1

9

Sep-1

9

Oct-

19

No

v-1

9

De

c-1

9

Jan

-20

Feb

-20

Ma

r-2

0

Apr-

20

Ma

y-2

0

Jun-2

0

Jul-2

0

Aug-2

0

Sep-2

0

Oct-

20

No

v-2

0

FRA OIS IRS Basis Compression cycle

Page 7: Eurex Clearing Partnership Program...End of June +0.05 +0.20 +0.35 +0.40 +0.55 1 Volumes do not include post trading events (compression) 2 Based on ADV and subject to the ECAG Trading

OTC IRD Volume Development at Eurex Clearing (2/2)Volumes as of 30th November 2020

% YoY: Notional Outstanding Oct ’20 vs Oct ‘19

Market share source: Eurex, LCH and CME Website

18.1%EUR Market Share as of 30th November

2020

↗ +29%

€ 18.5tnNotional Outstandingas of 30th November 2020

Notional Outstanding in € tn

7

2.73.3

4.7 5.2

6.57.2

8.39.2 9.1

9.810.5

7.9

10.4

12.212.9

14.315.2

11.2

12.7 12.812.3 12.5

14.3

12.9

17.018.1

17.6 17.919.0 18.9

19.5 19.3

17.818.9

18.2

Jan

18

Feb

18

Mar

18

Ap

ri 1

8

May

18

Jun

18

Jul 1

8

Au

g 1

8

Sep

18

Oct

18

No

v 1

8

De

c 1

8

Jan

-19

Feb

-20

Mar

-19

Ap

r-1

9

May

-19

Jun

-19

Jul-

19

Au

g-1

9

Sep

-19

Oct

-19

No

v-1

9

De

c-1

9

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

FRA OIS IRS Basis

Page 8: Eurex Clearing Partnership Program...End of June +0.05 +0.20 +0.35 +0.40 +0.55 1 Volumes do not include post trading events (compression) 2 Based on ADV and subject to the ECAG Trading

OTC IRD Volume Development at Eurex Clearing (II)Participants and Development

1) Reflects newly admitted clients since 1 Jan 19, as of 30.11.2020

2) Multiple Clearing relations of the same entity are not counted

+221

89 Clearing Members

+2701

>400 Disclosed Clients2

1Price transparency & competitive

quotes✓

2 Establish significant FRA Market Share ✓

3 Onboard Buy-Side clients ✓

4 CCP switch, Live Run April 2019 ✓

5 Grow open interest in IRS/OIS On track

6 Build Non-EUR Liquidity Started

22 December 20208

Clearing Members Development

Page 9: Eurex Clearing Partnership Program...End of June +0.05 +0.20 +0.35 +0.40 +0.55 1 Volumes do not include post trading events (compression) 2 Based on ADV and subject to the ECAG Trading

LCH-Eurex Basis is flattening for all Tenors (1/3)

(2.000)

(1.000)

-

1.000

2.000

3.000

4.000

Jan 1

8

Feb

18

Ma

r 18

Apr

18

Ma

y 1

8

Jun 1

8

Jul 18

Aug 1

8

Sep 1

8

Oct 18

No

v 1

8

De

c 1

8

Jan 1

9

Feb

19

Ma

r 19

Apr

19

Ma

y 1

9

Jun 1

9

Jul 19

Aug 1

9

Sep 1

9

Oct 19

No

v 1

9

De

c 1

9

Jan 2

0

Feb

20

Ma

r 20

Apr

20

Ma

y 2

0

Jun 2

0

Jul 20

Aug 2

0

Sep 2

0

Oct 20

2 Year 5 Year 10 Year 20 Year 30 YearSource: Bloomberg

LCH-Eurex Basis Development

Date 2yr 5yr 10yr 20yr 30yr

As of 13th October 2020 +0.05 -0.05 -0.05 -0.10 -0.10

22 December 20209

Page 10: Eurex Clearing Partnership Program...End of June +0.05 +0.20 +0.35 +0.40 +0.55 1 Volumes do not include post trading events (compression) 2 Based on ADV and subject to the ECAG Trading

LCH-Eurex Basis is flattening for all Tenors (2/3)

