Eurex Volumes Development. November 2017

Transcription

1 Eurex Volumes Development November 17

2 Agenda Equity Index Derivatives Volatility Index Products Equity Options Exchange Traded Funds Options Single Stock Futures Dividend Derivatives Portfolio Margining 2

3 Jan-5 Jun-5 Nov-5 Apr-6 Sep-6 Feb-7 Jul-7 Dec-7 May-8 Oct-8 Mar-9 Aug-9 Jan- Jun- Nov- Apr-11 Sep-11 Feb-12 Jul-12 Dec-12 May-13 Oct-13 Mar-14 Aug-14 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17 Jul-17 Traded Contracts, in millions Open Interest, in millions EURO STOXX 5 Futures (FESX) and Options (OESX) % % 6 3 Orderbook Off-book 4 23% 35% EURO STOXX 5 Index Futures EURO STOXX 5 Index Options Open Interest Total volume since January 5: 7.45 billion contracts ADV 17: 1.8 Million futures contracts & 1.3 Million options contracts Open Interest October 17: 3.6 Million Futures & 34.3 Million Options Bloomberg Ticker: VGA Index CT (Futures), SX5E Index OMON (Options) 42% Agent Market Maker Principal Pie charts based on last 12 months data (563,3,669 traded contracts) 3

4 Jan- Apr- Jul- Oct- Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Apr-17 Jul-17 Oct-17 Traded Contracts, in millions Open Interest, in millions EURO STOXX Sector Indices EURO STOXX Sector Index Futures 3% FESB 97% Other EURO STOXX Sector Index Options.34% - - EURO STOXX Sector Index Futures EURO STOXX Sector Index Options Open Interest Total Volume since January 7: million contracts ADV 17: 219,124 Futures contracts & 139,74 Options contracts Open Interest October 17: 1.3 Million Futures & 4.1 Million Options OESB 99.66% Other Pie charts based on last 12 months data (91,276,757 traded contracts) 4

5 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Traded Contracts, in thousands Open Interest, in thousands EURO STOXX 5 Index Quanto Futures (FESQ) % % Orderbook Off-book % 6% EURO STOXX 5 Index Quanto Futures Total Volume since March 16: 1,923 contracts ADV 17: 344 Futures contracts Open Interest October 17:,486 Futures Bloomberg Ticker: VLA Index Open Interest Agent Market Maker Principal 72% Pie charts based on last 12 months data (91,638 traded contracts) 5

6 Dec-16 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Traded Contracts, in thousands Open Interest, in thousands EURO STOXX 5 Total Return Futures (TESX) % % 3 Orderbook Off-book 5 25% 21% EURO STOXX 5 Total Return Futures Total Volume since December 16: 312,33 contracts ADV 17: 1,456 Futures contracts Open Interest October 17: 5,923 Futures Bloomberg Ticker: VHOA <Index> Open Interest 55% Agent Market Maker Principal Pie charts based on last 11 months data (312,33 cleared volume) 6

7 Jan- Apr- Jul- Oct- Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Apr-17 Jul-17 Oct-17 Traded Contracts, in millions Open Interest, in thousands STOXX Europe 6 Sector Indices STOXX Europe 6 Sector Index Futures % 33% % 6% 12% 16% FSTB FSTE FSTS FSTI FSTU Other 4% 7% STOXX Europe 6 Sector Index Options 17% 28% STOXX Europe 6 Sector Index Futures STOXX Europe 6 Sector Index Options Total Open Interest Total Volume since January : 7 million contracts ADV 17: 43,24 Futures contracts & 4,416 Options contracts Open Interest October 17: 469,567 Futures & 328,559 Options 26% 18% OSTE OSTS OSTB OSTA OSTG Other Pie charts based on last 12 months data (13,352,128 traded contracts) 7

