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FIX Adapter Reference

Eurex Notes

About over-the-counter trades

Over-the-counter (OTC) trades occur directly between two parties where the exchange acts as a clearing mechanism for the transaction. Typically, OTC trades fall into one of the following types:

  • Type 1 trades, which include block, vola, and similar trades, where the trade comprises a cash leg and a standard exchange-listed futures or options leg
  • Type 2 trades, like FLEX options, where the trade comprises a cash leg and a non-standard contract leg
  • Type 3 trades, including EFP, EFS, AA, and similar trades, where the trade comprises a non-standard contract leg (bond, swap, commodity) and a standard exchange-listed futures or options leg.

Eurex OTC support

The Eurex Gateway supports only Type 1 trades.

How TT FIX Adapter handles Eurex OTC trades

While TT FIX Adapter does not support order routing for OTC trades, traders can submit OTC orders through X_TRADER®. TT FIX Adapter does, however, process the corresponding fills. For an OTC trade submitted through X_TRADER®, TT FIX Adapter sends an Execution Report (8) message when the exchange-listed futures or options leg of the trade fills.