Eurex Exchange s T7. System training for Eurex trader admission. August 2015

Transcription

1 Eurex Exchange s T7 System training for Eurex trader admission August 2015

2 Introduction Personal background (name, company, function) Eurex experience 2

3 Agenda Introduction Eurex Exchange s T7 (Market Model) GUI Functionality Login/logout & account model Market View Orders and trades Complex instrument trading Eurex Trade Entry Services Market-Making / Quote Request Cross requests Online help 3

4 Introduction Eurex Exchange s T7 New functionalities of T7 release 2.5 Enhancement of the EURIBOR futures functionality Introduction of standard futures strategies Support of inter-product spreads Renaming of OTC Trade Entry Facilities in Eurex Trade Entry Services (TES) *Please see Eurex circular 076/14 for additional information 4

5 Introduction (1) Overview of instrument types Complex instruments are classified by different complex instrument types Standard options strategies: already existing template based options strategies of Eurex Exchange s T7. Options volatility strategies: already existing template based volatility strategies of Eurex Exchange s T7 for index and interest rates derivatives with a corresponding futures instrument as underlying leg. Non-standard options strategies: enabling any kind of combinations of options series without using strategy templates (which are required for standard options strategies). Futures calendar spreads: simultaneous purchase of futures or options expiring at particular date and the sale of the same instrument expiring another date. The legs of the spread vary only in expiration date and based on the same underlying market and strike price. 5

6 Introduction (2) Overview of instrument types Standard futures strategies: strategies with up to four legs, which confirm to standard rules. Initially, T7 supports two standard futures strategies for EURIBOR: Futures Butterfly and Futures Condor. Standard futures strip strategies: containing consecutive quaterly maturity of the EURIBOR futures. Non-standard futures strip strategies: similar to packs and bundles with at least 2 and at most 20 legs. 6

7 Introduction Instrument states Instrument states are independent from product states but the number of allowed instrument states is restricted by the superordinate product state Instrument states are - Continuous - Restricted - Auction - Closed - Book - Freeze Product states are primarily used to control the transition of instrument states, but instrument state changes can also occur within a superordinate product state Volatility interrupts cause an instrument state change from continuous to auction without changing the product state Trading Product state Fast is replaced by a product state indicator Fast which can be set or scheduled independently of the product state 7

9 Eurex Exchange s T7 The trading day (1) Relevant trading phases Pre-trading Users can inquire data and prepare for the day Order entry is possible, but the market is closed Trading Is split in the auction phase and in the continuous trading phase Opening auction for the respective instrument to determine the opening price During the opening auction potential opening prices are displayed, order/quotes can still be entered and modified. The opening auction ends with the netting During the netting, Eurex Exchange determines the opening prices according to the auction principle (highest executable volume) The auction phase can end without the determination of an opening price After the netting has been completed the auction for the respective instrument ends and continuous trading starts 9

10 Eurex Exchange s T7 The trading day (2) Closing period Performed after the close of the regular continuous trading Best bid and best ask or the potential closing price is displayed Netting process (in line with Opening Auction) Post trading In Post-Trading Full Period all inquiry functions and entry of regular orders and Offbook Trades are supported In the optional Post-late 1 Period entry of Off-book Trades are not allowed In the optional Post-late 2 Period entry of Off-book Trades and give-up/take-up transactions are not possible No exercises are possible in the Post-Trading Restricted Period 10

11 Eurex Exchange s T7 Order types Four basic order types are possible: Limit orders For simple and complex instruments in options and futures: buy/sell orders to be executed at a specified limit or better Market orders For simple instruments in options and futures: unlimited buy/sell orders to be executed at the best available price Stop market orders For simple instruments in futures only: Orders triggered only when the market price has reached or traded through the specified stop price. At that point, stop market orders become market orders, to be executed at the best available price. 11

12 Eurex Exchange s T7 Order types One-cancelsthe-other orders For single leg orders in futures: Combination of limit order (take profit) and stop market order (stop loss) Two price limits (limit price and trigger price) can be set Automatic cancellation of the not executed part of the OCOorder (Market or Limit Order) One single order number Persistent order Restriction code OCO 12

