Mini-DAX. Maximum Opportunity.

Mini-DAX. Maximum Opportunity. Webinar - Interactive Brokers Thursday, 3 December 2015, 12:00 EST

Agenda Summary Market analysis of the DAX Futures Contract details DAX highlights About Eurex Exchange Q&A 2

Summary Eurex Exchange launched Mini-DAX Futures (FDXM) on 28 October 2015 With the positive stock performance in the last few years and DAX being at levels of up to 12,000 points, the contract size of the DAX Futures has peaked at 300,000 EUR at the beginning of this year. At this level, the arguments in favor of a smaller contract become even more pronounced: for retailers and smaller institutional firms the contract is simply too heavy, and for bigger institutions it is difficult to hedge accurately. A wide market consultation held in Q1 & Q2 2015 showed a strong support of the idea of a smaller contract, with a preference for the parallel Mini-DAX Futures. Successful launch of a parallel Mini-DAX Futures on 28 October 2015. 3

Market analysis of DAX Futures (FDAX) Notional value in EUR of DAX, EURO STOXX 50 Index and SMI Futures Notional value of DAX Futures has outpaced other benchmark index futures at Eurex Exchange over the past years. As DAX is a performance index, it is likely that its notional value will grow further over time. 5

Market analysis of DAX Futures (FDAX) Notional value in EUR of leading worldwide equity index futures DAX Futures have two times the size of all other international index futures (apart from S&P500, which already switched 99% of the volume to the Mini). In terms of notional being traded, DAX Futures still ranks #4 worldwide only behind S&P500, EURO STOXX 50 and CSI300 Futures. 6

Contract specifications FDXM versus FDAX Lower contract value increased minimum price change Mini-DAX Futures (FDXM) DAX Futures (FDAX) Contract value 5 EUR per index point 25 EUR per index point Contract terms Up to 9 months Up to 9 months Minimum price change 1 index point 0.5 index point Tick value 5 EUR 12.5 EUR Settlement Final settlement price Final settlement day Last trading day Continuous trading Trade Entry Services (TES) TES Flexible Contracts Cash settlement Index calculated based on intraday auction prices (13:00 CET) Third Friday of the maturity month Third Friday of the maturity month 08:00 22:00 CET 08:00 22:00 CET Available Trading fee (order book) 0.25 EUR (A-acc.) / 0.20 EUR (M-& P-acc.) 0.50 EUR TES Minimum block trade size 500 (same as ODAX) 250 Vendor codes Trading calendar Bloomberg: DFWA Index<GO> Reuters: 0#FDXM: Each Eurex exchange day Bloomberg: GXA Index<GO> Reuters: FDX 8

Fees and margins at Interactive Brokers Competitive fee and margins Mini-DAX Futures (FDXM) DAX Futures (FDAX) Contract fees (fixed) 0.80 EUR 2.00 EUR Contract fees (tiered) Notional value of the contract in EUR (index level 10 950) 0.50 EUR* + regulatory fee 0.01 EUR + exchange fee 0.25 EUR = Total 0.75 EUR 0.90 EUR* + regulatory fee 0.01 EUR + exchange fee 0.50 EUR = Total 1.41 EUR 54,750 EUR 273,750 EUR Initial Margin (IB) (as of 5 Nov 15) 2,540.625 EUR 12,703.125 EUR Intraday maintenance (IB) 2,032.500 EUR 10,126.500 EUR Total Margin 4,573.125 EUR 22,829.625 EUR *The commission is dependent on number of traded contracts per month: For FDAX: up to 1 000 contracts 0.90 EUR, 1 001 to 10 000 contracts 0.60 EUR, 10 001 20 000 contracts 0.40 EUR, more than 20 000 contracts 0.25 EUR For FDXM: up to 1 000 contracts 0.50 EUR, 1 001 to 10 000 contracts 0.30 EUR, more than 10 000 contracts 0.10 EUR 9

Comparison Futures versus CFD s Main differences Mini-DAX Futures (FDXM) CFD s* DAX Futures (FDAX) Minimal Multiplier (Notional) 5x (54,750 EUR) 1x (10,950 EUR) 25x (273,750 EUR) Counterparty Eurex Clearing (CCP) Interactive Brokers Eurex Clearing (CCP) Minimum price change 1 Index point 0.01 Index points 0.50 Index points Open order book Yes No Yes Official Market Makers Yes (12) Interactive Brokers No order book Settlement Cash Cash Cash Trading hours 08:00 22:00 CET 08:00 21:00 CET 08:00 22:00 CET Commission (fixed) 0.80 EUR 0.005% - Minimum 1.00 EUR 2.00 EUR Initial Margin (IB) (as of 5 Nov 15) 2,540.625 EUR 513.00 EUR 12,703.125EUR Intraday maintenance (IB) 2,032.50 0EUR 410.00 EUR 10,126.500 EUR Total Margin 4,573.125 EUR 923.00 EUR 22,829.625 EUR *All Interactive Brokers clients can trade CFDs, except residents of the USA, Canada, Hong Kong and Australia. 10