8 Gain exposure to Europe Country Market Cap in bln Index in % United Kingdom 2, % STOXX Europe 6 France 1, % Switzerland 1, % Germany % Spain % Sweden % Netherlands % Italy ,8 % Denmark ,75 % Belgium % Finland % Ireland % Norway % Luxembourg 32.8,47 % Austria % Portugal % Czech Republic % STOXX Europe 6 market cap: 7, ( Billion) covers 9% of the European total market cap Nikkei 225 Nikkei 225 market cap: 2,18 ( Billion) covers 6% of the Japanese total market cap S&P 5 S&P 5 market cap: 11,17 ( Billion) covers 75% of the US total market cap 8

9 Aug- Nov- Feb-11 May-11 Aug-11 Nov-11 Feb-12 May-12 Aug-12 Nov-12 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Traded Contracts, in millions Open Interest, in thousands STOXX Europe 6 Index Futures (FXXP) and Index Options (OXXP) % % 1. Orderbook Off-book.5 23% 38%. STOXX Europe 6 Index Futures FXXP STOXX Europe 6 Index Options OXXP Total Open Interest Total Volume since August : 36.6 million contracts ADV 17: 43,288 Futures contracts & 1,985 Options contracts Open Interest October 17: 293,52 Futures & 222,779 Options Bloomberg Ticker: SXOA index (Futures), SXXP5 index OMON (Options) 39% Agent Market Maker Principal Pie charts based on last 12 months data (11,953,91 traded contracts) 9

10 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Mar-17 May-17 Jul-17 Sep-17 Traded Contracts, in millions Open Interest, in millions MSCI Futures and Options % % Orderbook Off-book % 9%.. MSCI Futures MSCI Options Open Interest 8% Total Volume since June 8: 17.4 Million contracts ADV 17: 37,8 Futures contracts & 3,171 Options contracts Open Interest October 17: 1.2 Million Futures & 248,727 Options Agent Market Maker Principal Pie charts based on last 12 months data (,,791 traded contracts)

11 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Traded Contracts, in thousands Open Interest, in thousands istoxx Factor Indices % % 15 Orderbook Off-book % 13% - - istoxx Futures Total Volume since May 17: 2,568 contracts ADV 17: 795 Futures contracts Open Interest October 17: 22,291 Futures Open Interest Agent Market Maker Principal 72% Pie charts based on last 6 months data (2,568 traded contracts) 11

12 Jan-5 Jun-5 Nov-5 Apr-6 Sep-6 Feb-7 Jul-7 Dec-7 May-8 Oct-8 Mar-9 Aug-9 Jan- Jun- Nov- Apr-11 Sep-11 Feb-12 Jul-12 Dec-12 May-13 Oct-13 Mar-14 Aug-14 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17 Jul-17 Traded Contracts, in millions Open Interest, in millions 25 DAX Futures (FDAX) and Options (ODAX) & Mini DAX Futures (FDXM) 16 15% % 6 Orderbook Off-book % 31% DAX Futures DAX Options Mini DAX Open Interest Total Volume since January 5: 1.25 billion contracts ADV 17: DAX: 82,258 Futures contracts & 86,881 Options contracts Mini DAX: 22,882 Futures contract Open Interest October 17: 132,99 DAX Futures, 2 Million DAX Options &,37 Mini DAX 48% Agent Market Maker Principal Pie charts based on last 12 months data (51,195,465 traded contracts) Bloomberg Ticker: GXA Index CT (DAX Futures ), DAX Index OMON (DAX Options ), DFWA Index (Mini DAX Futures ) 12