-1.00

0.00

1.00

2.00

3.00

4.00

45%

50%

55%

60%

65%

70%

06

-11-2

017

30

-11-2

017

24

-01-2

018

06

-03-2

018

07

-05-2

018

04

-07-2

018

08

-08-2

018

05

-09-2

018

17

-10-2

018

29

-10-2

018

21

-11-2

018

04

-12-2

018

04

-02-2

019

07

-03-2

019

09

-05-2

019

01

-07-2

019

22

-08-2

019

16

-10-2

019

15

-11-2

019

23

-01-2

020

26

-02-2

020

20

-03-2

020

20

-04-2

020

29

-05-2

020

10

-07-2

020

14

-08-2

020

23

-09-2

020

13

-10-2

020

Portfolio balance indicator (PBI) Basis

BasisPBI

50% = full balance of payer and receiver flow

22 December 202010

Client DV01 balance vs EUREX-LCH Basis

Page 11: Eurex Clearing Partnership Program...End of June +0.05 +0.20 +0.35 +0.40 +0.55 1 Volumes do not include post trading events (compression) 2 Based on ADV and subject to the ECAG Trading

LCH-Eurex Basis is flattening for all Tenors (3/3)

Date 2yr 5yr 10yr 20yr 30yr

2020

End of January +0.05 +0.10 +0.20 +0.25 +0.45

End of February +0.05 +0.05 +0.10 +0.10 +0.20

End of March +0.20 +0.50 +0.70 +0.90 +1.20

End of April +0.30 +0.95 +1.45 +1.55 +1.80

End of May +0.15 +0.40 +0.55 +0.65 +0.85

End of June +0.05 +0.20 +0.35 +0.40 +0.55

End of July +0.10 +0.15 +0.40 +0.50 +0.60

End of August +0.05 +0.20 +0.30 +0.40 +0.50

End of September +0.05 -0,05 -0.05 +0.15 +0.05

End of October 0.00 0.00 0.00 0.00 -0.05

End of November +0.05 +0.05 +0.05 +0.05 +0.05

22 December 202011

LCH-Eurex Basis by Month

Page 12: Eurex Clearing Partnership Program...End of June +0.05 +0.20 +0.35 +0.40 +0.55 1 Volumes do not include post trading events (compression) 2 Based on ADV and subject to the ECAG Trading

Large dealers provide similar liquidity for Eurex Clearing compared to LCH for Euro Swaps(1/2)

Top 10 quotes per tenor as of 07/12/2020

22 December 202012

2yr

Eurex LCH

0.2 0.2

0.2 0.2

0.3 0.4

0.4 0.4

0.4 0.4

0.4 0.4

0.5 0.5

0.5 0.5

0.5 0.4

0.6 0.6

5yr

Eurex LCH

0.2 0.3

0.2 0.2

0.3 0.4

0.3 0.3

0.3 0.3

0.4 0.4

0.4 0.4

0.5 0.5

0.5 0.5

0.5 0.5

10yr

Eurex LCH

0.1 0.1

0.3 0.4

0.3 0.3

0.3 0.3

0.4 0.4

0.4 0.3

0.4 0.3

0.5 0.5

0.5 0.5

0.5 0.5

30yr

Eurex LCH

0.1 0.1

0.4 0.6

0.4 0.5

0.4 0.4

0.5 0.5

0.5 0.5

0.5 0.4

0.6 0.6

0.6 0.6

0.6 0.5

Eurex-LCH Price Comparison

Page 13: Eurex Clearing Partnership Program...End of June +0.05 +0.20 +0.35 +0.40 +0.55 1 Volumes do not include post trading events (compression) 2 Based on ADV and subject to the ECAG Trading

“We offer the same bid-offer spreads and sizes for Eurex and LCH in Euro Swaps

and see no disadvantage in terms of liquidity for clients using Eurex Clearing”*

Large dealers provide similar liquidity for Eurex Clearing compared to LCH for Euro Swaps(2/2)

*Statement from several trading desks of global dealers

22 December 202013

RFQ MoM Performance

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

Total Requests Received Total Requested Responded Total Trades Executed Responded : Received Executed : Responded