13 Eurex Exchange s T7 Restriction types Limit orders can be restricted or unrestricted: Limit orders Restricted BOC - Book-or-Cancel Unrestricted Validity of: GFD - Good-for-Day = Default GTC - Good-till-Canceled GTD - Good-till-Date IOC - Immediate-or-Cancel 13

14 Eurex Exchange s T7 Restriction types Closing auction only orders Restriction type Closing Auction only Available for limit and market orders For single leg orders of price time matched futures (equity index, fixed income) Only possible for Good for Day orders Activates in the Closing Auction Restriction code CLA 14

15 Eurex Exchange s T7 Account types P-Position accounts; P1 / P2 Trades for the Exchange Participant s own account Agent accounts; A1...A9 Gross basis Gross basis Trades for the Exchange Participant s customers Give-up account codes; G1 / G2 Trades to be transferred from one account to another: G1: Pre-designation of give-ups G2: Designation of give-ups M-Positions accounts; M1 / M2 Net basis Trades resulting from quotes Trades resulting from transactions carried out by an Exchange Participant for its own account For position accounts held on a gross basis the O/C-field in the order entry window must be filled in correctly. In case of execution of an order where O for opening was defined, the trade will be marked as an opening transaction for a new position. Using C for closing the trader states that with this transaction an already existing position should be closed. 15

16 Eurex Exchange s T7 Matching Algorithm Time allocation (price/time matching): amongst the price-best orders the order with the oldest priority time is allocated first Pro-rata allocation: all orders with the best price have priority and thus are considered for the allocation; order entry time does not play any role. Time-pro-rata allocation: combines aspects of the pro-rata as well as time allocation. The allocation of an order is based on it s size and it s time stamp. Amongst the pricebest orders the order with the oldest priority time receives the highest allocation (at the expense of the order with the youngest time priority). 16

17 Eurex Exchange s T7 Price/time allocation Primary principle First priority: Price Second priority: Time Market orders: highest priority Limit orders with better prices executed first always executed at the specified price limit or better Partial executions are possible orders may be executed at different prices 17

18 Eurex Exchange s T7 Time-pro-rata allocation For futures on short-term interest rates money market futures The allocation of an individual order is based on its order size as well as on its order priority time combining aspects of the pro-rata as well as time allocation The oldest order receives a higher allocated quantity compared to the pure pro-rata allocation but a lower allocated quantity compared to the time allocation Orders with best price are sequenced by their time priority and receive a higher matched quantity compared to pro-rata allocation Market orders can be entered with or without the restriction IOC Stop market orders are supported Partial executions are possible orders may be executed at different prices 18

19 Eurex Exchange s T7 Allocation schemes Comparison of supported order allocation schemes An incoming order of 150 lots is matched against 5 price best orders at the price level selected for matching each having 100 lots The result of the different supported allocation schemes is summarized by the table below Priority Time Order Size Order allocation for quantity of 150 lots Time Pro-Rata Time-Pro-Rata 10: : : : : Sum Impact of order priority time on the result of the order allocation: Order priority time has no impact on the result of the pro-rata allocation Order priority time has a weak impact on the result of the time-pro-rata allocation Order priority time exclusively determines the result of the time allocation 19

20 Eurex Exchange s T7 Order validation Price Not Reasonable Check When a limit order is entered into the T7 during the instrument phase continuous upon entry the system checks whether the entered limit is within an exchange-defined range around the last trade price ( PRICE NOT REASONABLE CHECK ). If the limit is outside the range, the order will be rejected and the error message PRICE IS NOT REASONABLE will show up. Market and stop order sizes which exceed a predefined size limit of the relative traded product are rejected by the system with the error message EXCEEDS TRANCSACTION SIZE LIMIT. Market Order Matching Range (MOMR) An execution of incoming market orders during the instrument phase continuous is only possible if the bid-ask-spread is less than or equals the MOMR: Best Ask Preis - Best Bid Preis MOMR. Market order will only be executed with limit orders or quotes, if: Execution price Best Bid + MOMR (buy order) Execution price Best Bid + MOMR (sell order) The order validation for each product is published on Eurex website. 20

