X_TRADER®

Eurex Wholesale Trades

You are viewing X_TRADER Version 7.17 and higher. For earlier versions, click here

You can use the Wholesale Order window to submit the following types of orders to Eurex:

  • Block Trades: high volume trades in any outright or strategy product.
  • Vola Trades: an OTC trade separately agreed to by both parties and approved by Eurex. This trade requires you to perform an options trade and hedge it with a futures trade.
  • Exchange for Physical: an OTC trade which exchanges an OTC derivative product for an exchange-traded derivative.
  • Exchange for Swap: a strategy where the position in the underlying is traded for a futures position.
  • Cross Trades: occur when a user buys and sells the same contract simultaneously. Cross trades are not processed as OTC trades at Eurex, but are submitted using the Wholesale Order window.

The fields in the Wholesale Order window vary depending on the type of product or strategy you trade. If the product is a strategy, the associated legs for that strategy are listed in the appropriate fields in Wholesale Order window. However, leg prices will not be displayed for Eurex spreads and strategies.

Submitting Wholesale Trades on Eurex

To submit a wholesale trade on Eurex:

  1. Open the contract you wish to trade in a Market Grid window.
  2. In the Market Grid, right-click the row containing the contract and select Wholesale Orders from the context menu.

    Note: The Wholesale Orders options are grayed-out if:

    • Your administrator has not enabled wholesale trades in TT User Setup.
    • The product/exchange does not support wholesale trades.
  3. Verify that an order type is selected in the Order Types pane and set the quantity and price for the Wholesale trade.
  4. Complete the exchange-specific fields as listed below.

The table below lists the common fields for submitting wholesale trades on Eurex.

Wholesale Trades on Eurex
X_TRADER Field Values/Examples Description

Customer

A drop-down list of available Customers.

Only customers selected in the X_TRADER Customer Defaults window appear in the Customer field list.

This is an optional field.

When a customer selection is made, the Account Number field is populated with the customer’s account number.

Note: Any changes to customer defaults (e.g., select another customer) requires a relaunch of the Wholesale Order window to pick up the most recent changes.

Account Number

Free-form text up to 14 characters.

Sets the Customer Account Number.

Account Type

Supported account types:
  • A1-A9 (Agent)
  • G1 (Pre-designated Give-Up)
  • G2 (Designated Giveup)
  • P1-P2 (Proprietary)
  • M1-M2 (Market Maker)

Sets the account type for submitting the trade.

If set to Giveup (e.g., G2), the you must populate the Giveup field with the take-up member ID.

Open/Close

Open

Close

Sets whether the trade opens or closes the traders’ positions.

Counterparty

TTGXVTRD001

Sets exchange counterparty ID for the other party of the trade. Eurex requires the entire 11 character MGT (member group trader) to be entered in the Counterparty field of the Wholesale window.

Giveup

TRAXV

Sets exchange member ID of the Giveup firm. This field is mandatory when Account Type equals G2.

The following figure shows a Eurex Block trade using the Common Wholesale Trade Fields:

This figure shows a Eurex Block trade with a Give Up account using the Common Wholesale Trade Fields:

Additional Fields for Vola Trades

To submit Vola trades, you must first complete the fields listed in Common Wholesale Trade Fields for Eurex. In addition, you must complete the Order Details section as listed below.

Additional Fields for Vola Trades
X_TRADER Field Description

Options Transaction ID

The transaction number of the corresponding options trade.

Options Product Name

The underlying Options product name (ex. OESX). Entered In conjunction with the Options Transaction ID.

Options Quantity

The quantity of the corresponding options trade.

Counterparty

Sets exchange counterparty ID for the other party of the trade. Eurex requires the entire 11 character MGT (member group trader) to be entered in the Counterparty field of the Wholesale window.

Buy/Sell

Sets your side of the trade: Buy or Sell.

The following is an example of a Eurex Vola trade:

image-23

Additional Fields for Exchange for Physical (EFP) Index Trades

To submit Exchange for Physical (EFP) Index trades, you must first complete the fields listed in Common Wholesale Trade Fields for Eurex. In addition, you must complete the Order Details section as listed below.

Additional Fields for Exchange for Physical Index Trades
X_TRADER Field Description

SI

Sets the settlement institution for the trade.

This value must be provided for both the Buy and Sell sides of the trade.

Reference ID

Set the unique, 12 alphanumeric value used to identify the equity cash basket linked to the transaction.

Note: The first two characters of the Reference ID must be letters.

Counterparty

Sets exchange counterparty ID for the other party of the trade. Eurex requires the entire 11 character MGT (member group trader) to be entered in the Counterparty field of the Wholesale window.

