On Mar. 10, EUREX Clear introduced new liquidity framework.
EUREX Clear issued Cir 012/25 on introduction of the new liquidity provider program for EURO STOXX 50® Index Options (OESX), as detailed in Eurex Cir 020/25.
Follows, Jan. 2025, Eurex issued changes to strategy building block liquidity, #199471.
New Framework
Challenges traditional approach to liquidity provisioning programs by prioritizing time-weighted quality of quotes instead of performance against requirement thresholds.
Incentivizes individual excellence, provides for specialization among liquidity providers.
Introduction
EUREX Clear will offer reduced fees for EURO STOXX 50® Index Options (OESX), as defined per 3.1.3 of the Eurex Clearing Price List.
Reduction applies to M-Accounts, which are designated for market-making activities, and will cover transactions executed via Order Book, Eurex EnLight, Trade Entry Services (TES), and Eurex EnLight non-disclosed and TES bilateral non-disclosed.
The changes introduce reduced fees when contract volumes exceed thresholds of 2,000 and 8,000 contracts, with specific reduced fee rates applied for each threshold.
Liquidity Providers
EURO STOXX 50® Index Options (OESX) liquidity providers should take note of requirements stipulated in attachments to Cir 020/25: 1 - Amended General Supplement to the Liquidity Provider Agreement; 2 - Amended Product Specific Supplement Equity 01 - Equity Options and Selected Equity Index Options.
Amendments deemed to have been approved if liquidity providers do not lodge objections with Eurex and EUREX Clear within 2 weeks after publication of Cir 020/25.
Eurex will implement the new scheme in May 2025l; liquidity providers will have until July to test their systems and prepare for full implementation on Jul. 1, 2025.
Effectiveness
Amendments and full implementation take effect from Jul. 1, 2025.