21 Eurex Exchange s T7 - Interruption and Suspension of Trading Volatility interruptions (Trading Conditions section 1.5) Occur if the last effected price of an instrument is outside one of the price ranges with respect to specific time frames The Management Boards can, in addition, interrupt continuous trading for all instruments of the respective product Prevent / limit unintentional market movements (eg. due to entry of mistrades or extensive Stoporder cascades) Instrument or product will be set to the instrument phase Vola Auction ( Vola ) Auction period for resumption of trading Potential opening price is displayed, market participants can enter, modify or delete orders During this phase Eurex reviews the order book situation and re-opens the product for continuous trading ( Cont ) after ensuring orderly market conditions Suspension and Discontinuation of Trading ( 16 Exchange Rules) The Management Boards of the respective Eurex exchanges may, with regard to the trading in futures and options contracts, suspend such trading if an orderly exchange trading appears to be temporarily threatened or if such suspension appears to be appropriate in order to protect the public discontinue such trading, if it appears possible that an orderly exchange trading cannot be ensured 21

22 Eurex Exchange s T7 - Cancellation of Transactions (Mistrades) The initiator of the mistrade can assume that the respective trade will be abolished if the application is made within 30 minutes after the conclusion of the trade and before the lapse of a period of thirty minutes after the end of the trading period of the respective product on the trading day on which the trade was concluded and the price of the respective trade considerably and apparently deviates from the market price valid at the time the trade in concluded ( reference price ) In case the initiator applies for the cancellation of the trade after the lapse of 30 minutes, but no later than three hours after the trade was concluded and before the lapse of thirty minutes after the end of the trading period of the respective product the total loss for the applicant resulting from the respective transaction, shall exceed a minimum amount of EUR 25,000 ( minimum damage ) The exchange participant in favor can then choose between a cancellation or a price correction A considerable deviation from the reference price is given if the price of the respective transactions deviates from the reference price being relevant at the time of conclusion of the transaction by more than the mistrade range defined by the Management Board Only traders, qualified back office employees and security administrators are able to apply for mistrade For further information see trading conditions section

23 Eurex Exchange s T7 - Trading on behalf In the event of technical problems on the Exchange Participant s side Eurex offers its members the possibility of trading on-behalf : Application by the trader Eurex will verify the legitimation for data entry on the basis of the active user ID All Trading on-behalf orders have to be placed by telephone Eurex Market Supervision will enter, modify or delete on behalf of the Exchange Participant Eurex needs an immediate written confirmation of the transactions executed on behalf 23

25 Login-/Logout Account model Single sign-on / master account Password requirements for the Eurex Exchange s T7 are: Minimum of 8 and a maximum of 16 characters Valid characters: [a-z, A-Z, 0-9] and special characters: ['+', '-', '@', '!', '_', '$', '%', '&', '/', '=', '*','#'] Minimum 1 uppercase letter and minimum 1 lowercase letter Minimum 1 special character Maximum number of repeated characters allowed is 6 A password history is maintained to prevent the last 10 passwords from being re-used Eurex Exchange s T7 User: ABCFR TRD 001 <password> Master Account creation GUI Master Account: ABCFR TRD 001 _GUI <password> No ä, ö or ü 25

26 Login-/Logout Connection process Landing page Step 1 The trader opens a landing page in his web browser and selects the desired GUI (Eurex Trader GUI or Eurex Admin GUI) and environment (production or simulation) 26

27 Login-/Logout Connection process Java WebStart Step 2 Java Webstart downloads the latest GUI version if required Step 3 The GUI starts in the local Java environment and the master login window is opening Eurex user ID: 11 places + _GUI 1-3: Member mnemonic 4-5: Member location 6-11: Trader ID 12-15: _GUI 27

28 Login-/Logout Connection process Internet Connection Step 4 Fill in connection details. These include: local proxy server at the customer s premises private key for Internet connection mandatory passphrase for key All settings done by the trader with the exception of the password will be stored by the GUI When all required settings are entered and the Login button is clicked, the GUI will start to download today s reference data 28

