eurex dividend derivatives - eurex exchange · nov 2010 launch of 10 swiss single stock dividend...

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Eurex Dividend Derivatives June 2020

Eurex Dividend DerivativesJune 2020

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2

Eurex offers a wide range of Dividend DerivativesEvolution of the dividend market segment and product portfolio

Launch of EuroStoxx

50 Index Dividend

Futures (FEXD)

Jun 2008

May 2010

Launch of options on

EuroStoxx 50 Index

Dividend Futures

(OEXD)

Launch of 50 single

stock dividend futures

(EuroStoxx 50)

Jan/Mar 2010

Launch of UK single

stock dividend

futures

Feb 2011

Change of SSDF

multiplier from 100 to

1000 underlying

shares

Oct 2010

Jun 2009

Launch of 4

additional index

futures (SMI, DAX,

EuroStoxx Select

Dividend, DivDAX)

Nov 2010

Launch of 10 Swiss

single stock dividend

futures

Eurex Dividend Derivatives

Mar 2012

Launch of sector

index dividend

futures

New Pricing on


futures

Sep 2013

Apr 2014

Launch of U.S.


futures

Launch of 31

European Single

Stock Dividend

Futures

Jan/Feb 2015

FEXD - Tradability

for U.S. Participants

Jul 2017

Jan 2017

Launch of 5 Finnish


futures

Longer maturities for

13 single stock

dividend futures

Nov 2018

Jul 2019

Launch of 43 single

stock dividend

futures and 2 Sector

Dividend Futures

Launch of 3 MSCI

Index Dividend

Futures

Oct 2019

Dec 2019

CFTC approval of

3 MSCI Index

Dividend Futures

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3

Dividend Derivatives volume developmentVolume & Open Interest

YearTraded

Contracts

Daily

Average

YoY

Change

Order Book

Share

No. of

Trades

Market Share Volume Split

Agent MM Principal Options Futures

YTM 2020 11,847,762 94,029 30.26% 28.41% 205,671 55% 32% 13% 13% 87%

2019 16,475,056 65,118 0.23% 18.97% 146,637 55% 36% 9% 15% 85%

2018 16,436,598 64,967 74% 18.86% 137,099 53% 36% 11% 14% 86%

2017 9,475,143 37,157 -11% 10.95% 66,632 59% 29% 12% 11% 89%

2016 10,712,741 41,684 19% 18.39% 104,784 53% 36% 11% 12% 88%

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

9,000,000

10,000,000

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

Jun

-08

Oct

-08

Feb

-09

Jun

-09

Oct

-09

Feb

-10

Jun

-10

Oct

-10

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

Feb

-18

Jun

-18

Oct

-18

Feb

-19

Jun

-19

Oct

-19

Feb

-20

Jun

-20

Op

en

Inte

rest

Trad

ed

Co

ntr

acts

Eurex Index and Single Stock Dividend Derivatives

Index Dividend Futures Traded Volume Index Dividend Options Traded Volume Single Stock Dividends Futures Traded Volume Open Interest Adjusted

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Your benefits trading Dividend DerivativesPotential uses & applications of trading listed futures and options

• Income protection – allows investors to lock in expected & implied dividends to assure income returns

• Hedging of dividend risk – particularly for structured products and equity options

• Directional views on dividends – trading of house views on earnings and distributions

• Isolation of price return/capital growth on equities

• Dispersion / correlation – trading single stock vs index dividends

• Opportunistic trades

• Curve trading – terms structures / calendar spreads

• Diversification

• Relative value trading – to other asset classes e.g. credit

• Underlying for dividend linked structures

Dividend

Derivatives

4

Listed

futures

• No counterparty risk & no documentation required

• More liquidity and transparency comparing to the OTC

• Standardized treatment of corporate actions adjustments

• Underlying index for each contract and maturity to monitor accrued dividend

• Possibility to monitor the history of implied dividends across market events

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• Dividend Derivatives allow investors to take positions in, or hedge, future dividend payments –

and can be based on individual stocks or on equity indexes.

• The futures and options contracts themselves settle to the realized value of dividend payments in

a future period – i.e. that period referenced by the contract.

• In Europe the most common settlement period is an annual one (Dec to Dec) and the settlement

of each contract is the value equivalent to dividends paid - either in cash (for individual stocks) or

the dividend amount in index point equivalents.

• Gross (100%) of declared dividends, paid either in cash or shares, unless the related primary

derivatives exchange / index provider makes an adjustment to underlying.

• Stock dividends are usually included at the cash equivalent amount.

• Dividends declared special or extraordinary by the issuer are usually excluded*

• Return of capital: they follow the related underlying exchange rules.

• Share buy-backs are excluded.

5

Qualifying

dividends

* However where such a special dividend is adjusted in the underlying price index by an amount net of withholding tax –

that withholding tax element is used in the calculation for the gross dividend points.

Eurex Dividend Derivatives outlineWhat are they & which dividends count?

Outline

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6

EURO STOXX 50® Index Dividend Futures Volume & Open Interest

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

Jan

-08

Jun

-08

No

v-0

8

Ap

r-0

9

Sep

-09

Feb

-10

Jul-

10

De

c-1

0

May

-11

Oct

-11

Mar

-12

Au

g-1

2

Jan

-13

Jun

-13

No

v-1

3

Ap

r-1

4

Sep

-14

Feb

-15

Jul-

15

De

c-1

5

May

-16

Oct

-16

Mar

-17

Au

g-1

7

Jan

-18

Jun

-18

No

v-1

8

Ap

r-1

9

Sep

-19

Feb

-20

Op

en

Inte

rest

Trad

ed

Co

ntr

acts

Order Book Volume Off Book Volume Open Interest Adjusted

EURO STOXX® 50 Index Dividend Futures

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7

EURO STOXX 50® Index Dividend Futures Capital Volume in EUR

0

5,000,000,000

10,000,000,000

15,000,000,000

20,000,000,000

25,000,000,000

Jun

-08

Oct

-08

Feb

-09

Jun

-09

Oct

-09

Feb

-10

Jun

-10

Oct

-10

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

Feb

-18

Jun

-18

Oct

-18

Feb

-19

Jun

-19

Oct

-19

Feb

-20

Jun

-20

EURO STOXX 50® Index Dividend Futures - Capital Volume

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8

EURO STOXX 50® Index Dividend Futures June 2020 (by maturity)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