13 Jan-5 Jun-5 Nov-5 Apr-6 Sep-6 Feb-7 Jul-7 Dec-7 May-8 Oct-8 Mar-9 Aug-9 Jan- Jun- Nov- Apr-11 Sep-11 Feb-12 Jul-12 Dec-12 May-13 Oct-13 Mar-14 Aug-14 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17 Jul-17 Traded Contracts, in millions Open Interest, in millions SMI Futures (FSMI) and Options (OSMI) % % Orderbook Off-book % 36%.. SMI Futures SMI Options Open Interest Total Volume since January 5: 5.2 million contracts ADV 17: 41,428 Futures contracts & 15,211 Options contracts Open Interest October 17: 197,735 Futures & 899,116 Options Bloomberg Ticker: SMA Index CT (Futures), SMI Index OMON (Options) 29% Agent Market Maker Principal Pie charts based on last 12 months data (15,567,47 traded contracts) 13

14 Total Contracts, in thousands Open Interest, in thousands RDX Futures (FRDX) and Options (ORDX) % % 15 Orderbook Off-book 5 13% % 61% RDX USD Futures RDX USD Options Total Open Interest Total Volume since March 12: 8.65 million contracts ADV 17: 2,98 Futures contracts & 2,4 Options contracts Open Interest October 17: 48,949 Futures & 267,78 Options Bloomberg Ticker: RXDmy Index (Futures), RDXUSD Index (Options) Agent Market Maker Principal Pie charts based on last 12 months data (1,431,432 traded contracts) 14

15 Traded Contracts, in thousands Open Interest, in thoudsands ATX and ATX Five Futures (FATX/FATF) and Options (OATX/OATF) % % 4 Orderbook Off-book 19% % ATX five Futures ATX Futures ATX five Options ATX Options Open Interest 28% Total Volume since February 14: ATX : 1.19 Million, ATX Five : 88,641 contracts ADV 17: ATX = 931 Futures contracts & 4 Options contracts ATX Five = 33 Futures contracts Open Interest October 17: 23,488 contracts Agent Market Maker Principal Pie charts based on last 12 months data (271,799 traded contracts) Bloomberg Ticker: ATTA Index CT (ATX Futures), ATXO Index OMON (ATX Options), ATXFO Index CT (ATX Five Futures), ATXFO Index OMON (ATX Five Options) 15

16 Aug- Nov- Feb-11 May-11 Aug-11 Nov-11 Feb-12 May-12 Aug-12 Nov-12 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Traded Contracts, in millions KOSPI Futures (FMK2) and Options (OKS2) 6 % % 2 Orderbook Off-book 1 32% 6% 62% KOSPI Futures KOSPI Options Total Volume since August : 16.9 million contracts ADV 17: 271 Futures contracts and 97,864 Options contracts Open Interest is not recorded as open positions are transferred to KRX Bloomberg Ticker: FXYA Index DES <GO> (Futures), OKS2K index OMON (Options) Agent Market Maker Principal Pie charts based on last 12 months data (25,22,46 traded contracts) 16

17 Agenda Equity Index Derivatives Volatility Index Products Equity Options Exchange Traded Funds Options Single Stock Futures Dividend Derivatives Portfolio Margining 17

18 Jan- Apr- Jul- Oct- Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Apr-17 Jul-17 Oct-17 Traded Contracts, in millions Open Interest, in milions VSTOXX Futures (FVS) and Options (OVS, OVS2) % % Orderbook Off-book % 46% VSTOXX Futures VSTOXX Options Open Interest 35% Total Volume since January 12: 75.6 million contracts ADV 17: 52,5 Futures contracts & 41,789 Options contracts Agent Market Maker Principal Open Interest October 17: 317,846 Futures & 362,888 Options Pie charts based on last 12 months data (23,43,961 traded contracts) Bloomberg Ticker: FVSA Index (Futures), V2X Index OMON<GO> & FVSA <INDEX> OMON (Options) 18

19 Agenda Equity Index Derivatives Volatility Index Products Equity Options Exchange Traded Funds Options Single Stock Futures Dividend Derivatives Portfolio Margining 19