29 Login-/Logout Usage of Eurex Trader GUI Welcome View The initial startup screen of the Eurex T7 Trader GUI presents (1) Menu bar (2) Icon bar (3) Workspace tabs (4) Search function (5) Welcome view / window selector 5 Functions are grouped into different categories Overview windows for market data Entry windows for trading functions Overview of own activities 29

30 Agenda Introduction Eurex Exchange s T7 (Market Model) GUI Functionality Login/logout & account model Market View Orders and trades Complex instrument trading Eurex Trade Entry Services Market-Making / Quote Requests Cross requests Online help 30

31 GUI functionality Market View Display inside market information for profile, product or instrument Best ask / best bid, last traded price, accumulated quantities Daily low, daily high, potential auction price during opening auction, previous day s settlement price 31

32 GUI functionality Market View Data display selection Creation of instrument profiles Select data using the yellow and white entry fields Select a product/profile or create a profile Select a range of expiration months Select an exercise price or range of exercise prices Select either simple instruments or complex instruments or both Enter the initial of the product to select a product from the list Create a profile by entering the name of the new profile and click on New or choose one of the standard profiles by performing a right mouse click on the yellow field Prof/Prod/Cntrct 32

33 GUI functionality Market View Instrument profile creation Profiles may contain products and/or instruments Profiles allows faster entry and retrieval of data Profiles are configured individually by each trader Profiles can be shared with other traders according to owning trader s user level Instrument profiles can be created and maintained easily in a profile assistant window Tree lists of product groups, products and individual Instruments can be added or removed to a profile with a mouse click 33

34 GUI functionality Market View Profile creation Trader defined set of products and/or instruments on the profile editor pane 34

35 GUI functionality Market View Market depth Market depth is displayed as part of the Market view. It provides information such as the best bid/ask limits with accumulated volumes per single options series or futures contract up to a predefined number of limits per instrument. 35

37 GUI functionality Using filters View and Generic Filters View filter View filters can t be removed as they are the relevant filter fields of a specific view. Generic Filter In addition to the predefined filters in each panel, Generic Filters can be added for all available columns of a panel by the user. The filter allows the user to further narrow down the filtering and to reduce the amount of data displayed. Generic Filters can be added by clicking on the down arrow button and choosing a value from the list of available columns, by right-clicking in any column header or by dragging the column header with ALT-key pressed into the filter line. View Filter (default) Generic Filter (user defined) 37

38 GUI functionality Using generic filters Generic Filters Each filter field can be configured to only display values with a specific restriction, such as Exact : Only records exactly matching the filter value are displayed Substring : Only records partly matching the filter value are displayed Greater than : Only records greater than the filter value are displayed Less than : Only records lower than the filter value are displayed Multiple : Records with multiple attributes 38

39 GUI functionality Orders Order entry Accessing the Order Entry window Pre-filled by single clicking on Bid or Ask cells of Market view Entering an order using the Order Entry window Orders can be entered by filling mandatory fields and pressing Submit or Apply Existing own orders can be deleted from here 39

40 GUI functionality Orders Order entry Supports maintenance orders allows additional functions like Hit, Bid, Take, Ask by clicking on TopOfBook displays the netted position ( NetPos ) if set, the inside market and the display of underlying price information (by clicking on U/L ) 40

41 GUI functionality Orders Text Field Configuration Supports automatic completion of text fields Configurable fields: Prio, Product, TotQTY, Text1, Text2, Text3, O/C, Act, TUMbr, Group Shared and BU Shared 41

42 GUI functionality Orders Orders view Gives an overview of own orders for a selected profile, product or instrument Add : order entry Modify : adjustment of existing orders Deletion : order deletion Suspend / Resume : temporary suspending and resuming of orders Partial Resume : partial resuming of orders 42

43 GUI functionality Orders Order maintenance Is opened by double clicking on open order in Orders view Fields are pre-filled with values taken from the order that needs to be modified Time stamp may change, affecting matching priorities 43

44 GUI functionality Trades Trades view Displays the trades according to trader's user level for the current business day for selected profile, product or instrument. Accumulated quantities and average prices can be calculated for selected trades within an instrument 44