Nominal Amount

Sets the equivalent value of the futures leg to be traded. This value must be represented in units of one thousand.

Buy/Sell

Sets your side of the trade: Buy or Sell.

The following is an example of a EFP Index trade:

 

Additional Fields for Exchange for Physical (EFP) Fixed Income Trades

To submit Exchange for Physical Fixed Income trades, you must first complete the fields listed in Common Wholesale Trade Fields for Eurex. In addition, you must complete the Order Details section as listed below.

Additional Fields for Exchange for Physical Fixed Income Trades
X_TRADER Field Description

Counterparty

Sets exchange counterparty ID for the other party of the trade. Eurex requires the entire 11 character MGT (member group trader) to be entered in the Counterparty field of the Wholesale window.

ISIN

Set the unique, 12 alphanumeric value used to identify the equity cash basket linked to the transaction.

Note: The first two characters of the Reference ID must be letters.

Nominal Amount

Sets the equivalent value of the futures leg to be traded. This value must be represented in units of one thousand.

Settlement Date

The date by which the buyer must pay for the securities delivered by the seller.

SI

Sets the settlement institution for the trade.

This value must be provided for both the Buy and Sell sides of the trade.

CouponThe interest rate of the fixed income instrument.

Coupon Frequency

The number of interest payments per year. Select one of the following: Annually, Semi Annually, Quarterly, Monthly.

Maturity

The date that the fixed income instrument matures.

Issuer

The entity responsible for the obligation of the issue (optional field).

Cash Price

The price of the fixed income instrument.

Currency

The currency of the instrument being traded (optional field).

Hedge Type

The hedging strategy for your side of the trade:
  • Duration Hedge
  • Nominal Hedge
  • Price Factor Hedge

Buy/Sell

Select your side of the trade: Buy or Sell.

Selecting a Settlement Institution (SI) and Accepting an EFP Trade

When you are notified by the counterparty that they have submitted a wholesale EFP Index or EFP Fixed Income buy order, you can submit the corresponding sell order and accept the trade in the X_TRADER Orders and Fills Window or Order Book. As part of submitting the sell side of an EFP order and accepting the trade, you must select the Settlement Institution (SI) responsible for clearing the transaction.

Note: Trade IDs are unique for a given product. When Inquiring on an order via the Order Book, the format "product:trade ID" must be used. For example: FGBM:12345

To select an SI and accept an EFP Trade:

  1. Right click in the Order Pane and select Inquire Block & Vola Orders from the context window.

    The Inquire Block and Vola Order window appears.

    block-inquire

    Note: If you are sharing an order book with a user submitting an EFP buy order, the buy order will appear in the Order Pane. To inquire the exchange for the sell order, select the buy order and right-click to open Inquire Block & Vola Orders or click the Inquire button on the Order Toolbar. The buy order's SI value is populated in the Accept button list box while the button is disabled.

  2. Enter the order number provided to you by the counterparty, select a TT Gateway, and click Inquire.

    The corresponding EFP sell order appears in the Order Pane.

    Only the Order Number and Exchange (Exchange-flavor TT Gateway) fields are required. The TT Gateway you’re logged in to will ignore the Restriction and Product Type fields.

  3. Select the sell order and click the dropdown list next to the Accept button on the Order Toolbar.

  4. Select a Settlement Institution (SI) code. Valid values are:
    • BC -- Clearstream Banking Frankfurt
    • CD -- Clearstream Banking Luxemburg
    • EC -- Euroclear
    • SG -- Sega InterSettle
    • CS -- CLS Group
  5. Click Accept.

Additional Fields for Exchange for Swaps (EFS)

To submit EFS trades, you must first complete the fields listed in Common Wholesale Trade Fields for Eurex. In addition, you must complete the Order Details section as listed below.

Settlement Date

This field is mandatory for the buyer and displays only for the seller. The settlement date of the swap trade has to be entered. The value has to be greater than the current business date.
Additional Fields for Exchange for Swaps Trades
X_TRADER Field Description

Customer1

This field is optional for the buyer and displays only for the seller. The identification of the first customer involved in the EFS swap trade has to be entered.

Customer2

This field is optional for the buyer and displays only for the seller. The identification of the second customer involved in the EFS swap trade has to be entered.

Nominal Amount

Sets the equivalent value of the futures leg to be traded. This value must be represented in units of one thousand.

Coupon The interest rate of the fixed income instrument.

Coupon Frequency

This field is mandatory for the buyer and displays only for the seller. The fixed leg coupon frequency of the swap has to be entered. Enter the number of interest payments per year by selecting one of the following: Annually, Semi Annually, Quarterly, Monthly.