202012 202112 202212 202312 202412 202512 202612 202712 202812 202912

Op

ern

Inte

rest

Tota

l Vo

lum

es

-in

Co

ntr

acts

EURO STOXX 50® Index Futures - Contract Expiry

Traded as Agency Traded as Market Maker Traded as Principal Open Interest Adjusted

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9

Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26 Dec-27 Dec-28 Dec-29

Open 83.80 74.10 87.20 89.80 88.80 87.50 84.60 82.30 80.30 77.00

High 87.30 88.00 97.60 100.60 99.40 97.90 95.10 91.90 88.40 86.20

Low 83.50 74.10 83.50 85.60 84.20 83.00 81.60 78.90 80.30 75.00

Close 85.40 81.90 91.30 92.50 90.50 88.90 87.30 85.30 83.60 82.00

55.0

60.0

65.0

70.0

75.0

80.0

85.0

90.0

95.0

100.0

105.0

EURO STOXX 50® Index Dividend FuturesPrice range June 2020

Open Price from June1st.

Close Price from June 30th.

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The EURO STOXX 50® Index Dividend Futures is based upon the underlying calculation of dividends for the constituents of

the EURO STOXX 50® (SX5E) blue chip benchmark index determined by STOXX Ltd. Index dividend futures settle to the

annual value of the EURO STOXX 50® DVP Dividend Points (DVP) Index (SX5ED) which calculates the dividends of the

constituents for each annual period running from (but excluding) the third Friday in December of the preceding year to (and

including) the third Friday in December of the reference year. The calculation is based on the cash equivalent value of

dividend payments for all stock incorporated in the index with the total eligible dividend value as at ex-date converted into

index points using the Index Divisor of SX5E.

In the case where STOXX® determine that a dividend is “special” – they will adjust the underlying SX5E price index divisor

based upon the net of withholding tax value of this special dividend. To ensure the SX5ED incorporates the effect of a gross

dividend – the SX5ED (DVP) Index will in this case incorporate the withholding tax equivalent amount into it’s calculation.

10

• As an example to SX5ED value as at end of February 2020 is shown below:

EURO STOXX 50® Index Dividend FuturesUnderlying

STOXX

Record Date

Dividend Ex-Date

(Effective)

EURO STOXX 50® (SX5E)

Constutuent Currency Country

Gross

Dividend

Paid €

Free Float

Factor Shares in Index

Dividend Amount

in Index

Paid To Date

4/8/2020 4/7/2020 BBVA SQ EQUITY EUR SP 0.16 1.861101 3,569.9200000 6,643.9820000

02/21/2020 2/20/2020 UNA NA EQUITY EUR GB 0.4104 0.380509 3,604.4100000 1,371.5120000

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Development of Other* Index Dividend Futures

Traded Contracts and Open Interest

ADV

YTM

Traded

Contracts

YTM

Open

InterestADV YTM

Traded

Contracts

YTM

Open Interest

EURO STOXX® / STOXX® Europe 600 Sectors DAX®

FEBD /

FSBD

Banks

Dividend Futures 3,987 502,390 210,938 FDXD

DAX® Price

Index

Dividend Futures

- - -

FEID /

FSID

Insurance

Dividend Futures- - - DivDAX®

FEED /

FSED

Oil & Gas

Dividend Futures - - - FDVD

DivDAX®

Dividend Futures- - -

FETD /

FSTD

Telecommunications

Dividend Futures - - - SMI®

FEUD /

FSUD

Utilities

Dividend Futures - - - FSMD

SMI®

Dividend Futures6 800 1,123

FEAD /

FSAD

Automobile & Parts

Dividend Futures - - -

EURO STOXX® 30 Select

FD3DEURO STOXX® Select Dividend 30 Index

Dividend Futures 646 81,370 43,631

MSCI Indices

FWPDMSCI World Index

Dividend Futures- -

-

FEFDMSCI EM Index

Dividend Futures1 100 100

FFPDMSCI EAFE Index

Dividend Futures1 50 50

NEW!!!

NEW!!!

11

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12

EURO STOXX® BanksDividend FuturesVolume & Open Interest

EURO STOXX® Select Dividend 30 Index Dividend Futures

Volume & Open Interest

SMI® Dividend Futures

Volume & Open Interest

0

50,000

100,000

150,000

200,000

250,000

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

Jan

-17

Feb

-17

Mar

-17

Ap

r-17

May

-17

Jun

-17

Jul-

17

Au

g-17

Sep

-17

Oct

-17

No

v-17

Dec

-17

Jan

-18

Feb

-18

Mar

-18

Ap

r-18

May

-18

Jun

-18

Jul-

18

Au

g-18

Sep

-18

Oct

-18

No

v-18

Dec

-18

Jan

-19

Feb

-19

Mar

-19

Ap

r-19

May

-19

Jun

-19

Jul-

19

Au

g-19

Sep

-19

Oct

-19

No

v-19

Dec

-19

Jan

-20

Feb

-20

Mar

-20

Ap

r-20

May

-20

Jun

-20

Op

en

Inte

rest

Trad

ed

Co

ntr

acts

EURO STOXX® Banks Dividend Futures


0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

0

5,000

10,000

15,000

20,000

25,000

30,000

Jan

-15

Ap

r-15

Jul-

15

Oct

-15

Jan

-16

Ap

r-16

Jul-

16

Oct

-16

Jan

-17

Ap

r-17

Jul-

17

Oct

-17

Jan

-18

Ap

r-18

Jul-

18

Oct

-18

Jan

-19

Ap

r-19

Jul-

19

Oct

-19

Jan

-20

Ap

r-20

Op

en

Inte

rest

Trad

ed

Co

ntr

acts

EURO STOXX® Select Dividend 30 Index Dividend Futures


0

500

1,000

1,500

2,000

2,500

0

100

200

300

400

500

600

700

Feb

-15

May

-15

Au

g-15

No

v-15

Feb

-16

May

-16

Au

g-16

No

v-16

Feb

-17

May

-17

Au

g-17

No

v-17

Feb

-18

May

-18

Au

g-18

No

v-18

Feb

-19

May

-19

Au

g-19

No

v-19

Feb

-20

May

-20

Op

en

Inte

rest

Trad

ed

Co

ntr

acts

SMI® Dividend Futures


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EURO STOXX 50® Index Dividend Options Volume & Open Interest