46 GUI functionality Complex instrument trading Introduction A strategy (or complex instrument) is the combination of several options series (or futures spreads), optionally combined with an underlying leg. The elements of a strategy, the contracts, are called strategy legs. Strategies with an underlying leg are called volatility strategies. Market participants will be able to create individual strategies based on predefined strategy types (such as straddle, butterfly and so forth). Strategies created and published by market participants are visible to the entire market. For complex instruments with options the following applies: Limit orders and quotes are supported Market and stop orders are not supported Complex instruments can only match against order of same order book or quote Empty order books of complex instruments will be removed at the end of the trading day 46

47 GUI functionality Complex instrument trading Characteristics I Strategies are divided into three categories: Standard option strategies (all legs are option series) Volatility strategies (one leg is based on the underlying)* Non-standard options strategies A standard option strategy or a volatility strategy can consist of a minimum of 2 to maximum 4 legs A non-standard option or volatility strategy (NOS) can consist of a minimum of 2 to maximum 5 legs individual public order book for each strategy. * Volatility strategies in equity options can only be traded via the Block Trade Service entry. 47

48 GUI functionality Complex instrument trading Characteristics II Each new strategy is assigned to a strategy type. The strategy type defines how many legs are combined to form a strategy, and which combinations of the series attributes (for example leg volume, buy/sell indicator, and so forth) are allowed across the legs. All legs need to have the same version number. Each strategy is broken down into individual trades (corresponding legs). Positions are posted individually and shown as individual trades. Individual trades contain the strategy type. Trade volume of strategies for Off-book Trades and exchange trades will be added to the total trade volume of the single legs during online processing. 48

49 GUI functionality Complex instrument trading Strategy selector When clicking on the icon right to the contract entry field a futures spread, a standard or a user defined strategy can be selected by using the Strategy Selector popup 49

50 GUI functionality Complex instrument trading Market depth Display of market depth information for a specific strategy. 50

51 GUI functionality Complex instrument trading Order entry and maintenance Entry and maintenance of a complex instrument order 51

53 GUI functionality Eurex Trade Entry Services Concept Off-book Trades have been negotiated off-book can be entered into the system throughout the trading period (extended entry deadline for several products) Entered Off-book Trades must be confirmed by the counterparty is called "open" until the counterparty has approved the trade Open Off-book Trades are deleted during end-of-day processing Approved Off-book Trades are transferred to the clearing system Entry of Off-book Trades is not allowed after Post-late 1 Period has started 53

54 GUI functionality Eurex Trade Entry Services Validation of Off-book Trades Harmonized validation for all types of Off-book Trades Counterparty has to be a trader with Eurex Exchange Both counterparties have to be assigned to the traded product Open Off-book Trades are deactivated if they have not been approved within 30 minutes (2 x 15 minutes; during in-house transactions 15 minutes in total) The prices for Off-book Trades are validated Additional specific restrictions apply for the different Off-book Trade types 54

55 GUI functionality Eurex Trade Entry Services Block Trades There is a product-specific minimum size for Block Trades Such as Fixed income futures FGBS minimum contracts FGBM minimum contracts FGBL minimum contracts Equity index futures FESX minimum contracts FDAX minimum 250 contracts Equity index options OESX minimum contracts ODAX minimum 500 contracts Money market futures FEU3 minimum 100 contracts FEO1 minimum 100 contracts 55

56 GUI functionality Eurex Trade Entry Services Block Trades Entry window Block Trade Entry The Block Trade can only be modified/deleted as long as it has not been approved by the counterparty. A modification does not generate a new transaction number. 56

57 GUI functionality Eurex Trade Entry Services Block Trades Retrieve an open Block Trade 57

58 GUI functionality Eurex Trade Entry Services Block Trades Approve an open Block Trade 58

59 GUI functionality Eurex Trade Entry Services TES View and TES Trades Display of pending and approved Off-book Trades 59

60 GUI functionality Eurex Trade Entry Services Further functionalities EFP-Fin Trade Service EFP Index Future Trade Service EFS Trade Service Vola Trade Service Flexible Contracts Trade Service 60