Page 14: Eurex Clearing Partnership Program...End of June +0.05 +0.20 +0.35 +0.40 +0.55 1 Volumes do not include post trading events (compression) 2 Based on ADV and subject to the ECAG Trading

Large dealers provide similar liquidity for Eurex Clearing compared to LCH for Euro Swaps

(D2C) dealer to clients

Hybrid Order Book

combining

voice/Trad-X

Central Limit Order Book (CLOB)

14Banks1

1) Number of banks providing EUR price data for Eurex Clearing

Top 10 quotes per tenor as of 01/07/2020

Requests received, responded and executed up

30%, 26% and 21% respectively from Aug-20

22 December 202014

23Banks1

5Banks1

Disclosed Streaming (DS) Request for Quote (RfQ)

D2D CLOB

Page 15: Eurex Clearing Partnership Program...End of June +0.05 +0.20 +0.35 +0.40 +0.55 1 Volumes do not include post trading events (compression) 2 Based on ADV and subject to the ECAG Trading

0

2

4

6

8

10

12

0

5

10

15

20

25

30

35

40

Jan

Fe

bM

ar

Ap

rM

ay

Jun

Jul

Au

gS

ep

Oct

Nov

Dec

Jan

Fe

bM

ar

Ap

rM

ay

Jun

Jul

Au

gS

ep

Oct

Nov

Dec

Jan

Fe

bM

ar

Ap

rM

ay

Jun

Jul

Au

gS

ep

Oct

Nov

2018 2019 2020

# Active firms ADV per firm

# of firmsADV

0%

10%

20%

30%

40%

50%

0

50

100

150

200

250

Jan

Fe

bM

ar

Ap

rM

ay

Jun

Jul

Au

gS

ep

Oct

Nov

Dec

Jan

Fe

bM

ar

Ap

rM

ay

Jun

Jul

Au

gS

ep

Oct

Nov

Dec

Jan

Fe

bM

ar

Ap

rM

ay

Jun

Jul

Au

gS

ep

Oct

Nov

2018 2019 2020

ADV Market Share

ADV in

bn EUR

Market

Share

OTC FRA Analytics

22 December 202015

OTC EUR FRA FRA per firm

Page 16: Eurex Clearing Partnership Program...End of June +0.05 +0.20 +0.35 +0.40 +0.55 1 Volumes do not include post trading events (compression) 2 Based on ADV and subject to the ECAG Trading

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Jan

Fe

bM

ar

Ap

rM

ay

Jun

Jul

Au

gS

ep

Oct

Nov

Dec

Jan

Fe

bM

ar

Ap

rM

ay

Jun

Jul

Au

gS

ep

Oct

Nov

Dec

Jan

Fe

bM

ar

Ap

rM

ay

Jun

Jul

Au

gS

ep

Oct

Nov

2018 2019 2020

Notional Outstanding Market Share

Trn EUR

Market

Share

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

1,000

2,000

3,000

4,000

5,000

6,000

Jan

Fe

bM

ar

Ap

rM

ay

Jun

Jul

Au

gS

ep

Oct

Nov

Dec

Jan

Fe

bM

ar

Ap

rM

ay

Jun

Jul

Au

gS

ep

Oct

Nov

Dec

Jan

Fe

bM

ar

Ap

rM

ay

Jun

Jul

Au

gS

ep

Oct

Nov

2018 2019 2020

Reset Matchbook Market Share*

Bn EURMarket

Share

OTC FRA Analytics

22 December 202016

FRA Notional Outstanding in trillion EUR FRA volumes by platform

Page 17: Eurex Clearing Partnership Program...End of June +0.05 +0.20 +0.35 +0.40 +0.55 1 Volumes do not include post trading events (compression) 2 Based on ADV and subject to the ECAG Trading