20 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Apr-17 Jul-17 Oct-17 Traded Contracts, in millions Open Interest, in millions Equity Options % 5 45% Orderbook Off-book 5 14% 32% - Equity Options Open Interest 54% Total Volume since January 12: 1.1 billion ADV 17: 669,375 options contracts Open Interest October 17: 53.4 million contracts Agent Market Maker Principal Pie charts based on last 12 months data (172,741,77 traded contracts)

21 Jul-14 Sep-14 Nov-14 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Mar-17 May-17 Jul-17 Sep-17 Traded Contracts, in thousands Open Interest, in thousands Equity Options with weekly expiries % % 4 Orderbook Off-book 4% 21% - Weekly Expiry Options Open Interest 74% Equity Options with weekly expiries are now available on 6 underlyings Total Volume since July 14: 1.7 million contracts ADV 17: 2,55 contracts Open Interest October 17: 23,544 contracts Agent Market Maker Principal Pie charts based on last 12 months data (585,527 traded contracts) 21

22 Traded Contracts Open Interest Millions Millions Traded Contracts Open Interest Millions Millions Equity Options Country Segments Development German Equity Options Swiss Equity Options

23 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 May-15 Sep-15 Jan-16 May-16 Sep-16 May-17 Sep-17 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 May-15 Sep-15 Jan-16 May-16 Sep-16 May-17 Sep-17 Traded Contracts Open Interest Traded Contracts Open Interest Millions Millions Millions Millions Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 May-15 Sep-15 Jan-16 May-16 Sep-16 May-17 Sep-17 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 May-15 Sep-15 Jan-16 May-16 Sep-16 May-17 Sep-17 Traded Contracts Open Interest Traded Contracts Millions Millions Thousands Open Interest Millions Equity Options Country Segments Development French Equity Options Italian Equity Options , Dutch Equity Options Spanish Equity Options

24 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 May-15 Sep-15 Jan-16 May-16 Sep-16 May-17 Sep-17 Traded Contracts Thousands Thousands Open Interest Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 May-15 Sep-15 Jan-16 May-16 Sep-16 May-17 Sep-17 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 May-15 Sep-15 Jan-16 May-16 Sep-16 May-17 Sep-17 Traded Contracts Thousands Thousands Open Interest Traded Contracts Thousands Thousands Open Interest Equity Options Country Segments Development Austrian Equity Options Belgian Equity Options British Equity Options

25 Agenda Equity Index Derivatives Volatility Index Products Equity Options Exchange Traded Funds Options Single Stock Futures Dividend Derivatives Portfolio Margining 25

26 Traded Contracts, in thousands Open Interest, in thousands Exchange Traded Fund Options % % Orderbook Off-book 35% 46% ETF Options Open Interest Total Volume since January 5: 1.25 million contracts ADV 17: 1,26 option contracts Open Interest October 17: 19,915 19% Agent Market Maker Principal Pie charts based on last 12 months data (242,694 traded contracts) 26

