Eurex Circular 084/13

eurex circular 084/13

Date: 26 April 2013 Recipients: All Trading Participants of Eurex Deutschland and Eurex Zürich, all Clearing Members of Eurex Clearing AG and Vendors Authorized by: Jürg Spillmann Action required

Single Stock Futures (SSFs), Single Stock Dividend Futures (SSDFs): Introduction of ten new SSFs on American, French, German and Polish underlying instruments; Introduction of eleven new British, German, French and Swiss Single Stock Dividend Futures

Contact: Tobias Ehinger (Product Development), T +44-20-786-2 72 31, [email protected] Lorena Dishnica (Product Development), T +44-20-786-2 72 42, [email protected]

Content may be most important for: Attachments: Ü All departments 1. Updated Annex A of the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland and

Eurex Zürich 2. Updated Annex D of the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland and Eurex Zürich 3. Updated Designated Market-Making Scheme Obligations for Single Stock Dividend Futures effective 1 June 2013

Summary:

The Management Boards of the Eurex Exchanges and the Executive Board of Eurex Clearing AG decided with effect from 14 May 2013 to introduce ten new Single Stock Futures (SSFs) on McGraw-Hill Companies Inc., Moody’s Corp, Ecopetrol S.A., Cie Ind. Fin.Ingén.SA Ingénico, Eurofins Scientific Group S.A., Talanx AG, Boryszew SA, Eurocash SA, Jastrzebska Spolka Weglowa SA and Synthos SA.

Furthermore, the Management Boards of the Eurex Exchanges and the Executive Board of Eurex Clearing AG decided with effect from 14 May 2013 to introduce eleven new Single Stock Dividend Futures (SSDFs) on BG Group PLC, Aviva PLC, Pernod-Ricard S.A., PPR S.A., Renault S.A., Électricité de France (E.D.F.), adidas AG, Deutsche Post AG, ThyssenKrupp AG, METRO AG und Syngenta AG.

Designated Market-Making (DMM) schemes will be offered for the new SSDFs.

Eurex Deutschland T +49-69-211-1 17 00 Management Board: Börsenplatz 4 F +49-69-211-1 17 01 Thomas Book, Michael Peters, 60313 Frankfurt/Main memberservices@ Andreas Preuss, Peter Reitz, Mailing address: eurexchange.com Jürg Spillmann 60485 Frankfurt/Main Internet: Germany www.eurexchange.com ARBN: 101 013 361

eurex circular 084/13

1. Product overview SSFs:

Product Future on Underlying Eurex Product Product ISIN Product code code ISIN group currency of Flexible ID Future Cash Physi- cal MHLF McGraw-Hill Companies US5806451093 US01 USD DE000A1XQ1B3 MH4F - Inc. DUTF Moody’s Corp US6153691059 US01 USD DE000A1XQ1C1 D4TF -

ECHF Ecopetrol S.A. US2791581091 US01 USD DE000A1XQ1D9 EC4F -

IIEF Cie Ind. Fin.Ingén.SA FR0000125346 FR01 EUR DE000A1XQ1E7 II4F II5F Ingénico ESSF Eurofins Scientific Group FR0000038259 FR01 EUR DE000A1XQ1F4 ES4F ES5F S.A. TLXF Talanx AG DE000TLX1005 DE01 EUR DE000A1XQ1G2 T4XF T5XF

BOWF Boryszew SA PLBRSZW00011 PL01 EUR DE000A1XQ1H0 B4WF -

ECAF Eurocash SA PLEURCH00011 PL01 EUR DE000A1XQ1J6 E4AF -

J2SF Jastrzebska Spolka PLJSW0000015 PL01 EUR DE000A1XQ1K4 J24F - Weglowa SA YSSF Synthos SA PLDWORY00019 PL01 EUR DE000A1XQ1L2 YS4F -

Product Contract Minimum Minimum Product code size price Block group change Trade size MHLF 100 0.0001 1 XNCFSU