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

0

10

20

30

40

50

60

Jan

Fe

bM

ar

Ap

rM

ay

Jun

Jul

Au

gS

ep

Oct

Nov

Dec

Jan

Fe

bM

ar

Ap

rM

ay

Jun

Jul

Au

gS

ep

Oct

Nov

Dec

Jan

Fe

bM

ar

Ap

rM

ay

Jun

Jul

Au

gS

ep

Oct

Nov

2018 2019 2020

ADV Market Share

Market

ShareADV in

bn EUR

0

10

20

30

40

50

60

Jan

Fe

b

Ma

r

Ap

r

Ma

y

Jun

Jul

Au

g

Se

p

Oct

Nov

Dec

Jan

Fe

b

Ma

r

Ap

r

Ma

y

Jun

Jul

Au

g

Se

p

Oct

Nov

Dec

Jan

Fe

b

Ma

r

Ap

r

Ma

y

Jun

Jul

Au

g

Se

p

Oct

Nov

2018 2019 2020

Dealer ADV* Client ADV**

ADV in

bn EUR

* Dealer = global or local liquidity provider

** Client = traditional buy side client

OTC IRS Analytics

22 December 202017

OTC EUR IRS EUR IRS ADV by counterparty

Page 18: Eurex Clearing Partnership Program...End of June +0.05 +0.20 +0.35 +0.40 +0.55 1 Volumes do not include post trading events (compression) 2 Based on ADV and subject to the ECAG Trading

0%

2%

4%

6%

8%

10%

12%

14%

16%

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Jan

Fe

bM

ar

Ap

rM

ay

Jun

Jul

Au

gS

ep

Oct

Nov

Dec

Jan

Fe

bM

ar

Ap

rM

ay

Jun

Jul

Au

gS

ep

Oct

Nov

Dec

Jan

Fe

bM

ar

Ap

rM

ay

Jun

Jul

Au

gS

ep

Oct

Nov

2018 2019 2020

Notional Outstanding Market Share

Trn EURMarket

Share

22 20 20 22 23 21 22 21 21 21 23 20 22 24 27 2630 31 32 30 33 32 31 31 32 31 32 30 33 32 29 31 30 30 31

37 3943 38 34 38 33 36

4147

55 5963 62

71

62 56

76 7370

7886

7983

95

82

108

9989

104

9687

110103 104

Jan

Fe

b

Ma

r

Ap

r

Ma

y

Jun

Jul

Au

g

Se

p

Oct

Nov

Dec

Jan

Fe

b

Ma

r

Ap

r

Ma

y

Jun

Jul

Au

g

Se

p

Oct

Nov

Dec

Jan

Fe

b

Ma

r

Ap

r

Ma

y

Jun

Jul

Au

g

Se

p

Oct

Nov

2018 2019 2020

# active Dealers* # active Clients**

* Dealer = global or local liquidity provider

** Client = traditional buy side client

OTC IRS Analytics

2

22 December 202018

IRS Notional Outstanding in trillion EUR Activity monitor IRS (volume >25m)

Page 19: Eurex Clearing Partnership Program...End of June +0.05 +0.20 +0.35 +0.40 +0.55 1 Volumes do not include post trading events (compression) 2 Based on ADV and subject to the ECAG Trading

0

1

2

3

4

5

6

7

8

Jan

Feb

Ma

rA

pr

Ma

yJun

Jul

Aug

Sep

Oct

No

vD

ec

Jan

Feb

Ma

rA

pr

Ma

yJun

Jul

Aug

Sep

Oct

No

vD

ec

Jan

Feb

Ma

rA

pr

Ma

yJun

Jul

Aug

Sep

Oct

No

v

2018 2019 2020

Dealer ADV* Client ADV**

ADV in

bn EUR

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0

1

2

3

4

5

6

7

8

Jan

Fe

b

Ma

r

Ap

r

Ma

y

Jun

Jul

Au

g

Se

p

Oct

No

v

De

c

Jan

Fe

b

Ma

r

Ap

r

Ma

y

Jun

Jul

Au

g

Se

p

Oct

No

v

De

c

Jan

Fe

b

Ma

r

Ap

r

Ma

y

Jun

Jul

Au

g

Se

p

Oct

No

v2018 2019 2020

ADV Market Share

Market

Share

ADV in

bn EUR

* Dealer = global or local liquidity provider

** Client = traditional buy side client

OTC OIS Analytics

22 December 202019

OTC EUR OIS EUR OIS ADV by counterparty

Page 20: Eurex Clearing Partnership Program...End of June +0.05 +0.20 +0.35 +0.40 +0.55 1 Volumes do not include post trading events (compression) 2 Based on ADV and subject to the ECAG Trading