27 New ETF Options offering Overview of listed Underlying ETF s Product Name Underlying ISIN Underlying Ticker Underlying Market Currency ETF Fact Sheet online Eurex Contract Codes Launch date Contract Size Options Tick Size Options Minimum Block Size (F&O) Exercise Final Settlement Price Maturity Trading Hours db x-trackers ETFs db x-trackers MSCI Emerging Markets TRN LU XMEU GY XETR EUR Link DBX1 Dec-.1 European NAV 24 months 9:-17:3 db x-trackers MSCI World TRN LU XMWO GY XETR EUR Link DBXW Dec-.1 European NAV 24 months 9:-17:3 db x-trackers MSCI Europe TRN LU XMEM GY XETR EUR Link DBXA Dec-.1 European NAV 24 months 9:-17:3 db x-trackers Harvest CSI3 UCITS ETF LU RQFI GY XETR EUR Link ishares ETFs ishares DAX UCITS ETF (DE) DE DAXEX GY XETR EUR Link EXS1 Nov American Closing auction 24 months 9:-17:3 ishares EURO STOXX 5 UCITS ETF IE8479 EUN2 GY XETR EUR Link EUN2 Nov American Closing auction 24 months 9:-17:3 ishares SMI (CH) CH CSSMI SW XSWX CHF Link XMT Nov-2.1 American Closing auction 24 months 9:-17:3 ishares EURO STOXX Banks 3-15 UCITS ETF (DE) DE SX7EEX GY XETR EUR Link EXX1 Apr American Closing auction 24 months 9:-17:3 ishares STOXX Europe 6 UCITS ETF (DE) DE SXXPIEX GY XETR EUR Link EXSA Apr-17.1 American Closing auction 24 months 9:-17:3 ishares MSCI Europe UCITS ETF (Dist) IEB1YZSC51 IQQY GY XETR EUR Link IQQY Apr American Closing auction 24 months 9:-17:3 ishares MSCI Emerging Markets UCITS ETF (Dist) IEBM63177 IDEM LN XLON USD Link IDEM Apr-17.1 American Closing auction 24 months 9:-17:3 ishares Core MSCI World UCITS ETF IEB4L5Y983 IWDA LN XLON USD Link IWDA Apr-17.1 American Closing auction 24 months 9:-17:3 ishares Core S&P 5 UCITS ETF IEB5BMR87 CSPX LN XLON USD Link CSPX Apr American Closing auction 24 months 9:-17:3 ishares Core FTSE UCITS (Dist) IE ISF LN XLON GBX Link ISF Apr-17 1, American Closing auction 24 months 9:-17:3 Exchange Traded Commodities ETFS Crude Oil GBB15KXV33 CRUD LN XLON USD Link OCRU Jul European Closing auction 6 months 9:-17:3 ETFS Physical Gold JEB1VS377 PHAU LN XLON USD Link OPHA Jul European Closing auction 6 months 9:-17:3 Xetra-Gold DEAS9GB 4GLD GY XETR EUR Link OXGL Sep- 1,.1 European Closing auction 6 months 9:-17:3 27

28 Agenda Equity Index Derivatives Volatility Index Products Equity Options Exchange Traded Funds Options Single Stock Futures Dividend Derivatives Portfolio Margining 28

29 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Mar-17 May-17 Jul-17 Sep-17 Contracts Traded, in millions Open Interest, in millions Single Stock Futures % % % Orderbook 11% Off-book Total Contracts Traded Total Open Interest 81% Total Volume since January 13: 59 million contracts ADV 17: 47,89 future contracts Open Interest October 17: 5.5 Million contracts Agent Market Maker Principal Pie charts based on last 12 months data (97,6,27 traded contracts) 29

30 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 May-15 Sep-15 Jan-16 May-16 Sep-16 May-17 Sep-17 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 May-15 Sep-15 Jan-16 May-16 Sep-16 May-17 Sep-17 Traded Contracts Open Interest Traded Contracts Open Interest Millions Millions Millions Millions Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 May-15 Sep-15 Jan-16 May-16 Sep-16 May-17 Sep-17 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 May-15 Sep-15 Jan-16 May-16 Sep-16 May-17 Sep-17 Traded Contracts Open Interest Traded Contracts Open Interest Millions Millions Millions Millions Single Stock Futures Country Segments Development German SSFs Spanish SSFs Swiss SSFs French SSFs

31 Agenda Equity Index Derivatives Volatility Index Products Equity Options Exchange Traded Funds Options Single Stock Futures Dividend Derivatives Portfolio Margining 31

32 Jun-8 Oct-8 Feb-9 Jun-9 Oct-9 Feb- Jun- Oct- Feb-11 Jun-11 Oct-11 Feb-12 Jun-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Traded Contracts, in millions Open Interest, in millions Dividend Futures and Options % %.6 2 Orderbook Off-book %. 29% 58% Dividend Futures Dividend Options Open Interest Total Volume since August 8: 64.7 million contracts ADV 17: 33,239 Futures contracts & 4,173 Options contracts Open Interest October 17: 3.8 Million Futures & 1.2 Million Options Agent Market Maker Principals Pie charts based on last 12 months data (9,537,14 traded contracts) 32