62 GUI functionality Market-Making/Quote Request General Since 1 June 2007, admitted Trading Participants have been able to engage in Market-Making without having to apply for a license, or the need for prior admission. Although from a legal perspective, Market- Maker status has thus been abolished, the related activities and functions still exist. For reasons of simplicity, we will thus continue to use the concept of Market Makers in this document. 62

63 GUI functionality Market-Making/Quote Request Quote request entry Enter a quote request into Eurex Exchange s T7 Traders who are enabled to enter quotes for a specific product group ( Product Assignment Group PAG) are not able to enter quote requests for the same PAG. Only traders with the Trader role for the specific PAG are able to enter quote requests. The entry of quote requests is provided via a right-mouse click action in the Market view table, and via the Quote Request button in the Order Entry 63

64 GUI functionality Market-Making/Quote Request Demand liquidity Functionality Quote request Request by a Market Participant to all Market-Makers who are providing liquidity for the specific product to provide a tradable quote A quote is a simultaneous entry of a limit buy and sell order The market is informed about the quote request via Quote Request View and Market View 64

65 GUI functionality Market-Making/Quote Request Quote request view Gives an overview of quote requests for the whole market 65

66 GUI functionality Market-Making/Quote Request Quote request view Functionality Requests are listed in chronological order by default The Quote Request View displays also historical quote requests which were entered during the trading day 66

68 GUI functionality Cross requests Functionality Cross trades are done internally; Pre-arranged trades between two market participants (on exchange!) Reason for cross request: transparency, fair and orderly market Time window for entering matching orders/quotes after entering cross request: 5-65 seconds for fixed income and money market products 5-35 seconds for all other Eurex Exchange products Each cross or pre-arranged trade generally requires the prior entry of a cross request, equivalent to the number of contracts of the order. The buyer shall bear the responsibility for compliance with the content of the cross request entry For more details, refer to Eurex trading conditions section 2.6 or Circular 11/2001 and 75/

69 GUI functionality Cross requests Cross request entry Enter a cross request into Eurex Exchange s T7 The entry of a cross request is provided via a right-mouse click in the Market view table or via a click on the CR button on Order Entry 69

70 GUI functionality Cross requests Cross request view Gives an overview of cross requests 70

71 GUI functionality Cross requests Cross request view Functionality Requests are listed in chronological order by default The Cross Request View displays also historical cross requests which were entered during the trading day 71

73 GUI functionality Online help Online help characteristics Clicking on Help in the Menu bar opens a context menu with four options: Browse Help : starts a web browser to display the online help About : displays the version number of the application On this view : starts a web browser to display the online help for the currently active view What s new : gives an overview of the last modifications and innovations in Eurex Exchange s T7 73

74 Sources of information Eurex Group websites Information about Eurex Product specifications Vendors for 3rd party applications Member section (Closed User Group ID & password available from Central Coordinator) Newsletter Xpand 74

75 Sources of information Eurex trading helpdesk Trading Clearing Data

76 Questions & answers? Do you have questions? 76

77 Be successful with Eurex Exchange s T7! 77

78 Back-up slides 78

79 Chinese Wall(s) Eurex Exchange s T7 August 2015 Entitlement concept Participant structure Entitlement on Member / Participant level as today. Entitlement on user level to be maintained by Service Administrator. Clear concept of Chinese walls, rights & product assignments and user hierarchy. Participant (e.g. ABCFR) Clearing Business Unit (e.g. ABCFRCL) Trading Business Unit (e.g. ABCFR) Additional trading Business Units For clearing members only. Does not contain users. Can only receive trade broadcasts for back-office purposes (via Eurex ETI). Scope of trade broadcasts is every entity that clears via ABCFR, i.e. all trading BUs and NCMs of ABCFR. Business unit Trader Group M* User M2 (Trader) User M1 (Head Trader) User Mn (Trader) User A (Supervisor) Service Administrator Trader Group N* User N1 (Trader) User Nn (Trader) Future use: Additional Business Units to separate business. * The concept of trader groups will partially emulate the subgroup concept of the current Eurex system. 79

