Market-on-Close Futures
A listed solution for basis trading
Eurex Market-on-Close Futures (Eurex MOC Futures) are designed to deliver multiple benefits to a market that, so far, has been dominated by OTC trading. Traditionally, basis, or market-on-close (MOC), trading requires high operational efforts with limited risk management opportunities as the basis is usually agreed on in the inter-dealer-broker market. While the basis is determined before the market close, the respective index futures trades must be entered into the Eurex® system after closing. This, amongst other harbors slippage costs.
In most cases, a MOC transaction has to be split into several trades as the final price (agreed basis plus index close level) is more granular than the index futures' tick size. That means that in order to enter them into TES Block Trade, MOC off-book transactions must be large enough in size to allow them to be split to achieve the desired final price.
By providing an on-exchange solution, Eurex supports MOC trading by futurizing basis trading in line with the regulatory agenda.
Key Benefits
- Cost-efficient:
Eurex MOC Futures only need one single execution to achieve the exact final futures price – eliminating slippage risk. - Easy to trade:
As an exchange-traded contract, Eurex MOC Futures offer traders the benefit of STP, thereby significantly reducing a trader's front office workload. - Easy to access:
Eurex MOC Futures can be traded at any size via the order book – the contract size can be adjusted in increments of one – or via TES Block Trade with a minimum size of 100 contracts. - Risk management included:
After the basis transaction, Eurex MOC Futures will be immediately included in the risk management system. - Provides transparency:
On-exchange trading offers immediate liquidity and public price information.
Need to know
Based on Europe’s top 50
Our first contract in this segment covers one of the most liquid index futures worldwide: the EURO STOXX 50® Index Futures. Click here for volumes and more.
More efficiency and less risk
Eurex MOC Futures were developed to facilitate basis trading, where OTC trading becomes difficult.
Block Liquidity Providers
| Company | Member ID | Contact | Phone number |
| DRW Investments (UK) Ltd. | LOTLO | Chadwick Miller | +44-20-7031-1369 |
Flow Traders | NEDAM | Institutional Trading | +31-20-799-6777 |
IMC Trading B.V. | INMAM | +31-20-798-8599 |
Execution Broker
| Company | Member ID | Contact | Phone number |
| GFI Securities Ltd | GFILO | Grégory Dumousseau | +33-17-670-35 52 |
| OTCex Group | PAFPA | Myles Dennigan | +44 207 959 0044 |
Vantage Capital | VCMLO | Vantage Execution | +44 203 107 5220 |
Prices/Quotes FES1
| Product | Diff. to prev. day last | Last price | Contracts | Time |
|---|---|---|---|---|
| FES1 | -2.87% | 5,187.00 | 446 | 18:15:13 |
Videos
Facilitating convenient basis trading with Eurex Market-on-Close
Basis, or market-on-close (MOC), trading traditionally involves higher operational efforts and limited risk management as the basis is usually agreed on in the inter-dealer-broker market prior to the close of the cash markets. Learn how Eurex MOC Futures are designed to deliver multiple benefits to a market that is traditionally dominated by OTC trading in this animated video.
A listed solution for basis trading: Eurex Market-on-Close
Interview with Pieter Entius, Head of Trading, Flow Traders
Higher efficiency and less risk - Eurex Market-on-Close Futures are designed to deliver multiple benefits to a market that has so far been dominated by OTC trading. Watch our interview with Pieter Entius, Head of Trading at Flow Traders, sharing his insights what are the key drivers and benefits from a perspective of a Market Maker.
Contacts
Sophie Granchi T +33-0680347501 | Rachna Mathur T +1-212-309-93 08 | Kris Hopkins T +65-6597-3061 |
Dorte Carlsen T +44-207-8 62-72 17 | Matthew Koren T +1-917-495 2997 | Floris Florquin T +44 (0)207 862 7662 |