13

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

0

100,000

200,000

300,000

400,000

500,000

600,000

May

-10

Au

g-1

0

No

v-1

0

Feb

-11

May

-11

Au

g-1

1

No

v-1

1

Feb

-12

May

-12

Au

g-1

2

No

v-1

2

Feb

-13

May

-13

Au

g-1

3

No

v-1

3

Feb

-14

May

-14

Au

g-1

4

No

v-1

4

Feb

-15

May

-15

Au

g-1

5

No

v-1

5

Feb

-16

May

-16

Au

g-1

6

No

v-1

6

Feb

-17

May

-17

Au

g-1

7

No

v-1

7

Feb

-18

May

-18

Au

g-1

8

No

v-1

8

Feb

-19

May

-19

Au

g-1

9

No

v-1

9

Feb

-20

May

-20

Op

en

Inte

rest

Trad

ed

Co

ntr

acts


EURO STOXX® 50 Index Dividend Options

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14

EURO STOXX 50® Index Dividend OptionsCapital Volume in EUR

0

1,000,000,000

2,000,000,000

3,000,000,000

4,000,000,000

5,000,000,000

6,000,000,000

7,000,000,000

8,000,000,000

May

-10

Sep

-10

Jan

-11

May

-11

Sep

-11

Jan

-12

May

-12

Sep

-12

Jan

-13

May

-13

Sep

-13

Jan

-14

May

-14

Sep

-14

Jan

-15

May

-15

Sep

-15

Jan

-16

May

-16

Sep

-16

Jan

-17

May

-17

Sep

-17

Jan

-18

May

-18

Sep

-18

Jan

-19

May

-19

Sep

-19

Jan

-20

May

-20

Options on EURO STOXX® 50 Index Dividend Futures - Capital Volume

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EURO STOXX 50® Index Dividend Options June 2020 (by maturity)

15

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

202012 202112 202212 202312 202412 202512

Tota

l Vo

lum

es

-in

Co

ntr

acts

EURO STOXX 50® Index Options - Contract Expiry

Traded as Agent Traded as Market Maker Traded as Principle Open Interest Adjusted

www.eurexchange.com


Single Stock Dividend Futures Volume & Open interest

16

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

5,000,000

5,500,000

6,000,000

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

Jan

-10

Ap

r-1

0Ju

l-1

0O

ct-1

0Ja

n-1

1A

pr-

11

Jul-

11

Oct

-11

Jan

-12

Ap

r-1

2Ju

l-1

2O

ct-1

2Ja

n-1

3A

pr-

13

Jul-

13

Oct

-13

Jan

-14

Ap

r-1

4Ju

l-1

4O

ct-1

4Ja

n-1

5A

pr-

15

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6Ju

l-1

6O

ct-1

6Ja

n-1

7A

pr-

17

Jul-

17

Oct

-17

Jan

-18

Ap

r-1

8Ju

l-1

8O

ct-1

8Ja

n-1

9A

pr-

19

Jul-

19

Oct

-19

Jan

-20

Ap

r-2

0

Op

en

Inte

rest

Trad

ed

Co

ntr

acts


Single Stock Dividend Futures

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17

Single Stock Dividend Futures Capital Volume in EUR

0

200,000,000

400,000,000

600,000,000

800,000,000

1,000,000,000

1,200,000,000

Jan

-10

May

-10

Sep

-10

Jan

-11

May

-11

Sep

-11

Jan

-12

May

-12

Sep

-12

Jan

-13

May

-13

Sep

-13

Jan

-14

May

-14

Sep

-14

Jan

-15

May

-15

Sep

-15

Jan

-16

May

-16

Sep

-16

Jan

-17

May

-17

Sep

-17

Jan

-18

May

-18

Sep

-18

Jan

-19

May

-19

Sep

-19

Jan

-20

May

-20

Cap

. Vo

lum

e in

Eu

ro

Month

SSDF - Capitalised Volume in EUR

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Single Stock Dividend Futures – Monthly figures Volume distribution June 2020

18

Switzerland4.50%

Germany28%

Spain3%

Finland2%

France40.95%

Great Britain1%

Italy16%

Netherlands5%

Total SSDFs - Capital Volume in EUR

Germany, 42,085 Netherlands, 7,285

France, 111,120

Ireland, 0

Italy, 223,712

Spain, 49,830

Finland, 2,000 Belgium, 0

EURO STOXX 50® Constituent SSDFs - Volumes

Germany

Netherlands

France

Ireland

Italy

Spain

Finland

Belgium

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Single Stock Dividend Futures – Top Traded StocksVolume and Contract distribution June 2020

19

BASF15%

AXA11%

TOTAL7%

ENI6%

Intesa Sanpaolo4%

Orange3%Cie Generale des

Etablissement - Michelin3%

DAIMLER3%

Assicurazioni Generali3%

LOréal2%

Other43%

SSDFs - Top 10 Single Stocks Capital Volume in EUR

Intesa Sanpaolo

32%

ENI9%

AXA7%

Orange5%

Telefónica3%

ENEL3%

BASF3%

Vodafone Group PLC Dividends

3%

Assicurazioni Generali

3%

TOTAL2%

Other30%

SSDFs - Top 10 Single Stocks Traded Volume

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Dividends and margin benefits

*Calculation date: 2017/01/30

SX5E Index

Futures

472,484 €

SX5E Divi

Futures

94,002 €

Portfolio

FEXD + FESX

331,240 €

41%

savings

Single Margins Portfolio Margining

Name Eurex Long Short Exp. Date Initial

Margin (in

EUR)

Liquidity

add on (in

EUR)

Margin

Total (in

EUR)

Portfolio

Margin

Total (in

EUR)

Margin

savings

SX5E Divi

Future

FEXD 100 0 2020/12/17 92,776 1,226 94,002

331,240 41%SX5E

Index

Future

FESX 0 100 2017/09/15 357,763 114,721 472,484

Example FEXD vs FESX

• With Eurex‘s Clearing Prisma Portfolio Margining, trading the EURO

STOXX 50 Index Dividend Futures versus the EURO STOXX 50 Index

Futures makes you benefit from netting effects.

