EURONEXT WHOLESALE FACILITIES

Transcription

1 EURONEXT WHOLESALE FACILITIES

2 WHOLESALE FACILITIES Off Order Book On Exchange Facilities Basis Trades Guaranteed Crosses Large in Scale Trades Large in Scale Packages Information to be submitted Annex Minimum volume threshold Contacts 2

3 OFF ORDER BOOK ON EXCHANGE FACILITIES Off Order Book On Exchange facilities that allows clients to execute the pre agreed business via Euronext UTP D Fungibility with Central Order Book transactions For single leg trades as well as strategies Single or multiple counterparties Same connection as for Central Order Book Same membership and ITM key as for COB Regulated framework Central Cleared by LCH.Clearnet SA Single Corporate Actions Policy Reporting to regulators Account autorisation (A member can assign another member to execute orders on its behalf) 3

4 BASIS TRADING (TP 4.2) Involves the simultaneous execution of two related instruments: Future and related cash intrument(s) Euronext validates the future leg and the client has to save the cash leg information for auditing Available to all the Index Futures (except Dividend) and all Euronext Single Stock Futures The facility is available during the contract trading hours 4

5 GUARANTEED CROSSES (TP 4.6) Allows clients to submit to the Exchange its pre negotiated business inside the Best Bid Offer Spread ( BBO ) No minimum volume requirement if the price is within the BBO Minimum volume requirement in a one tick Market (difference between bid and offer are equal to the minimum tick size) If there is no bid or offer the client must submit a RFQ. The guaranteed cross, needs to be submitted 5 / 15 (futures/options): Where a bid but no offer, or an offer but no bid, exists in the Central Order Book, the price must be better than such bid or offer Guaranteed Crosses are allowed during the Contract trading hours 5

6 LARGE IN SCALE TRADES (TP4.5) Large in Scale provides clients the advantage to trade their large in size business in an exchange environment The execution of a Large in Scale ( LiS ) is subject to the compliance of: Minimum volume threshold (variable according to the contract) Fair value Package composition/ Package ID (in case of LiS Packages) One Client introduces both legs of the trade, or Each Counterparty introduces its leg of the trade (only possible with Packages) Clients can use LiS to trade both outrights and strategies (Packages: clients need to build the strategy leg per leg) LiS can be executed outside the Contract trading hours (variable according to the Contract) 6

7 LARGE IN SCALE PACKAGES ( PACKAGES ) Initiator/reactor Initiator: who initiates the trade Reactor(s): 1 or more counterparties One Package may have several Reactors but only one Initiator One client can introduce both legs of the trade; or Each Client introduces its own leg Strategies can be traded via individual single legs within one Package To change a Package, clients need to cancel and resubmit the Trade Reporting time Must be registered within 1 hour commencing as soon as the first leg is submitted Minimum volume threshold Set at the leg level, exceptions are: volatility trades and options on the same contract, maturity, strike, Call/Put & price (all legs are sum) Password safety (3 characters) Agreed between the Initiator and the Reactor(s) Both the Initiator and the Reactor need to introduce the password Different passwords may be used to differentiate counterparties Packages allow clients to link several trades under a single identifier (Package ID) Package ID (eleven characters that should be entered into the package field) 7

8 INFORMATION TO BE SUBMITTED Large in Scale Trade: Series traded Price Volume Strategy (if applicable) Large in Scale Package (all counterparties): Series traded Buy/Sell indicator Price Open/Close indicator Volume Password Prof Transaction package ID: hour minutes Number of legs Free text zone for client Reporting time Must be submitted 15 minutes after the trade has been pre arranged e.g.: Package ID: abcde Reporting time Must be fully reported within 1 hour commencing as soon as the first leg is submitted 8

9 ANNEX MINIMUM VOLUME THRESHOLDS Wholesale Facility Individual Equity Options Contract Exchange BAS GTX LiS Amsterdam All AMS N/A Brussels All BRU N/A Paris (American style) All PAR N/A Paris (European style) All PAR N/A 5,000 2,500 ETF Options Amsterdam EUE AMS N/A 500 5,000 All others 750 Index Options AEX, including daily and weekly index options AEX AMS N/A AEX index Mini MOA AMS N/A CAC40 Index PXA PAR N/A BEL20 Index BEL BRU N/A PSI20 Index PSX AMS N/A 2,000 2,000 Index Futures AEX index (incl. weekly index futures) FTI AMS AEX index Mini MFA AMS AMX index FMX AMS CAC40 Index (incl. weekly index futures) FCE PAR CAC40 Index Mini MFC PAR FTSE Epra Euro zone EPE PAR FTSE Epra Europe EPR PAR FTSEurofirst 80 FEF PAR FTSEurofirst 100 FEO PAR BEL20 Index BXF BRU PSI20 Index PSI LIS Wholesale Facility Dividend Index Futures Contract Exchange BAS GTX LiS AEX dividend AXF AMS N/A CAC40 Dividend XFC PAR N/A Single Stock Futures Amsterdam All AMS Brussels All BRU Lisbon All LIS Paris All PAR Single Stock Dividend Futures Amsterdam All AMS N/A 1 10 Brussels All BRU N/A 1 10 Lisbon All LIS N/A 1 10 Paris All PAR N/A 1 10 Currency Options Amsterdam All AMS N/A Currency Futures Amsterdam All AMS N/A N/A not available GTX Guaranteed Cross LiS Large in Scale Trade BAS Basis Trading 9

10 For more information, visit derivatives.euronext.com Contacts Amsterdam Marcel Walther, Lisbon Sonia Pedro, London Chris French, +44 (0) Paris Charlotte Alliot,

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