DUTF 100 0.0001 1 XNCFSU

ECHF 100 0.0001 1 XNCFSU

IIEF 100 0.0001 1 ENCFSE

ESSF 100 0.0001 1 ENCFSE

TLXF 100 0.0001 1 ENSFSE

BOWF 1000 0.0001 1 XNCFSE

ECAF 100 0.0001 1 XNCFSE

J2SF 100 0.0001 1 XNCFSE

YSSF 1000 0.0001 1 XNCFSE

page 1 of 3 eurex circular 084/13

2. Product overview SSDFs:

Single Stock Single Stock Dividend Future Technical underlying of Single Dividend Future Stock Dividend Future on Eurex Eurex Eurex Underlying Underlying product product ISIN product product code product ISIN code currency BG Group PLC B2G DE000A1XQ1M0 GBX B2GD XC000A1XQ1Y3

Aviva PLC A2V DE000A1XQ1N8 GBX A2VD XC000A1XQ1Z0

Pernod-Ricard S.A. P2ER DE000A1XQ1P3 EUR P2ED XC000A1X0105

PPR S.A. P2PX DE000A1XQ1Q1 EUR P2PD XC000A1XQ115

Renault S.A. R2NL DE000A1XQ1R9 EUR R2ND XC000A1XQ123

Électricité de E2DF DE000A1XQ1S7 EUR E2DD XC000A1XQ131 France (E.D.F.) adidas AG A2DS DE000A1XQ1T5 EUR A2DD XC000A1XQ149

Deutsche Post AG D2PW DE000A1XQ1U3 EUR D2PD XC000A1XQ156

ThyssenKrupp AG T2KA DE000A1XQ1V1 EUR T2KD XC000A1XQ164

METRO AG M2EO DE000A1XQ1W9 EUR M2ED XC000A1XQ172

Syngenta AG S2YN DE000A1XQ1X7 CHF S2YD XC000A1XQ180

Product Contract Minimum Minimum Product Eurex code size price Block group group ID change Trade size

B2G 1000 0.01 1 XNCHYG GB21

A2V 1000 0.01 1 XNCHYG GB21

P2ER 1000 0.001 1 XNCHYE FR21

P2PX 1000 0.001 1 XNCHYE FR21

R2NL 1000 0.001 1 XNCHYE FR21

E2DF 1000 0.001 1 XNCHYE FR21

A2DS 1000 0.001 1 XNCHYE DE21

D2PW 1000 0.001 1 XNCHYE DE21

T2KA 1000 0.001 1 XNCHYE DE21

M2EO 1000 0.001 1 XNCHYE DE21

S2YN 1000 0.001 1 XNCHYC CH21

3. Contract specifications and product parameters

Generally, contract specifications for the new SSFs and SSDFs are in line with the existing ones with the relevant Eurex group IDs, also in terms of trading hours and trading calendar, last trading day, settlement and determination of the daily and final settlement prices.

Updated Annexes A and D of the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland and Eurex Zürich will be published on the Eurex website www.eurexchange.com as of start of trading under:

Resources > Rules and Regulations > Contract specifications

page 2 of 3 eurex circular 084/13

4. Risk parameters

You will receive the relevant risk parameters via the Theoretical Price Files after the product set-up in the Eurex® system. The parameters will also be published as of start of trading on the Eurex website under:

Market data > Clearing data > Risk parameters and initial margins

A separate Eurex circular will not be distributed.

5. Mistrade parameters and position limits

Mistrade ranges and position limits for the new SSFs and SSDFs will be published on the Eurex website as of start of trading under the paths for SSFs and SSDFs:

Products > Equity Derivatives > Single Stock Futures

Products > Dividend Derivatives > Single Stock Dividend Futures

6. Market-Making

As of 1 June 2013, the new SSDFs will be part of the existing Designated Market-Making (DMM) package for SSDFs on non-components of the EURO STOXX 50® index (SSDFs on Pernod-Ricard S.A., PPR S.A., Renault S.A., Électricité de France (E.D.F.), adidas AG, Deutsche Post AG, ThyssenKrupp AG and METRO AG), of the DMM package on Swiss SSDFs (SSDF on Syngenta AG) and of the DMM package on British SSDFs (SSDFs on BG Group PLC and Aviva PLC).

Please refer to attachment 3 for detailed information about the adjustments to the DMM obligations.