18

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Liquidity providersEURO STOXX 50® Index Dividend Futures (FEXD)

Banco Santander

BNP Paribas Arbitrage

Optiver

Mako LLP

HSBC

HIQ Invest

Morgan Stanley

Société Générale

Silver Peak Capital Ltd.

BSAMD

BNAPA

OPXAM

SDTLO

MIDLO

HIQAM

MGILO

SOGFR

SPCST

Alfonso Ruiz Poveda

Nicolas Certner

Thibaut Herens

Konrad Malinowski

Alexandre Chevallier

Jan-Jaap Surie/Patrick Karsten

Kunal Sodha

Jeremy Cohen

Herve Grospellier

+ 34 91 2572 172

+ 44 20 7595 1342

+ 31 20 7087 702

+ 44 20 7862 0454

+ 44 20 7991 1463

+ 31 20 5353 497

+ 44 20 7425 5037

+ 44 20 7762 5493

+ 44 79 8089 0545

21

SMI® Dividend Futures (FSMD)

BNP Paribas (Suisse) SA


BNPBS

SOGFR

Geoffray Zanin

Eric Carballeda

+ 41 22 7877 566

+ 33 10 4213 3224

Single Stock Dividend Futures (SSDFs)

Morgan Stanley


Banco Santander

JP Morgan

MGILO

SOGFR

BSAMD

JPMFR

Maximilian Leuschner

Massimiliano Pignatelli

Alfonso Ruiz Poveda

Amandine Hedges/Omar Bennani

+ 44 20 7677 9112

+44 20 7762 5971

+ 34 91 2572 172

+ 44 207 424 474

www.eurexchange.com


Further market contacts

22

Sector Index Dividend Futures

BNP Paribas


BNAPA

SOGFR

Aurélien Cristini

Eric Carballeda

+ 44 20 7595 8998

+ 33 14 2133 224

EURO STOXX 50® Index Dividend Options (OEXD)

BNP Paribas

JP Morgan

Mako LLP


BNAPA

JPMFR

SDTLO

SOGFR

Reda Benali

Duncan Barclay

Konrad Malinowski/Jack Hulme

Laurent van Hollemeersch

+ 1 21 2841 2882

+ 44 20 7779 3407

+44 (0)20 7862 0454

+ 33 142 1364 34

EURO STOXX 50® Index Dividend Futures (FEXD)

Altura Markets

BoA Merrill Lynch

DRW Investments

Goldman Sachs

HPC

JP Morgan

Key Capital Partners

ALMMD

MLILO

GLELO

GSIEB

PAFPA

JPMFR

n/a

Enrique Castillo

Ian Bower

Chadwick Miller

Lorenzo Longo

Benjamin Banet, Grégory Banet

Amandine Hedges

Javier Tomás

+ 34 91 3745 359

+ 44 20 7996 0606

+ 44 20 7031 1369

+ 44 20 7051 8618

+ 33 11 5329 32 - 13 or -20

+ 44 20 7742 4474

+ 34 91 4905 385

www.eurexchange.com


23

Appendix

www.eurexchange.com


Reference contractEURO STOXX 50®

Index Dividend Futures

EURO STOXX® Select Dividend

30 Index Dividend FuturesMSCI® Index Dividend Futures

Underlying dividend

points calculationEURO STOXX 50® DVP

EURO STOXX® Select

Dividend 30 DVPMSCI EAFE & World MSCI EM

Index provider STOXX Ltd. STOXX Ltd. MSCI

Eurex product ID FEXD FD3D FFPD, FWPD FEFD

Launch date 30 Jun 2008 22 Jun 2009 21 Oct 2019

Contract valueEUR 100 per index

dividend pointEUR 100 per index dividend point USD 100 per index dividend point USD 500 per index dividend point

Price quotation in points, with one decimal in points, with two decimals

Minimum price change0.1 index points, i.e.

EUR 100.1 index points, i.e. EUR 10 0.1 index points, i.e. USD 10 0.01 index points, i.e. USD 5

Settlement Cash settlement, all values payable on the first exchange day following the final settlement date.

Contract months

The ten nearest

successive annual

contracts of the

December cycle (from

the first exchange day

after the last trading day

of the calendar year up

to the final settlement

day of the following

calendar year) are

available for trading at

any time.

The five nearest successive annual contracts of the December cycle (from the first exchange day after the

last trading day of the calendar year up to the final settlement day of the following calendar year) are

available for trading at any time.

Last trading dayLast trading day is the final settlement day. Final settlement day is the third Friday of each December maturity month if this is an

exchange day; otherwise the exchange day immediately preceding that day.

Final settlement day Final settlement day is the last trading dayFinal settlement day is the exchange day immediately following the

last trading day

Trading hours

08:30-22:00 CET

(12:00 CET on the last

trading day)

08:30-19:00 CET

(12:00 CET on the last trading

day)

8:30-22:00

Transaction fees

Regular transactions: EUR 1.20 A: USD 1.40 ; P/M: USD 1.20 A: USD 2.00 ; P/M: USD 1.80

TES Block Trades: EUR 1.80 A: USD 2.10 ; P/M: USD 1.80 A: USD 3.00 ; P/M: USD 2.10

Cash settlement: EUR 1.20 A: USD 1.40 ; P/M: USD 1.20 A: USD 2.00 ; P/M: USD 1.80

24

Contract specifications –Dividend Futures (1/2)

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25

Contract specifications – Dividend Futures (2/2)

Reference contract SMI® Dividend Futures DAX® Price Index Dividend Futures DivDax® Dividend Futures

Underlying dividend

points calculationSMI® Dividend Points Index DAX® Dividend Points Index DivDAX® Dividend Points Index

Index provider SIX Swiss Exchange Ltd. Deutsche Börse AG Deutsche Börse AG

Eurex product ID FSMD FDXD FDVD

Launch date 22 Jun 2009

Contract value CHF 100 per index dividend point EUR 100 per index dividend point EUR 1.000 per index dividend point

Price quotation in points, with one decimal place in points, with one decimal place in points, with two decimal places

Minimum price change 0.1 index points, equivalent to a value of CHF 100.1 index points, equivalent to a value of

EUR 10

0.01 index points, equivalent to a

value of EUR 10

Settlement Cash settlement, all values payable on the first exchange day following the final settlement date.