1311

13 12

15

1210 11 11

1513

11

16 17 17 16

19

16

22

19 20 2022 22 22 21

27

23 2321

24

12

21 2224

9

6

12

7

6

8

5

6 5

10

5

6

128

11

10

17

16

22

15

16

20

22 2119

19

24

19

22

18

17

14

2323

26

Jan

Fe

b

Ma

r

Ap

r

Ma

y

Jun

Jul

Au

g

Se

p

Oct

No

v

De

c

Jan

Fe

b

Ma

r

Ap

r

Ma

y

Jun

Jul

Au

g

Se

p

Oct

No

v

De

c

Jan

Fe

b

Ma

r

Ap

r

Ma

y

Jun

Jul

Au

g

Se

p

Oct

No

v

2018 2019 2020

# active Dealers* # active Clients**

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

0

100

200

300

400

500

600

700

800

Jan

Fe

bM

ar

Ap

rM

ay

Jun

Jul

Au

gS

ep

Oct

Nov

Dec

Jan

Fe

bM

ar

Ap

rM

ay

Jun

Jul

Au

gS

ep

Oct

Nov

Dec

Jan

Fe

bM

ar

Ap

rM

ay

Jun

Jul

Au

gS

ep

Oct

Nov

2018 2019 2020

Notional Outstanding Market Share

Bn EUR Market

Share

* Dealer = global or local liquidity provider

** Client = traditional buy side client

OTC OIS Analytics

22 December 202020

OIS Notional Outstanding in trillion EUR Activity monitor OIS (volume >25m)

Page 21: Eurex Clearing Partnership Program...End of June +0.05 +0.20 +0.35 +0.40 +0.55 1 Volumes do not include post trading events (compression) 2 Based on ADV and subject to the ECAG Trading

Thank you!

Page 22: Eurex Clearing Partnership Program...End of June +0.05 +0.20 +0.35 +0.40 +0.55 1 Volumes do not include post trading events (compression) 2 Based on ADV and subject to the ECAG Trading

Disclaimer

© Eurex 2020

Deutsche Börse AG (DBAG), Clearstream Banking AG (Clearstream), Eurex Frankfurt AG, Eurex Clearing AG

(Eurex Clearing) and Eurex Repo GmbH (Eurex Repo) are corporate entities and are registered under German law.

Eurex Global Derivatives AG is a corporate entity and is registered under Swiss law. Clearstream Banking S.A. is a

corporate entity and is registered under Luxembourg law. Deutsche Boerse Asia Holding Pte. Ltd., Eurex Clearing

Asia Pte. Ltd. and Eurex Exchange Asia Pte. Ltd are corporate entities and are registered under Singapore law.

Eurex Frankfurt AG (Eurex) is the administrating and operating institution of Eurex Deutschland. Eurex Deutschland

is in the following referred to as the “Eurex Exchange”.

All intellectual property, proprietary and other rights and interests in this publication and the subject matter hereof

(other than certain trademarks and service marks listed below) are owned by DBAG and its affiliates and subsidiaries

including, without limitation, all patent, registered design, copyright, trademark and service mark rights. While

reasonable care has been taken in the preparation of this publication to provide details that are accurate and not

misleading at the time of publication DBAG, Clearstream, Eurex, Eurex Clearing, Eurex Repo as well as the Eurex

Exchange and their respective servants and agents (a) do not make any representations or warranties regarding the

information contained herein, whether express or implied, including without limitation any implied warranty of

merchantability or fitness for a particular purpose or any warranty with respect to the accuracy, correctness, quality,

completeness or timeliness of such information, and (b) shall not be responsible or liable for any third party’s use of

any information contained herein under any circumstances, including, without limitation, in connection with actual

trading or otherwise or for any errors or omissions contained in this publication.

This publication is published for information purposes only and shall not constitute investment advice respectively

does not constitute an offer, solicitation or recommendation to acquire or dispose of any investment or to engage in

any other transaction. This publication is not intended for solicitation purposes but only for use as general

information.

