Contract article

• A euro FEDERATION Future is a Terminkontrakt on a fictitious debenture bond of the Federal Republic of Germany with eight one half to ten-one half-year old running time and a coupon of 6 per cent. The nominal value of a contract amounts to EUR 100.000.

• After commercial conclusion of the contract the salesman of a euro FEDERATION Future is obligated to supply debenture bonds in the nominal value of the contract. For supply Federal loans can be selected, which have a remaining time of at the most 10.5 years and at least 8.5 years. The debenture bonds must exhibit a minimum emission volume of EUR 2 billion. The buyer is obligated to pay the Andienungspreis. The Andienungspreis computes itself from the nominal value of the contract, multiplied by the price of the contract with commercial conclusion, multiplied by the conversion factor of the angedienten debenture bonds, plus since the last date interests are payable the accumulated and/or less the negative share interests resulting up to the next date interests are payable.

Running time, commercial conclusion

• At the Eurex stock exchanges running times up to the day of delivery of the next, delivery monthly after the next and third-closest are available; the longest running time amounts to thus nine months. Delivery months are the quarter months March, June, September and December.

• The last commercial day of the contract is two stock exchange days before the day of delivery of the respective quarter monthly. Commercial conclusion is 12,30 o'clock MEZ of the last commercial daily.

Price gradations

The prices of the contracts are determined in per cent by the nominal value with two right-of-comma positions. The smallest (tick) amounts to 0.01 per cent (EUR 10).

Fulfilment, supply

• Day of delivery is the tenth calender date of the respective quarter monthly, if this day is one stock exchange day, otherwise the next stock exchange day lying thereafter.

• The debenture bonds, by which a euro FEDERATION Future can be fulfilled, as well as their conversion factors are determined by the Eurex clearing AG and to be to the stock exchange participants on a screen at the disposal. The conversion factor adapts the price of the debenture bonds possible for supply to the price of the contract with commercial conclusion. The debenture bonds suitable for the fulfilment must have to the point of delivery time a remaining time not subject to notice of 8,5 to 10.5 years.

• Supplies take place between the clearing members and the Eurex clearing AG. The execution of supplies to non--clearing members and own customers is task of the responsible clearing member; the execution of supplies of the non--clearing members at their customers is then task of the non--clearing members. Stock exchange participants may do only their customer position account assigned and/or debenture bonds further deliveries indicated from their customer to the supply.

Articles in category "Euro federation Future"

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