Contract monthsThe five nearest successive annual contracts of the December cycle (from the first exchange day after the last trading day of the calendar

year up to the final settlement day of the following calendar year) are available for trading at any time.

Last trading dayLast trading day is the final settlement day. Final settlement day is the third Friday of each December maturity month if this is an exchange

day; otherwise the exchange day immediately preceding that day.

Final settlement day Final settlement day is the last trading day

Trading hours08:30-17:27 CET

(09:00 CET on the last trading day)

08:30-19:00 CET


08:30-19:00 CET


Transaction fees

CHF 1.80 EUR 2.00

CHF 2.40 EUR 3.00

CHF 1.80 EUR 2.00

www.eurexchange.com


Contract specifications – Sector Dividend Futures

26

UnderlyingEURO STOXX® Automobile & Parts, Banks / Utilities / Telecommunications / Insurance / Oil&Gas DVP

STOXX® Europe 600 Automobile & Parts, Banks / Utilities/ Telecommunications / Insurance / Oil&Gas DVP

Currency EUR

Contract months

The five nearest successive annual contracts of the December cycle (from the first exchange day after the last trading

day of the calendar year up to the final settlement day of the following calendar year) are available for trading at any

time.

Contract value EUR 500 per index point.

Price quotation and

minimum price change

The price quotation is in points, with two decimal places. The minimum price change is 0.01 points, equivalent to a

value of EUR 5 per contract.

Settlement Cash settlement, payable on the first exchange day following the final settlement day.

Last trading day and final

settlement day

Last trading day is the final settlement day. Final settlement day is the third Friday of each December maturity month if

this is an exchange day; otherwise the exchange day immediately preceding that day. Close of trading in the maturing

futures on the last trading day is at 12:00 CET, for SMI® Dividend Futures at 9:00 CET.

Final settlement price

The final settlement price is established by Eurex on the final settlement day at 12:00 CET based on the final value of

the underlying index for the relevant contract period. Determining is the cumulative total of the relevant gross

dividends declared and paid by the individual constituents of the underlying index as calculated in the form of index

points by STOXX Ltd. for the contract period.

Contract (dividend) period

The contract period, for purposes of dividends declared and paid, will be from, but excluding the third Friday of

December of the year preceding the maturity year, if this is an exchange day; otherwise from and excluding the

exchange day immediately preceding that day, up to and including the third Friday of December of the maturity year if

this is an exchange day; otherwise up to and including the exchange day immediately preceding that day.

Trading hoursOrder book: 8:30 – 17:30 CET

TES Block Trading: 8:30 – 19:00 CET

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Contract specifications – EURO STOXX 50® Index Dividend Options

Underlying EURO STOXX 50® DVP (Dividend Points Index)

Contract value EUR 100 per index dividend point of the underlying.

Settlement Cash settlement, payable on the first exchange day following the final settlement day.

Price Quotation and minimum

price change

The price quotation is in points, with two decimal places. The minimum price change is 0.01 points, equivalent to a value of

EUR 1 per contract.

Contract monthsThe ten nearest successive annual contracts of the December cycle (from the first exchange day after the last trading day of

the calendar year up to the final settlement day of the following calendar year) are available for trading at any time.


settlement day

Last trading day is the final settlement day. Final settlement day is the third Friday of each December expiration month if this

is an exchange day; otherwise the exchange day immediately preceding that day. Close of trading in the expiring option series

on the last trading day is at 12:00 CET.

Daily settlement priceThe daily settlement price is established by Eurex. The daily settlement prices for EURO STOXX 50® Index Dividend Options

are determined through the Black/Scholes 76 model.

Final settlement price

The final settlement price is established by Eurex on the final settlement day at 12:00 CET based on the final value of the

underlying index for the relevant contract period. Determining is the cumulative total of the relevant gross dividends declared

and paid by the individual constituents of the underlying index as calculated in the form of index points by STOXX Ltd.,

Deutsche Börse AG as well as SIX Swiss Exchange for the contract period.

ExerciseEuropean-style; an option can only be exercised on the final settlement day of the respective option series until the end of the

Post-Trading Full Period (20:30 CET).

Exercise pricesAt least nine exercise prices shall be available for each expiry for each call and put, such that four exercise prices are in-the-

money, one is at-the-money and four are out-of-the-money.

Strike price intervals

EURO STOXX 50® Index Dividend Options have execution prices with intervals in the amount of not less that one point.

Option series with a term of up to 59 months may have exercise prices of five points or of ten points for option series with a

term of more than 59 months.

Option premium/Margining The premium is payable in full in the currency of the respective contract on the exchange day following the day of the trade.

27

www.eurexchange.com


Contract specifications – Single Stock Dividend FuturesUnderlying Annual dividend payments

Price quotation and

minimum price change

The price quotation is in EUR/CHF/USD with three decimal places and in pence with two decimal places respectively.

The minimum price change is EUR/CHF/USD 0.001 and 0.01 pence, equivalent to a value of EUR/CHF/USD 1 and 10

pence per contract respectively.

Contract value Dividend payments in relation to a contract size of 1000 shares.

Contract years and

reference period

The five nearest successive annual contracts of the December cycle (from the first exchange day after the Last

Trading Day of the calendar year up to the final settlement day of the following calendar year) are available for trading

at any time.

Each dividend is determined as paid on ex-dividend date.

All dividends determined as paid within the contract period will be added to determine the final settlement price.


settlement day

Last trading day is the final settlement day. Final settlement day is the third Friday of each December maturity month if

this is an exchange day; otherwise the exchange day immediately preceding that day. Close of trading in the maturing

futures on the last trading day is at 12:00 CET.

Daily settlement price

The daily settlement price for the current maturity month is derived from the volume-weighted average of the prices of

all transactions during the minute before 17:30 CET (reference point), provided that more than five trades transacted

within this period.

For the remaining maturity months, the daily settlement price for a contract is determined based on the average

bid/ask spread of the combination order book.

Final settlement price The final settlement price is established by Eurex on the final settlement day at 12:00 CET, corresponding to the

dividend for the respective company's business year. The final settlement price is determined to four decimal places.