33 Agenda Equity Index Derivatives Volatility Index Products Equity Options Exchange Traded Funds Options Single Stock Futures Dividend Derivatives Portfolio Margining 33

34 Margin Savings between EURO STOXX 5 Index Futures vs. EURO STOXX 5 Index Total Return Futures EURO STOXX 5 Total Return Future 1,7,676 93% Savings* EURO STOXX 5 Index Future 1,283,688 Single Margins Portfolio TESX + FESX 175,475 Portfolio Margining Name Eurex Long Short Exp. Date Initial Margin (in EUR) EURO STOXX 5 Index Future Total Return Future Liquidity add on (in EUR) Margin Total (in EUR) FESX 5 Dec 17 1,276,476 7,212 1,283,688 TESX 5 Dec 17 1,139,584 68,92 1,7,676 Portfolio Margin Total (in EUR) Margin savings 175,475 93% Disclaimer: - * In compliance with regulations, margin savings are capped at 8%, the exceedance is charged via supplementary margin. *Calculation date: 17/9/1 34

35 Margin savings between MSCI Emerging Markets Asia Index Futures and EURO STOXX 5 Index Futures MSCI Emerging Markets Asia Future 1,611,185 59% Savings* EURO STOXX 5 Index Future 1,268,427 Portfolio FMEA + FESX 1,181,32 Single Margins Portfolio Margining Name Eurex Long Short Exp. Date Initial Margin (in EUR) MSCI Emerging Markets Asia EURO STOXX 5 Index Future Liquidity add on (in EUR) Margin Total (in EUR) FMEA 3 Dec 17 1,154, ,291 1,611,185 FESX 5 Dec 17 1,276,476 7,212 1,268,427 Disclaimer: - * In compliance with regulations, margin savings are capped at 8%, the exceedance is charged via supplementary margin. Portfolio Margin Total (in EUR) Margin savings 1,181,32 59% *Calculation date: 17/9/1 35

36 Margin savings between EURO STOXX 5 Index Futures and VSTOXX Futures VSTOXX Futures 1,135,476 78% Savings* EURO STOXX 5 Index Future 1,261,916 Portfolio FVS + FESX 527,252 Single Margins Portfolio Margining Name Eurex Long Short Exp. Date Initial Margin (in EUR) EURO STOXX 5 Index Future VSTOXX Futures Liquidity add on (in EUR) Margin Total (in EUR) FESX 5 Sep 17 1,257,572 4,344 1,261,916 FVS 17 Sep 17 1,96,144 39,332 1,135,476 Portfolio Margin Total (in EUR) Margin savings 527,252 78% *Calculation date: 17/9/1 36

37 Mixed Countries (Options) Trading Equity Options on one single platform instead of several platforms can result into large margin savings Migrate your French, Dutch, Italian and Spanish Equity Option trading to Eurex as a single platform to benefit a maximum of netting effects They will be netted versus other country groups such as German and Swiss Equity Options as well as our benchmark futures AAR 33,649 CAR 58,748 CSGN 23,54 ALV 252,265 Single Margins 56% savings Portfolio 252,266 Portfolio Margining Name Eurex Long Short P/C Exp. Date Exercise Price Initial Margin (in EUR) Liquidity add on (in EUR) Margin Total (in EUR) Portfolio Margin Total (in EUR) Margin savings Allianz ALV C 16/12/16 217,997 34, ,265 Credit Suisse ABN Amro CSGN 25 C 16/12/ ,219 22,321 23,54 AAR 23 C 16/12/16 27,974 5,675 33, ,266 56% Carrefour CAR 35 C 16/12/ ,295 13,453 58,748 37

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