80 Entitlement concept Participant structure For the time being, a participant has up to two pre-defined Business Units. Trading members have one Business Unit designated for trading, under which all trading users are assigned. Clearing Business Units do not have users; instead they receive trade broadcasts for back-office purposes. Clearing Business Units can receive all on-exchange trades from every trading participant for whom they are the designated clearing member. Clearing members that also trade will have both a trading and a clearing Business Unit. It will be possible in a future release of the Eurex Exchange s T7 for participants to optionally add new trading Business Units to better reflect and administer their internal organizational structures. 80

81 Entitlement concept User Levels (scope of orders) Supervisor Head Trader Supervisor users can maintain own orders as well as of all traders / trader groups. Head Trader users can maintain own orders as well as of traders in their trader group. Trader users maintain own orders only. Trading business unit User B User A (Supervisor) (Supervisor) Trader Group M* Trader Group N* (Head User Trader) M3 (Head User Trader) M1 (Head Trader) User N1 (Trader) User Nn (Trader) Trader User M2 (Trader) User Mn (Trader) 81

82 Eurex 2013 Deutsche Börse AG (DBAG), Clearstream Banking AG (Clearstream), Eurex Frankfurt AG, Eurex Clearing AG (Eurex Clearing) as well as Eurex Bonds GmbH (Eurex Bonds) and Eurex Repo GmbH (Eurex Repo) are corporate entities and are registered under German law. Eurex Zürich 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. U.S. Exchange Holdings, Inc. and International Securities Exchange Holdings, Inc. (ISE) are corporate entities and are registered under U.S. American law. Eurex Frankfurt AG (Eurex) is the administrating and operating institution of Eurex Deutschland. Eurex Deutschland and Eurex Zürich AG are in the following referred to as the Eurex Exchanges. 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 Bonds, Eurex Repo as well as the Eurex Exchanges 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 exchanges 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. Eurex derivatives (other than EURO STOXX 50 Index Futures contracts, EURO STOXX Select Dividend 30 Index Futures contracts, STOXX Europe 50 Index Futures contracts, STOXX Europe 600 Banks/Industrial Goods & Services/Insurance/Media/Travel & Leisure/Utilities Futures contracts, Dow Jones Global Titans 50 IndexSM Futures contracts, DAX Futures contracts, MDAX Futures contracts, TecDAX Futures contracts, SMIM Futures contracts, SLI Swiss Leader Index Futures contracts, Eurex inflation/commodity/weather/property and interest rate derivatives) are currently not available for offer, sale or trading in the United States or by United States persons.. Trademarks and Service Marks Buxl, DAX, DivDAX, eb.rexx, Eurex, Eurex Bonds, 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. Phelix Base and Phelix Peak are registered trademarks of European Energy Exchange AG (EEX). The service marks MSCI Russia and MSCI Japan are the exclusive property of MSCI Barra. itraxx is a registered trademark of International Index Company Limited (IIC) and has been licensed for the use by Eurex. IIC does not approve, endorse or recommend Eurex or itraxx Europe 5-year Index Futures, itraxx Europe HiVol 5-year Index Futures and itraxx Europe Crossover 5-year Index Futures. Eurex is solely responsible for the creation of the Eurex itraxx Credit Futures contracts, their trading and market surveillance. ISDA neither sponsors nor endorses the product s use. ISDA is a registered trademark of the International Swaps and Derivatives Association, Inc. IPD UK Annual All Property Index is a registered trademark of Investment Property Databank Ltd. IPD and has 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.. Dow Jones, Dow Jones Global Titans 50 IndexSM and Dow Jones Sector Titans IndexesSM are service marks of Dow Jones & Company, Inc. Dow Jones-UBS Commodity IndexSM and any related sub-indexes are service marks of Dow Jones & Company, Inc. and UBS AG. All derivatives based on these indexes are not sponsored, endorsed, sold or promoted by Dow Jones & Company, Inc. or UBS AG, and neither party makes any representation regarding the advisability of trading or of investing in such products. All references to London Gold and Silver Fixing prices are used with the permission of The London Gold Market Fixing Limited as well as The London Silver Market Fixing Limited, which for the avoidance of doubt has no involvement with and accepts no responsibility whatsoever for the underlying product to which the Fixing prices may be referenced. 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. 82