7. Transaction limits, minimum size for cross- and pre-arranged trades, transaction fees

The same values which currently relate to existing SSFs and SSDFs of the relevant Eurex group ID will apply. Detailed information has been published on the Eurex website under:

Technology > Transaction limits

8. Data vendor codes

At the start of trading, data vendor codes will be published on the Eurex website under the path:

Products > Vendor Product Codes

9. Publication of dividend data

Dividend data for the new SSDFs will be published as of start of trading. For further information, please refer to Eurex circular 150/11.

26 April 2013

page 3 of 3

Attachment 1 to Eurex Circular 084/13 Eurex14 Contract Specifications for Futures Contracts and As of 14.05.2013 Options Contracts at Eurex Deutschland and Eurex Zürich Page 1

**********************************************************************************

AMENDMENTS ARE MARKED AS FOLLOWS:

INSERTIONS ARE UNDERLINED

DELETIONS ARE CROSSED OUT

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[…] Annex A in relation to subsection 1.6 of the Contract Specifications:

Cash Minimum Futures contracts on the dividends of Shares Product- Group Contract Currency Market- Price (“Single Stock Dividend Futures”) ID ID* Size ** ID* Change […] Boryszew SA BOWF PL01 XWAR 1000 0.0001 EUR Cie Ind. Fin.Ingén.SA Ingénico IIEF FR01 XPAR 100 0.0001 EUR Ecopetrol S.A. ECHF US01 XNYS 100 0.0001 USD Eurocash SA ECAF PL01 XWAR 100 0.0001 EUR Eurofins Scientific Group S.A. ESSF FR01 XPAR 100 0.0001 EUR Jastrzebska Spolka Weglowa SA J2SF PL01 XWAR 100 0.0001 EUR McGraw-Hill Companies Inc. MHLF US01 XNYS 100 0.0001 USD Moody’s Corp DUTF US01 XNYS 100 0.0001 USD Synthos SA YSSF PL01 XWAR 1000 0.0001 EUR Talanx AG TLXF DE01 XETR 100 0.0001 EUR […] * The group ID as well as the cash market ID shall be assigned by the Eurex Exchanges according to the following table and shall merely have an internal assignment function ** GBX: Pence Sterling

[…]

Attachment 2 to Eurex Circular 084/13 Eurex14e Contract Specifications for Futures Contracts and As of 14.05.2013 Options Contracts at Eurex Deutschland and Eurex Zürich Page 1

**********************************************************************************

AMENDMENTS ARE MARKED AS FOLLOWS:

INSERTIONS ARE UNDERLINED

DELETIONS ARE CROSSED OUT

**********************************************************************************

[…] Annex D in relation to subsection 1.14 of the Contract Specifications:

Cash Minimum Futures contracts on the dividends of Shares Product- Group Contract Currency Market- Price (“Single Stock Dividend Futures”) ID ID* Size ** ID* Change […] adidas AG A2DS DE21 XETR 1000 0.001 EUR Aviva PLC A2V GB21 XLON 1000 0.01 GBX BG Group PLC B2G GB21 XLON 1000 0.01 GBX Deutsche Post AG D2PW DE21 XETR 1000 0.001 EUR Electricite de France (E.D.F.) E2DF FR21 XPAR 1000 0.001 EUR METRO AG M2EO DE21 XETR 1000 0.001 EUR Pernod-Ricard S.A. P2ER FR21 XPAR 1000 0.001 EUR PPR S.A. P2PX FR21 XPAR 1000 0.001 EUR Renault S.A. R2NL FR21 XPAR 1000 0.001 EUR Syngenta AG S2YN CH21 XVTX 1000 0.001 CHF ThyssenKrupp AG T2KA DE21 XETR 1000 0.001 EUR […] * The group ID as well as the cash market ID shall be assigned by the Eurex Exchanges according to the following table and shall merely have an internal assignment function ** GBX: Pence Sterling

[…] Attachment 3 to Eurex Circular 084/13

2. Designated Market-Making scheme for Single Stock Dividend Futures on non-constituents of the EURO STOXX 50® index (non-EURO STOXX 50® package)

Outline This Designated Market-Making scheme covers those Single Stock Dividend Futures (excluding Swiss and British SSDFs) on European stocks whose underlying shares are not constituents of the EURO STOXX 50®, combined in the non-EURO STOXX 50® package. The package allocation will be reviewed as and when additional SSDFs will be introduced.