Corporate actions

Corporate actions are treated in the same manner like Eurex Single Stock Futures in the adjustment of contract sizes

and issuing of new contract series where necessary.

Adjustments to contract sizes etc. will be made for special/extraordinary dividends – which are excluded from the

contracts final settlement price.

Eurex will target “home market” (IDEM) treatment of corporate actions for Italian names.

Trading hours Order book: 8:30 – 17:30 CET

TES Block Trading: 8:30 – 19:00 CET

28

www.eurexchange.com


SSDFs – Current product suite and pricing (total:191)

29

Adidas EUR 1.20 Accor EUR 1.20 AEGON EUR 0.20 ABB CHF 1.60 Anglo American USD 1.20 3M USD 1.20

Allianz EUR 1.20 Air Liquide EUR 1.20 Ahold Delhaize EUR 1.20 Adecco CHF 1.60 AstraZeneca USD 1.20 Altria Group USD 1.20

BASF EUR 1.20 Airbus EUR 1.20 Akzo Nobel EUR 1.20 Cie Financière Richemont CHF 1.60 Aviva GBP 0.16 Amazon USD 0.20

Bayer EUR 1.20 ALSTOM EUR 0.50 Arcelor Mittal EUR 0.20 Credit Suisse CHF 1.00 BAE Systems GBP 0.04 Apple USD 1.20

Beiersdorf EUR 1.20 AtoS EUR 1.20 ASML Holding EUR 1.20 Geberit CHF 1.60 Barclays GBP 0.04 Bank of America USD 0.70

BMW EUR 1.20 AXA EUR 1.20 ING Groep EUR 0.90 Givaudan CHF 1.60 BHP Group USD 1.20 Bristol-Myers Squibb USD 1.20

CECONOMY EUR 0.10 BNP Paribas EUR 1.20 Koninklijke DSM EUR 1.20 Julius Bär Gruppe CHF 1.60 BP GBP 0.16 Chevron USD 1.20

Continental EUR 1.20 Bouygues EUR 1.20 Philips EUR 1.20 LafargeHolcim CHF 1.60 British American Tobacco GBP 0.30 Cisco Systems USD 1.20

Covestro EUR 1.20 Capgemini EUR 1.20 Royal Dutch Shell EUR 1.20 Lonza Group CHF 1.60 BT Group GBP 0.04 Citigroup USD 1.20

Daimler EUR 1.20 Carrefour EUR 0.90 Royal KPN EUR 0.10 Nestlé CHF 1.60 Carnival USD 1.20 General Electric USD 0.70

Deutsche Bank EUR 0.10 Crédit Agricole EUR 0.90 Unibail-Rodamco-Westfield EUR 1.20 Novartis CHF 1.60 Centrica GBP 0.04 IBM USD 1.20

Deutsche Börse EUR 1.20 Danone EUR 1.20 Unilever NV EUR 1.20 Roche Holding CHF 1.60 Diageo GBP 0.16 Intel USD 1.20

Deutsche Post EUR 1.20 Dassault Systèmes EUR 0.90 SGS CHF 1.60 GlaxoSmithKline GBP 0.30 Johnson & Johnson USD 1.20

Deutsche Telekom EUR 0.90 Electricité de France EUR 0.50 Sika CHF 1.60 Glencore USD 0.20 JPMorgan Chase USD 1.20

E.ON EUR 0.50 ENGIE EUR 1.20 Anheuser-Busch InBev EUR 1.20 Swatch Group (bearer shares) CHF 1.60 HSBC USD 0.70 McDonald's USD 1.20

Fresenius EUR 1.20 EssilorLuxottica EUR 1.20 Swiss Life Holding CHF 1.60 Lloyds Banking Group GBP 0.04 Microsoft USD 1.20

Fresenius Medical Care EUR 1.20 Hermes International EUR 1.20 Swiss Re CHF 1.60 National Grid GBP 0.16 PepsiCo USD 1.20

HeidelbergCement EUR 1.20 Kering EUR 1.20 ACS Actividades de Construcción y Servicios EUR 1.20 Swisscom CHF 1.60 Prudential-M&G Basket GBP 0.16 Pfizer USD 1.20

Henkel pref. EUR 1.20 Legrand EUR 1.20 Aena EUR 1.20 UBS CHF 1.00 Reckitt Benckiser GBP 0.30 Philip Morris International USD 1.20

Infineon EUR 0.20 L'Oréal EUR 1.20 Amadeus IT Group EUR 1.20 Zurich Financial Services CHF 1.60 RELX GBP 0.16 The Coca-Cola Company USD 1.20

K+S EUR 0.50 LVMH EUR 1.20 Banco Bilbao Vizcaya Argentaria EUR 0.20 Rio Tinto GBP 0.30 Walmart USD 1.20

Linde EUR 1.20 Michelin EUR 1.20 Banco Santander EUR 0.20 Royal Bank of Scotland GBP 0.04

Lufthansa EUR 0.90 Orange EUR 0.90 CaixaBank EUR 0.10 Assicurazioni Generali EUR 1.20 Severn Trent GBP 0.30

Merck EUR 1.20 Pernod-Ricard EUR 1.20 Endesa EUR 1.20 Atlantia EUR 1.20 SSE GBP 0.30

Münchener Rück EUR 1.20 Peugeot EUR 1.20 Ferrovial EUR 0.50 CNH Industrial EUR 0.20 Tesco GBP 0.04

RWE EUR 1.20 Publicis Groupe EUR 1.20 Grifols EUR 0.50 Enel EUR 0.50 Vodafone Group GBP 0.04

SAP EUR 1.20 Renault EUR 1.20 Iberdrola EUR 0.50 Eni EUR 1.20 Vodafone Group EUR 0.10

Siemens EUR 1.20 Safran EUR 1.20 Inditex EUR 0.90 EXOR EUR 0.50 WM Morrison Supermarkets GBP 0.04

ThyssenKrupp EUR 0.20 Saint-Gobain EUR 1.20 International Consolidated Airlines Group EUR 0.20 Ferrari EUR 1.20

Vonovia EUR 1.20 Sanofi EUR 1.20 Naturgy Energy Group EUR 1.20 Fiat Chrysler Automobiles EUR 0.90