All descriptions, examples and calculations contained in this publication are for illustrative purposes only.

Eurex and Eurex Clearing offer services directly to members of the Eurex Exchange respectively to clearing

members of Eurex Clearing. Those who desire to trade any products available on the Eurex market or who desire to

offer and sell any such products to others or who desire to possess a clearing license of Eurex Clearing in order to

participate in the clearing process provided by Eurex Clearing, should consider legal and regulatory requirements of

those jurisdictions relevant to them, as well as the risks associated with such products, before doing so.

Only Eurex derivatives that are CFTC-approved may be traded via direct access in the United States or by United

States persons. A complete, up-to-date list of Eurex derivatives that are CFTC-approved is available at:

http://www.eurexchange.com/exchange-en/products/eurex-derivatives-us. In addition, Eurex representatives and

participants may familiarise U.S. Qualified Institutional Buyers (QIBs) and broker-dealers with certain eligible Eurex

equity options and equity index options pursuant to the terms of the SEC’s July 1, 2013 Class No-Action Relief. A

complete, up-to-date list of Eurex options that are eligible under the SEC Class No-Action Relief is available at:

http://www.eurexchange.com/exchange-en/products/eurex-derivatives-us/eurex-options-in-the-us-for-eligible-

customers... Lastly, U.S. QIBs and broker-dealers trading on behalf of QIBs may trade certain single-security futures

and narrow-based security index futures subject to terms and conditions of the SEC’s Exchange Act Release No.

60,194 (June 30, 2009), 74 Fed. Reg. 32,200 (July 7, 2009) and the CFTC’s Division of Clearing and Intermediary

Oversight Advisory Concerning the Offer and Sale of Foreign Security Futures Products to Customers Located in the

United States (June 8, 2010).

Trademarks and Service Marks

Buxl®, DAX®, DivDAX®, eb.rexx®, Eurex®, Eurex Repo®, Eurex Strategy WizardSM, Euro GC Pooling®, FDAX®,

FWB®, GC Pooling®,,GCPI®, MDAX®, ODAX®, SDAX®, TecDAX®, USD GC Pooling®, VDAX®, VDAX-NEW® and

Xetra® are registered trademarks of DBAG. All MSCI indexes are service marks and the exclusive property of MSCI

Barra. ATX®, ATX® five, CECE® and RDX® are registered trademarks of Vienna Stock Exchange AG. IPD® UK

Quarterly Indexes are registered trademarks of Investment Property Databank Ltd. IPD and have been licensed for

the use by Eurex for derivatives. SLI®, SMI® and SMIM® are registered trademarks of SIX Swiss Exchange AG. The

STOXX® indexes, the data included therein and the trademarks used in the index names are the intellectual property

of STOXX Limited and/or its licensors Eurex derivatives based on the STOXX® indexes are in no way sponsored,

endorsed, sold or promoted by STOXX and its licensors and neither STOXX nor its licensors shall have any liability

with respect thereto. Bloomberg Commodity IndexSM and any related sub-indexes are service marks of Bloomberg

L.P. PCS® and Property Claim Services® are registered trademarks of ISO Services, Inc. Korea Exchange, KRX,

KOSPI and KOSPI 200 are registered trademarks of Korea Exchange Inc. BSE and SENSEX are trademarks/service

marks of Bombay Stock Exchange (BSE) and all rights accruing from the same, statutory or otherwise, wholly vest

with BSE. Any violation of the above would constitute an offence under the laws of India and international treaties

governing the same.

The names of other companies and third party products may be trademarks or service marks of their respective

owners.

Eurex Deutschland qualifies as manufacturer of packaged retail and insurance-based investment products (PRIIPs)

under Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based

investment products (PRIIPs Regulation), and provides key information documents (KIDs) covering PRIIPs traded on

Eurex Deutschland on its website under the following link: http://www.eurexchange.com/exchange-

en/resources/regulations/eu-regulations/priips-kids.

In addition, according to Art. 14(1) PRIIPs Regulation the person advising on, or selling, a PRIIP shall provide the

KID to retail investors free of charge.

22 December 202022