The Designated Market Maker will be obliged to provide two-way quotes for 50 percent of the SSDFs contained in the non-EURO STOXX 50® package in order to receive the fee rebates detailed.

The quote size obligation for the third expiry is lower than those for the first and second expiries – there is no obligation to quote longer expirations.

Scheme obligations In the order book:

Provision of quotes during the trading Provision of two-way quotes for the first, session second and third contracts in the series of each constituent listed - with a minimum size on the bid and ask side and with a maximum percentage spread as detailed in Table 2 below Provision of two-way quotes for each of the contracts in the series mentioned above - during 50 percent of the quotation period of the trading day, from 09:00 to 17:30 CET, calculated on a monthly average.

Designated Market Maker Fees Order Book Trades & Block Trades executed on M-accounts receive 50 percent fee rebate upon fulfilment of obligations in 50 percent of the products in the non-EURO STOXX 50® package (i.e. 7 out of 15 products)

Respond to Eurex Pricing Requests Market Maker must respond to all Eurex Market Supervision pricing requests up to a maximum of two requests per contract per day - within 30 minutes - subject to this information being retained for use by Eurex in its cal- culations and not being for public dissemination in its original form

Valid from 1 June 2013 Page 1 of 5 Attachment 3 to Eurex Circular 084/13

Table 2 Maximum percentage spreads and minimum quote size permissible for fulfilment of Market- Making:

Maximum Spreads Minimum Size Product 1st 2nd 3rd 1st 2nd 3rd Product Name ID Expiry Expiry Expiry Expiry Expiry Expiry Adidas Dividend Futures A2DS 30% 30% 40% 30 30 15 AEGON Dividend Futures A2EN 100% 100% 100% 30 30 15 ALSTOM Dividend Futures A2OM 20% 20% 30% 30 30 15 Crédit Agricole Dividend Futures X2CA 100% 100% 100% 30 30 15 Deutsche Börse Dividend Futures D3B1 20% 20% 30% 30 30 15 Deutsche Post Dividend Futures D2PW 30% 30% 40% 30 30 15 EDF Dividend Futures E2DF 40% 40% 50% 30 30 15 METRO Dividend Futures M2EO 30% 30% 40% 30 30 15 Nokia Dividend Futures N2OA 100% 100% 100% 30 30 15 Pernod-Ricard Dividend Futures P2ER 30% 30% 40% 30 30 15 PPR Dividend Futures P2PX 30% 30% 40% 30 30 15 Renault Dividend Futures R2NL 30% 30% 40% 30 30 15 Royal KPN Dividend Futures K3PN 20% 20% 30% 30 30 15 Telecom Italia Dividend Futures T2QI 30% 30% 40% 30 30 15 ThyssenKrupp Dividend Futures T2KA 30% 30% 40% 30 30 15

3. Designated Market-Making scheme for British Single Stock Dividend Futures

Outline This Designated Market-Making scheme covers Single Stock Dividend Futures (SSDFs) on British stocks which are combined in the British SSDFs package for Designated Market-Making. The package allocation will be reviewed as and when additional British SSDFs will be introduced. The Designated Market Maker will be obliged to provide two-way quotes only on a certain percentage of the SSDFs contained in the British package.

The quote size obligation of the third expiry is lower than those for the first and second expiries – there is no obligation to quote longer expirations.

Scheme obligations In the order book:

Provision of quotes during the trading Provision of two-way quotes for the first, session second and third contracts in the series of each constituent listed - with a minimum size on the bid and ask side and with a maximum percentage spread as detailed in Table 3 below Valid from 1 June 2013 Page 2 of 5 Attachment 3 to Eurex Circular 084/13

Provision of two-way quotes for each of the contracts in the series mentioned above - during 70 percent of the quotation period of the trading day, from 09:00 a.m. to 17:30 p.m. (CET), calculated on a monthly average.