Variable Rate Reference

This field is optional for the buyer and displays only for the seller. The variable rate reference can be up to 12 characters.

Variable Rate Offset

This field is optional for the buyer and displays only for the seller. Enter a numeric variable rate offset value greater than or equal to -99.9999 and less than or equal to 99.9999.

Start Date

This field is mandatory for the buyer and displays only for the seller. The start date of the swap has to be entered. Its value must be greater than or equal to the settlement date. Enter the date in the format: DD.MM.YYYY or MM/DD/YYYY

End Date

This field is mandatory for the buyer and displays only for the seller. The end date of the swap has to be entered. Its value must be greater than or equal to the start date. Enter the date in the format: DD.MM.YYYY or MM/DD/YYYY

Currency

The currency (EUR, CHF) of the instrument being traded.

Buy/Sell

Select your side of the trade: Buy or Sell.

The following figures show an example of an EFS trade. This first figure shows the Customer1, Customer2, Nominal Amount, Counterparty, Coupon, Variable Rate Reference, and Coupon Frequency fields in the Order Details section:

The next figure shows the Variable Rate Offset, Settlement Date, Start Date, End Date, Currency, and Buy/Sell fields in the Order Details section for the same EFS trade:

X_TRADER Order Number for OTC Trades

To inquire about a OTC trade using either X_TRADER or the Eurex exchange GUI, you will need to enter the product name and Eurex's Trade Entry Service (TES) Trade ID (TESTrdID). The TES Trade ID number is generated by Eurex when a OTC trade is submitted to a counterparty via the Wholesale Order window in X_TRADER or a Trade Entry Service window in the Eurex GUI.

Inquiring on Block Trades submitted from X_TRADER

To inquire on a Block trade that you submitted using X_TRADER, click on the Block trade in the Order Book and click the Inquire button in the Order Pane to submit the other side of the trade.

In the Order Book, the Order Number column displays a concatenation of the product name and Trade ID (e.g., FDAX:801) for a Block trade.

block-xt-inquire

To inquire on a Block trade that a counterparty submitted using X_TRADER, right-click in the Order Book and select Inquire Block & Vola Orders. In the Order Number field on the Inquire Block and Vola Orders screen, enter the product name and TES Trade ID provided to you by the counterparty. Enter the Order Number in the format "Product:Trade ID" (e.g., FDAX:801) and click Inquire.

block-inquire1

When providing the Order Number to a counterparty who is using the Eurex GUI to inquire on a Block trade that you submitted via X_TRADER, instruct them to enter the product portion of the Order Number in the Eurex GUI Product field (e.g., FDAX), and enter the Trade ID portion of the Order Number in the Eurex GUI TESTrdID field (e.g., 801).

eurex-gui-inquire

Inquiring on Block Trades submitted from Eurex GUI

When receiving product and Trade ID information from a buy-side user who submitted a Block trade using the Eurex GUI, ask the user for the Product name (e.g., FDAX) in the Product field, and the Trade ID in the TESTrdID field on the Eurex GUI.

These fields are located in the upper left corner of the GUI. The GUI field names appear in these fields prior to submitting the Block trade.

eurex-gui-block1

After clicking Apply, the fields are populated with the product name (e.g., FDAX) and Trade ID (e.g., 806), respectively.

eurex-gui-block2

To inquire on a Block trade that a counterparty submitted using X_TRADER, right-click in the Order Book and select Inquire Block & Vola Orders. In the Order Number field on the Inquire Block and Vola Orders screen, enter the product name and Trade ID provided to you by the counterparty. Enter the Order Number in the format "Product:Trade ID" (e.g., FDAX:806) and click Inquire.

block-inquire2

Submitting Vola Trades from X_TRADER

Volatility trades consists of a Block order for an options contract and a Vola order for the related futures contract. The Block order is submitted first using the Wholesale Order window.

image-48

After submitting the block order for the call or put options contract in X_TRADER, the Order Number column in the Order Book and Audit Trail display a concatenation of the product name and TES Trade ID (e.g., OESX:15). Give the order number to the counterparty so that they can inquire and accept the transaction.

order-number-audit-trail

If the counterparty is using X_TRADER, the user can inquire on the order by right-clicking in the Order Book and selecting Inquire Block & Vola Orders to enter the order number for the options contract. When providing the order number to a counterparty who is using the Eurex GUI, instruct the user to enter the product portion of the order number (e.g., OESX) in the Eurex GUI Product field, and enter the TES Trade ID portion of the Order Number (e.g., 15) in the Eurex GUI TESTrdID field.