Order book and Market Makers Initially 12 Market Makers Barak Capital BNP Paribas Geneva Ireland Financial Trading Jump Trading DRW Investments (UK) Ltd. Maven Derivatives Flow Traders Optiver Positive Equity Ltd. Societe Generale Spire Europe Ltd. XR Trading Europe LLP help to create a liquid order book. 11

Statistics Mini-DAX Futures On 10 November the Mini-DAX Futures reached over 13,000 contracts 120,000 100,000 80,000 60,000 40,000 20,000 0 16% 14% 12% 10% 8% 6% 4% 2% 0% >100 active members Spread tightened to 1-2 ticks Open interest increased to 3,390* contracts ADV 7,500* Market share of Mini- DAX Futures vs. DAX Futures has reached ~ 3 % FDAX Traded Contracts FDXM Traded Contracts FDXM Share (tc FDAX) FDXM Share (Notional) * Data as of 10. November 2015 12

DAX highlights One of the leading global equity indexes DAX measures the development of the 30 largest companies of the German equities market and represents around 80% of the market capital authorized in Germany. DAX is a performance index, meaning dividends are reinvested and reflected in the performance of the index. As one of the most important equity indexes in the world, it serves as an underlying for more than 40,000 financial products and is the third largest underlying for derivatives*. EURO STOXX 50 Index Futures are still behind the pre-crisis levels and SMI Futures are just a third of DAX Futures notional. *source: www.dax-indices.com source: www.dax-indices.com, as of 26.10.2015 14

About Eurex Exchange Eurex Exchange is one of the leading listed derivatives market place worldwide Eurex Exchange is one of the top 3 derivatives markets worldwide. Diversified product portfolio with leading futures and options in equity, equity index, fixed income, dividend, volatility, FX and commodity derivatives. Broadest offering globally in equity index derivatives - stable liquidity pools in EURO STOXX 50 Index, DAX and SMI, European single equities and home of the euro yield curve. Strong growth rates in MSCI Futures and Options and VSTOXX derivatives. Eurex Clearing as CCP provides a stable counterparty for all trades executed at Eurex Exchange. Portfolio risk margining allows margin benefits and cross margining of balanced overall portfolios. State-of-the-art technology (T7 trading platform) delivers low latency and safe handling of high throughput. 16

392 Trading Participants from 35 countries 7.430 registered traders Host system Access point (number of connected members in brackets) Additional member sites Direct exchange connection Sweden (2) Finland (4) Canada (1) USA (65) Bermuda (0) Virgin Islands (2) Cayman Islands (4) Portugal (1) Ireland (5) Jersey (1) Spain (14) UK (97) Denmark (2) Netherlands (26) Poland (1) Belgium (3) Luxembourg (3) Germany (61) Czech Republic (1) France (23) Liechtenstein (1) Austria (5) Switzerland (28) Italy (12) Croatia (1) Korea (Rep.) (2) China (HK) (3) Japan (1) Taiwan (6) Gibraltar (1) Greece (4) Cyprus (3) Singapore (4) Israel (1) UAE (2) Australia (2) 17

Q&A Thank you for your attention! We are happy to answer your questions. 18

Further information Contact us or visit us at /Mini-DAX Global Product R&D Sales Continental Europe Sales Switzerland & Italy Ralf Huesmann T: +49 (0)69 2 11-1 54 43 ralf.huesmann@eurexchange.com Christian Dimanski T: +49 (0)69 2 11-1 87 57 christian.dimanski@eurexchange.com Philipp Schultze T: +41 (0)43 43 0-71 26 philipp.schultze@eurexchange.com Sales UK Sales Americas Sales France Murat Baygeldi T: +44 (0)207 8 62 72-30 murat.baygeldi@eurexchange.com Tim Levandoski T: +1 312 544-1056 timothy.levandoski@eurexchange.com Thomas Belkin (Buy Side) T: +1 312 544-1105 thomas.belkin@eurexchange.com Nicolas Kageneck T: +33 (0)155 2 76-7 76 nicolas.kageneck@eurexchange.com Sales Asia & Middle East Cina Lee T: +852 25 30-78 02 cina.lee@eurexchange.com 19

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