Respond to Eurex Pricing Requests Market Maker must respond to all Eurex Market Supervision Pricing Requests up to a maximum of two requests per contract per day - within 30 minutes - subject to this information being retained for use by Eurex in its cal- culations and not being for public dissemination in its original form

Table 3 Maximum percentage spreads and minimum quote size permissible for fulfilment of Market- Making:

Maximum Spreads Minimum Size Product 1st 2nd 3rd 1st 2nd 3rd Product Name ID Expiry Expiry Expiry Expiry Expiry Expiry Anglo American Dividend Futures A2AL 100% 100% 100% 50 50 25 AstraZeneca Dividend Futures A2ZN 40% 45% 55% 50 50 25 Aviva Dividend Futures A2V 20% 25% 35% 50 50 25 Barclays Dividend Futures B2AR 200% 200% 200% 50 50 25 BG Group Dividend Futures B2G 40% 45% 55% 50 50 25 BHP Billiton Dividend Futures B2LT 100% 100% 100% 50 50 25 BP Dividend Futures B2P 100% 100% 100% 50 50 25 BT Group Dividend Futures B2T 40% 45% 55% 50 50 25 Diageo Dividend Futures D2GE 40% 45% 55% 50 50 25 GlaxoSmithKline Dividend Futures G3SK 40% 45% 55% 50 50 25 HSBC Dividend Futures H2SB 100% 100% 100% 50 50 25 Royal Dutch Shell Dividend Futures R2DA 20% 25% 35% 50 50 25 Rio Tinto Dividend Futures R2TZ 100% 100% 100% 50 50 25 Tesco Dividend Futures T2SC 20% 25% 35% 50 50 25 Vodafone Group Dividend Futures V3O 20% 25% 35% 50 50 25

Valid from 1 June 2013 Page 3 of 5 Attachment 3 to Eurex Circular 084/13

4. Designated Market-Making scheme for Swiss Single Stock Dividend Futures

Outline This Designated Market-Making scheme covers Single Stock Dividend Futures (SSDFs) on Swiss stocks which are combined in the Swiss SSDFs package for Designated Market-Making. The package allocation will be reviewed as and when additional Swiss SSDFs will be introduced.

The Designated Market Maker will be obliged to provide two-way quotes only on a certain percentage of the SSDFs contained in the Swiss package. The quote size obligation of the third expiry is lower than those for the first and second expiries – there is no obligation to quote longer expirations.

Scheme obligations In the order book:

Provision of quotes during the trading Provision of two-way quotes for the first, session second and third contracts in the series of each constituent listed - with a minimum size on the bid and ask side and with a maximum percentage spread as detailed in Table 4 below Provision of two-way quotes for each of the contracts in the series mentioned above - during 70 percent of the quotation period of the trading day, from 09:00 to 17:30CET, calculated on a monthly average.

Valid from 1 June 2013 Page 4 of 5 Attachment 3 to Eurex Circular 084/13

Table 4

Maximum percentage spreads and minimum quote size permissible for fulfilment of Market- Making:

Maximum Spreads Minimum Size Product 1st 2nd 3rd 1st 2nd 3rd Product Name ID Expiry Expiry Expiry Expiry Expiry Expiry ABB Dividend Futures A2BB 40% 45% 55% 50 50 25 Cie Financière Richemont Dividend Futures C2FR 40% 45% 55% 50 50 25 Credit Suisse Group Dividend Futures C3SG 20% 25% 35% 50 50 25 Nestlé Dividend Futures N2ES 20% 25% 35% 30 30 15 Novartis Dividend Futures N2OV 20% 25% 35% 30 30 15 Roche Holding Dividend Futures R2OG 20% 25% 35% 5 5 2 Swisscom Dividend Futures S2CM 20% 25% 35% 5 5 2 Swiss Re Dividend Futures S3RE 20% 25% 35% 30 30 15 Syngenta Dividend Futures S2YN 20% 25% 35% 5 5 2 UBS Dividend Futures U2BS 200% 200% 200% 50 50 25 Zurich Financial Services Dividend Futures Z2UR 20% 25% 35% 5 5 2

For the avoidance of doubt: Where the first expiry in the contract series is December 2013 and the permissible percentage spread is noted as 20 percent for that expiry - then to fulfil the obligations the offer price must be no greater than the bid price plus 20 percent of that bid price.

For example: If the quoted bid is 3.50 and the permissible percentage spread is 20 percent then the offer price must be no greater than 4.20.

If a successor product in one of the underlying instruments is admitted for trading with a standard contract size due to a corporate action, the successor product will become part of the Quotation Requirements with effect from the first trading day of the next calendar month. This shall also apply if any index component is changed.

Valid from 1 June 2013 Page 5 of 5