image-47

If the initiator and counterparty are both using X_TRADER, you'll both receive fills with a transaction ID in the Audit Trail after the counterparty accepts the order. The transaction ID is displayed in TransID column in the Audit Trail.

trans-id-vola

When you initiate the Vola order for the underlying futures contract (e.g., FESX), enter the Options Transaction ID (e.g., 21) and the Options Product Name (e.g., OESX). Adjust the Options Quantity field as needed.

image-46

After sending the Vola order to the exchange, give the order number (e.g, FESX:300001) displayed in the Audit Trail to the counterparty, who can inquire and accept the transaction by entering the order number in the Eurex GUI.

order-number-vola-futures

The counterparty must enter the underlying futures product name in the order number (e.g., FESX) in the Eurex GUI Product field, and enter the Trade ID portion of the Order Number (e.g., 3000001) in the Eurex GUI TESTrdID field.

image-45

Inquiring on Vola Trades in X_TRADER

When a Volatility trade is initiated from X_TRADER or other external front-end trading application (e.g., Eurex GUI), you will have to inquire and accept both the Block order for the options contract and the Vola order for the related futures contract. In order to inquire, the initiator must provide you with the order number (X_TRADER) or product symbol and TES Trade ID (Eurex GUI).

When receiving product and TES Trade ID information from a buy-side user who submitted a Block trade for the options contract using the Eurex GUI, ask the user for the Product name (e.g., OGBL) in the Product field, and the Trade ID in the TESTrdID field (e.g., 9) on the Eurex GUI. These fields are located in the upper left corner of the Eurex GUI after the buy-side user submits the Block order.

image-39

To inquire on a Block trade that a counterparty submitted using the Eurex GUI, right-click in the Order Book and select Inquire Block & Vola Orders. In the Order Number field on the Inquire Block and Vola Orders screen, enter the product name and Trade ID provided to you by the counterparty. Enter the Order Number in the format "Product:Trade ID" (e.g., OGBL:9).

xt-inquire-options-block-from-eurex-gui

When you click Accept in the Order Book, you'll receive a fill for the block order and the transaction ID for the fill will be displayed in the Audit Trail. After the order is accepted, the user can initiate the Vola order for the related futures contract.

image-50

When receiving product and Trade ID information from a buy-side user who submitted a Vola trade for the underlying futures contract using the Eurex GUI, ask the user for the Product name (e.g., FGBL) in the Product field, and the Trade ID in the TESTrdID field (e.g., 36) on the Eurex GUI. These fields are located in the upper left corner of the Eurex GUI after the buy-side user submits the Vola order.

fgbl-36-eurex-gui

To inquire and accept the Vola trade that a counterparty submitted using the Eurex GUI, right-click in the X_TRADER Order Book and select Inquire Block & Vola Orders. On the Inquire Block and Vola Orders screen, enter the product name and Trade ID provided to you by the counterparty in the Order Number field. Enter the Order Number in the format "Product:Trade ID" (e.g., FGBL:36).

xt-inquire-vola-futures-from-eurex-gui

Accept the order in the Order Book to generate a fill and complete the Volatility trade.

Submitting Eurex Cross Trades

The following figure shows the fields used for submitting a Cross Trade:

To submit a Eurex Cross Trade:

  1. Open the product you wish to trade in a Market Grid window.
  2. In the Market Grid, right-click the row containing the product and select Wholesale Orders from the context menu.

Note: The Wholesale Orders options is grayed-out if:

  • Your administrator has not enabled wholesale trades in TT User Setup.
  • The product/exchange does not support wholesale trades.
  • Select Cross in the Order Types pane and set the quantity and price for the trade.
  • Complete the remaining fields for both sides of the trade as listed below.
  • Once the fields are complete, press the Send ITX (Intention to cross) button.

    Eurex mandates that members send an "Intention to cross" message prior to performing a cross trade. This message is broadcast to all market participants. Users have the ability to always send the ITX automatically prior to cross.

 
Eurex Cross Trades
X_TRADER Field Values Description

Account Type

A1-A9 Agent Accounts (Clients only)

P1,P2 Proprietary (Own account)

M1,M2 Market Maker (Quotes)

G1 Pre-designated Giveup (without Member ID for receiving Clearing Member)

G2 Designated Giveup (with Member ID of receiving Clearing Member)

Sets the type of account the trade will be submitted.

 

Open/Close

Open/Close

Sets whether the trade opens or closes a position.

GiveUp

Customer specific information

Sets the customer account number, firm name, etc., that the trade is being given up to.

FFT2

Customer specific information

Sets the customer specific information.

FFT3

Customer specific information

Sets the customer specific information.