VW pref. EUR 1.20 Schneider Electric EUR 1.20 Repsol EUR 1.20 Intesa Sanpaolo EUR 0.20 Elisa EUR 1.20

Wirecard EUR 0.20 Société Générale EUR 1.20 Telefónica EUR 0.50 Moncler EUR 0.50 Fortum EUR 1.20

Sodexo EUR 1.20 Snam-Italgas EUR 0.20 Metso EUR 1.20

STMicroelectronics EUR 0.20 Telecom Italia EUR 0.10 Nokia EUR 0.20

CRH EUR 0.90 TechnipFMC EUR 0.70 Terna EUR 0.20 Nordea Bank ABP EUR 0.90

TOTAL EUR 1.20 UniCredit EUR 0.90 Sampo EUR 1.20

Valeo EUR 1.20

Vallourec EUR 0.10

Veolia Environnement EUR 1.20

Vinci EUR 1.20

Vivendi Universal EUR 0.90

Nordics

Belgium

Ireland

Spain

Italy

SSDFs - Current product suite and pricing (total: 191)Single Stock Dividend Futures & Fees per contract (Regular Orderbook Transactions)

Germany France Netherlands Switzerland UK USA

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Dividends in Prisma

• Dividend Derivatives were migrated from RBM to Prisma in November 2016.

• New Prisma functionalities P&L Scaling and Event Risk are used.

• Dividend Derivatives are part of the Equity Liquidation Group PEQ01

• A final set of Prisma parameters have been developed based on member feedback:

– Use proxy parameters from FEXD vs FESX regression for all proxied div futures.

– Allow netting of event risk per underlying across all maturities, exclude front-year

from event risk, take the worst scenario loss as event risk.

– Base liquidity risk parameters on a few dividend future benchmarks (standard

calibration) and scale market capacities with relative cash equity trading volumes.

Exception: FEXD uses average open interest as market capacity.

30

www.eurexchange.com


31

• Most Dividend Derivatives are illiquid and receive infrequent price updates Historical simulation not possible

• Solution: use return time series of corresponding index or single stock future as proxy. Exception: EUROSTOXX 50

Dividend Future (FEXD) is liquid and proxying is not required

• Regression against benchmark daily returns not possible due to staleness of time series

• Solution: use betas from linear regression of FEXD maturities vs EUROSTOXX 50 as benchmark betas for all proxied

dividend futures. Conservative error of 10% validated via back testing

• Motivation: High uncertainty estimating margins for Single Stock Dividend Futures on single product level but

diversification effects expected for diversified portfolios

• Event Risk is an additional margin floor:

• Event Risk calculates loss under scenario shifts per risk factor

• The sum of the worst N scenario losses in a portfolio make up the Event Risk

• Worst N is the number of scenarios expected to occur during risk horizon (e.g., N = 1, i.e. 1 underlying)

• Scenario shifts proposed as +28%/-29% per risk factor, based on 99% quantile of observed returns

• Two scenarios per underlying: all risk factors (maturities) up and all risk factors down

• No netting between different underlying event scenarios

𝐼𝑀 = max 𝑀𝑅𝐼𝑀𝐹𝐻𝑆, 𝜔𝑆𝑃 ∙ 𝑀𝑅𝐼𝑀𝑆𝑃, 𝜔𝐸𝑅 ∙ 𝑬𝑹 + 𝐿𝐴 + 𝐿𝑂𝐶

• Scale scenario P&Ls by the product of 2 components

• Upscaling (𝝆𝒇𝒍𝒐𝒐𝒓): Dividend Future prices may drop to (near) zero. Hence, assume a min. level of dividend

yield, applied to benchmark single stock or index future price, to define a minimum Dividend Future price. This

ensures that non-zero scenario prices, PnLs, and VaR are calculated

• Downscaling (𝝆𝒅𝒊𝒗𝒊𝒅𝒆𝒏𝒅): Risk after dividend season becomes small but this is not reflected in the proxied return

time series. Automatically scale down front-year scenarios by factor of max(1 – PaidDividends/DivFutPrice, 𝑑0)

where the downscaling is floored a minimum level 𝑑0, proposed at 0.01

Full Proxying

New feature: Event Risk

New feature: P&L Scaling

Key methodology for dividend derivatives in Prisma

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Further information

Eurex Exchange > Market data > Statistics > Monthly statistics

Eurex Exchange > Products > Dividend Derivatives

Eurex Exchange > Resources > Publications

Eurex Exchange > Trading > Market Model > Market-Making

32

Statistics

Product overview

Publications

Market-Making

32

www.eurexchange.com


Markus Georgi

Eurex

‚Representative Office Hong Kong

68 Des Voeux Road Central

Hong Kong

P: +852 25 30-78 20

F: +852 25 30-78 21

[email protected]

Stuart Heath

Deutsche Börse AG

11 Westferry Circus, Canary Wharf

E14 4HE London

United Kingdom

P: +44 20 7862 7253

F: +44 20 7862 9253

[email protected]

Sales Asia & Middle East

Paul Beck

Deutsche Börse Group

Clearstream International Lux

The Square

42, Avenue JF Kennedy

L-1855 Luxembourg

P:+352 2 43-3 61 42

[email protected]

Contacts

Derivatives Product R&D - Equity and Index

Lorena Dishnica

Deutsche Börse AG


E14 4HE London

United Kingdom

P: +44 20 7862 72 42

F: +44 20 7862 92 42

[email protected]

Nicolas Kageneck

Eurex

Representative Office France

17, rue de Surène

75008 Paris

France

P: +33 1 55 27 67 76

F: +33 1 55 27 67 50

[email protected]

Derivatives Sales – Equity and Index

3333

Murat Baygeldi

Deutsche Börse AG


E14 4HE London

United Kingdom

P: +44 20 7862 7230

F: +44 20 7862 9230

[email protected]

Vincenzo Zinnà

Eurex Global Derivatives AG

Theilerstrasse 1a

6300 Zug

Switzerland

P:+41 43 430 7125

F:+41 58 499 24 66

[email protected]

Sales Americas

Buy Side:

Damien Zinck

P: +1 312 544 1051

[email protected]

Sell Side:

Rachna Mathur

P: +1 212 309 9308

[email protected]

mailto:[email protected]

mailto:[email protected]

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© Eurex 2020Deutsche Börse AG (DBAG), Clearstream Banking AG (Clearstream), Eurex Frankfurt AG, Eurex Clearing AG (Eurex Clearing) as well as Eurex Bonds GmbH (Eurex Bonds) and EurexRepo GmbH (Eurex Repo) are corporate entities and are registered under German law. Eurex Zürich AG is a corporate entity and is registered under Swiss law. Clearstream BankingS.A. is a corporate entity and is registered under Luxembourg law. U.S. Exchange Holdings, Inc. and International Securities Exchange Holdings, Inc. (ISE) are corporate entities andare registered under U.S. American law. Eurex Frankfurt AG (Eurex) is the administrating and operating institution of Eurex Deutschland. Eurex Deutschland and Eurex Zürich AG are inthe following referred to as the “Eurex Exchanges”.All intellectual property, proprietary and other rights and interests in this publication and the subject matter hereof (other than certain trademarks and service marks listed below) areowned by DBAG and its affiliates and subsidiaries including, without limitation, all patent, registered design, copyright, trademark and service mark rights. While reasonable care hasbeen taken in the preparation of this publication to provide details that are accurate and not misleading at the time of publication DBAG, Clearstream, Eurex, Eurex Clearing, EurexBonds, Eurex Repo as well as the Eurex Exchanges and their respective servants and agents (a) do not make any representations or warranties regarding the information containedherein, whether express or implied, including without limitation any implied warranty of merchantability or fitness for a particular purpose or any warranty with respect to the accuracy,correctness, quality, completeness or timeliness of such information, and (b) shall not be responsible or liable for any third party’s use of any information contained herein under anycircumstances, including, without limitation, in connection with actual trading or otherwise or for any errors or omissions contained in this publication.This publication is published for information purposes only and shall not constitute investment advice respectively does not constitute an offer, solicitation or recommendation to acquireor dispose of any investment or to engage in any other transaction. This publication is not intended for solicitation purposes but only for use as general information. All descriptions,examples and calculations contained in this publication are for illustrative purposes only.Eurex and Eurex Clearing offer services directly to members of the Eurex exchanges respectively to clearing members of Eurex Clearing. Those who desire to trade any productsavailable on the Eurex market or who desire to offer and sell any such products to others or who desire to possess a clearing license of Eurex Clearing in order to participate in theclearing process provided by Eurex Clearing, should consider legal and regulatory requirements of those jurisdictions relevant to them, as well as the risks associated with suchproducts, before doing so.

Eurex derivatives are currently not available for offer, sale or trading in the United States or by United States persons (other than EURO STOXX 50® Index Futures, EURO STOXX 50®

ex Financials Index Futures, EURO STOXX® Select Dividend 30 Index Futures, EURO STOXX® Index Futures, EURO STOXX® Large/Mid/Small Index Futures, STOXX® Europe 50

Index Futures, STOXX® Europe 600 Index Futures, STOXX® Europe 600 Banks/Industrial Goods & Services/Insurance/Media/Travel & Leisure/Utilities Futures, STOXX® Europe

Large/Mid/Small 200 Index Futures, Dow Jones Global Titans 50 IndexSM Futures (EUR & USD), DAX®/MDAX®/TecDAX® Futures, SMIM® Futures, SLI Swiss Leader Index® Futures,

MSCI World/Europe/Japan/AC Asia Pacific ex Japan Index Futures and VSTOXX® Futures as well as Eurex inflation/commodity/weather/property and interest rate derivatives).

Trademarks and Service Marks

Buxl®, DAX®, DivDAX®, eb.rexx®, Eurex®, Eurex Bonds®, Eurex Repo®, Eurex Strategy WizardSM, Euro GC Pooling®, FDAX®, FWB®, GC Pooling®,,GCPI®, MDAX®, ODAX®, SDAX®,

TecDAX®, USD GC Pooling®, VDAX®, VDAX-NEW® and Xetra® are registered trademarks of DBAG. Phelix Base® and Phelix Peak® are registered trademarks of European Energy

Exchange AG (EEX). All MSCI indexes are service marks and the exclusive property of MSCI Barra. ATX®, ATX® five, CECE® and RDX® are registered trademarks of Vienna Stock

Exchange AG. IPD® UK Annual All Property Index is a registered trademark of Investment Property Databank Ltd. IPD and has been licensed for the use by Eurex for derivatives.

SLI®, SMI® and SMIM® are registered trademarks of SIX Swiss Exchange AG. The STOXX® indexes, the data included therein and the trademarks used in the index names are the

intellectual property of STOXX Limited and/or its licensors Eurex derivatives based on the STOXX® indexes are in no way sponsored, endorsed, sold or promoted by STOXX and its

licensors and neither STOXX nor its licensors shall have any liability with respect thereto.

Dow Jones, Dow Jones Global Titans 50 IndexSM and Dow Jones Sector Titans IndexesSM are service marks of Dow Jones & Company, Inc. Dow Jones-UBS Commodity IndexSM and

any related sub-indexes are service marks of Dow Jones & Company, Inc. and UBS AG. All derivatives based on these indexes are not sponsored, endorsed, sold or promoted by Dow

Jones & Company, Inc. or UBS AG, and neither party makes any representation regarding the advisability of trading or of investing in such products.

All references to London Gold and Silver Fixing prices are used with the permission of The London Gold Market Fixing Limited as well as The London Silver Market Fixing Limited,

which for the avoidance of doubt has no involvement with and accepts no responsibility whatsoever for the underlying product to which the Fixing prices may be referenced.

PCS® and Property Claim Services® are registered trademarks of ISO Services, Inc.

Korea Exchange, KRX, KOSPI and KOSPI 200 are registered trademarks of Korea Exchange Inc.

BSE and SENSEX are trademarks/service marks of Bombay Stock Exchange (BSE) and all rights accruing from the same, statutory or otherwise, wholly vest with BSE. Any violation of

the above would constitute an offence under the laws of India and international treaties governing the same.

The names of other companies and third party products may be trademarks or service marks of their respective owners.

eurex dividend derivatives - eurex exchange · nov 2010 launch of 10 swiss single stock dividend...

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