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Exchange Information

Introduction

The Eurex Exchange formed in 1998 when DTB (Deutsche Terminbörse) and SOFFEX (Swiss Options and Financial Futures Exchange) merged to become Eurex (European Exchange) which is operated jointly by Deutsche Börse AG and SWX Swiss Exchange.

Eurex offers a full range of products including equity, equity index, volatility index, Exchange Traded Funds®, credit derivatives and interest rate derivatives. With market participants connected from 700 locations worldwide, trading volume at Eurex exceeds 1 billion contracts a year.

Aside from operating a fully electronic trading platform, Eurex provides an automated and integrated joint Clearing House. Eurex Clearing AG offers central counterparty services for instruments traded on the Eurex exchanges, Eurex Bonds and Eurex Repo as well as the FWB® Frankfurter Wertpapierbörse (the Frankfurt Stock Exchange, Xetra® and floor) and the Irish Stock Exchange (ISE), eliminating the individual counterparty risk. With this structure, Eurex participants benefit from a high-quality, cost-efficient and comprehensive value chain of trading and clearing services via a single electronic system.

Note

You can find the preceding exchange information on the Eurex website.

Eurex T7 Overview

Eurex Gateway 7.16.9 or higher supports the Eurex T7 Architecture.

The gateway connects to the T7 interfaces:

  • Enhanced Transaction Interface (ETI) for order management
  • Enhanced Market Data Interface (EMDI) for prices
  • Reference Data Interface (RDI) for product definitions

Eurex Gateway 7.16.9 or higher also connects to the FIXML Clearing Interface to support Block and Vola orders.

Eurex Administrative GUI

Before trading through a Eurex Gateway, you must set up the following trader privileges in the exchange's front-end administrative GUI:

  • User Permissions and passwords
  • Profiles
  • Contract Limits

Each registered trader must have a trader profile set up by the Security Coordinator using the Eurex Admin GUI in order to trade on the exchange; the profiles determine which products a trader can trade.

Eurex Market States

The following are the exchange market states supported by the Eurex Gateway.

Eurex Market States
Market States Description
Pre-Open (Auction)

Order Entry: Traders can enter, change, and delete orders, but no matching occurs.

Market Data: Last Traded Price (LTP) and Last Traded Quantity (LTQ), as well as Indicative LTP and LTQ are updated by the exchange during this state.

State Changes: Occurs at the start of the trading day. Sometimes can occur intraday (e.g., intraday auction or volatility interruption in the market).

Freeze

Order Entry: No order actions (new, change, delete) are accepted and no matching occurs.

Market Data: The Opening price for each product is determined based on LTP and LTQ during Pre-Open trading.

State Changes: Occurs after Pre-Open and before Open. Sometimes can occur intraday (e.g., intraday auction or volatility interruption at the market).

Open

Order Entry: Normal order entry and matching occurs. Any Market On Open (MOO) orders that were entered during Pre-Open automatically begin working at the exchange.

Market Data: All filled orders update Last Traded Price and Last Traded Quantity. In addition, only prices in the Open state affect the High/Low prices for the trading day.

State Changes: Remains Open until Close-Auction state prior to Close.

Close-Auction

Order Entry: All open orders are automatically carried over into the closing auction, which is used to determine a closing price. New orders may be entered, and existing orders can be changed or deleted.

Market Data: The daily closing price is the price at which the greatest possible volume can be matched in the respective contract. LTP and LTQ, as well as Indicative LTP and LTQ are updated by the exchange during this state.

State Changes: The trading period ends with a closing auction, then moves to Closed before the Exchange’s post-trading period.

Closed Order Entry: At the close of the trading period, the exchange accepts orders as part of their post-trading period. New orders are accepted with no matching, and working orders (e.g., GTC) can be changed or deleted for the next trading day.Market Data: The daily closing price is the price at which the greatest possible volume can be matched in the respective contract.State Changes: The trading period ends with a closing auction, then moves to Closed before the Exchange’s post-trading period.
Notes: Because no state changes are sent by the exchange for Spreads and Strategies, the gateway sends the market state “Unknown” to the client trading applications for these instruments.

Trading Hours

Eurex operations are divided into three trading phases: pre-trading, trading and post-trading (all times listed in Central European Time (UTC+1)):

The pre-trading phase for all products starts at 07:30 CET and while trading hours differ between individual products, Eurex is generally open for trading from 08:00 - 22:00 CET. System close occurs at 22:30 CET.

Trading Hours
Market State Hours

Pre-Trading

07:30 CET

General Trading Hours

08:00-22:00CET

Close

22:30 CET

Note

Specific trading hours by product can be found on the Eurex website.

Asset Classes

Eurex offers products in the following asset classes:

  • Futures
  • Options
  • Spreads
  • Strategies