Money Market Derivatives: Introduction of Options Contracts and Mid-Curve Options Contracts on Three-Month Euro STR (€STR) Futures and Amendment to Product Specific Supplement “Fixed Income 17” and “Fixed Income 18”

1.    Introduction

The Management Board of Eurex Deutschland took the following decision with effect from 3 November 2025:

• Introduction of Options on the Three-Month Euro STR Future Contract (product ID: OST3), One-Year Euro STR Mid-Curve Options Contract (product ID: OSM1) and Two-Year Euro STR Mid-Curve Options Contract (product ID: OSM2) pursuant to Section 2.2.1.2 of the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland (hereafter referred to as: “Contract Specifications” (Attachment 1)
• To amend the Annexes to the Contract Specifications as shown in Attachment 2. 

This circular contains all information on the introduction of the new products and the updated sections of the relevant Rules and Regulations of Eurex Deutschland.

Production start: 3 November 2025

The Executive Boards of Eurex Frankfurt AG and Eurex Clearing AG took the following decision with effect from 1 October 2025:

• To amend the Product Specific Supplement (PSS) “Fixed Income 17 – Three-Month Euribor Futures and Three-Month Euro STR Futures” as shown in Attachment 3.

The Executive Boards of Eurex Frankfurt AG and Eurex Clearing AG took the following decision with effect

from 3 November 2025:

• To amend the Product Specific Supplement (PSS) “Fixed Income 18 – Options on Three-Month Euribor Futures and One- and Two-Year Euribor Mid-Curve Options” as shown in Attachment 4.

2.    Required action

There is no action required for participation with the introduction of Options on the Three-Month Euro STR Future Contract (product ID: OST3), One-Year Euro STR Mid-Curve Options Contract (product ID: OSM1) and Two-Year Euro STR Mid-Curve Options Contract (product ID: OSM2).

Liquidity Providers should adjust their quotation behavior according to Attachments 3 and 4. 

3.    Details of the initiative

A.    Introduction of Options on the Three-Month Euro STR Future Contract (product ID: OST3), One-Year Euro STR Mid-Curve Options Contract (product ID: OSM1) and Two-Year Euro STR Mid-Curve Options Contract (product ID: OSM2)

a.    Contract specifications and product parameters

For the detailed contract specifications, please see Attachments 1 and 2.

The full version of the updated Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland will be published on the Eurex website or www.eurex.com​ as of start of trading under:

Rules & Regs > Eurex Rules & Regulations > 03. Contract Specifications

b.  Admission to the Eurex T7 Entry Services (TES)

The new products will be admitted to the Eurex T7 Entry Services (TES). You can find the minimum block trade sizes on product level in the Contract Specifications in Attachment 1.

An overview of the Eurex T7 Entry Services available for the products as well as detailed information on a single product basis with regard to availability, possibility of utilization and minimum entry size for the various Eurex T7 Entry Services is available on the Eurex website under the link:

Data > Trading files > T7 Entry Service parameters

c.  Risk parameters

As of start of trading, risk parameters of the new products will be published on the Eurex website under the link:

Data > Clearing files > Risk parameters and initial margins

and on the Eurex Clearing website www.eurex.com/ec-en/ under the following path:

Services > Risk parameters

You will also find an updated list with details regarding Prisma-eligible Eurex products under this path.

d.  Excessive System Usage Fee and Order-to-Trade Ratio

The Excessive System Usage Fee and the Order-to-Trade Ratio for the new products are determined in line with the existing products. For detailed information, please refer to the Eurex website under the following links:

Rules & Regs > Regulations > Excessive System Usage Fee
Rules & Regs > Regulations > Order-to-Trade Ratio

e.  Mistrade parameters

Mistrade ranges for the new products will be published as of start of trading on the Eurex website under the link:

Markets > Product Overview

f. Transaction fees

The transaction fees for the new products are availabe on the Eurex Clearing website www.eurex.com/ec-en/ under the following link: 

Rules & Regs > Eurex Clearing Rules & Regulations > 3. Price List

g.  Vendor codes

At start of trading, vendor codes for the new products will be published on the Eurex website under the link:

Markets > Product Overview > Vendor Codes

h.    Liquidity Provisioning

Please refer to the attached Product Specific Supplements (Attachments 3 and 4) for details. An overview of Market-Making and Liquidity Provisioning at Eurex can be found on the Eurex website under the following link:

Trade > Market-Making and Liquidity provisioning

B.    Product Specific Supplement (PSS) “Fixed Income 17 – Three-Month Euribor Futures and Three-Month Euro STR Futures”

The additional incentive component based on the open interest in Three-Month Euro STR Futures initially introduced on 1 July 2024 will be extended for the month of October 2025, as described in section 4.1 of the PSS ‘Fixed Income 17 - Three-Month Euribor Futures and Three-Month Euro STR Futures’. It will be effective as of 1 October 2025 with updated parameters. 

Furthermore, the Phase 1 of the Additional Supporter Incentive as described in sections 2 and 4.1 will be extended until end of December 2025. 

In addition, a new Liquidity Provider “Night Scheme” will be implemented as described in sections 1, 3.1, 4.1, 5.3 and 7 with effect from 3 November 2025. Also, the quoting requirements for the IPS as described in section 5.5 will be amended with effect from 3 November 2025. 

The amendments shall be deemed approved unless objected to Eurex Frankfurt AG and Eurex Clearing AG within a period of two weeks after notification of this circular pursuant to Number 4 (2) of the Liquidity Provider Agreement.

The current versions of the PSS documents are also available in PDF format on the Eurex website www.eurex.com​ under the following path:

Trade > Market-Making and Liquidity provisioning

C.    Product Specific Supplement (PSS) “Fixed Income 18 – Options on Three-Month Euribor Futures and One- and Two-Year Euribor Mid-Curve Options”

The existing PSS “Fixed Income 18 – Options on Three-Month Euribor Futures and One- and Two-Year Euribor Mid-Curve Options” will be renamed into “Fixed Income 18 – STIR Options” with effect from 3 November 2025 and will be extended with the new introduced Options on the Three-Month Euro STR Future Contract (product ID: OST3), One-Year Euro STR Mid-Curve Options Contract (product ID: OSM1) and Two-Year Euro STR Mid-Curve Options Contract (product ID: OSM2) pursuant to Section A.

Trading Participants will be entitled to receive monetary incentives in the form of fee rebates and additional monetary incentives upon fulfilling the order-book quoting requirements specified in Attachment 4. 

The amendments shall be deemed approved unless objected to Eurex Frankfurt AG and Eurex Clearing AG within a period of two weeks after notification of this circular pursuant to Number 4 (2) of the Liquidity Provider Agreement.

The current versions of the PSS documents are also available in PDF format on the Eurex website www.eurex.com​ under the following path:

Trade > Market-Making and Liquidity provisioning

Attachments:

• 1 – Amended Sections of the Contract Specifications for Futures and Options Contracts at Eurex Deutschland
• 2 – Amended Sections to the Annexes to the Contract Specifications for Futures and Options Contracts at Eurex Deutschland
• 3 – Product Specific Supplement (PSS) “Fixed Income 17 – Three-Month Euribor Futures (FEU3) and Three-Month Euro STR Futures (FST3)”
• 4 – Product Specific Supplement (PSS) “Fixed Income 18 – STIR Options”

Further information