Eurex Benchmark Derivatives
Eurex Benchmark Derivatives
The building blocks of Europe
Eurex Products
Available at Interactive Brokers for the Lowest Cost1
Access to Highly Traded Benchmarks
DAX® and EURO STOXX® 50 Futures are among the most liquid equity index products in Europe. Extended trading hours create more trading and hedging opportunities for global trading participants from outside the EU.
Blue Chip Derivatives
Benefit from reliable trading volumes including the successful DAX® and EURO STOXX 50® indices, which comprises the largest companies in the euro area.
Take a View on Volatility
VSTOXX® Futures and Options on the VSTOXX® index to take a view on European volatility. It is designed to reflect the investor sentiment and overall economic uncertainty by measuring the 30-day implied volatility of the EURO STOXX 50®, offering the most accurate and cost-effective way to have access to European volatility.
DAX® Index Futures
Your Gateway to Germany
The DAX® is Deutsche Börse’s blue-chip index for the German stock market, one of Europe’s most efficient stock markets. It’s comprised of the largest and most actively traded German companies. The smaller-sized contracts give investors across the globe the opportunity to fine-tune their German benchmark index exposure with significantly lower contract values.
Key Benefits:
- Attractive and liquid market
- Exchange-traded benefits
- Access to Germany
- Trading and clearing across all time zones
Lowest Cost1
Commissions
EUR 0.25 to 0.90
per contract
plus exchange and regulatory fees
Product Details:
| DAX® Futures | Mini-DAX® Futures | Micro-DAX® Futures | |
|---|---|---|---|
| Underlying Indices | DAX® Index | DAX® Index | DAX® Index |
| Eurex Product Code | FDAX | FDXM | FDXS |
| TWS | DAX | DAX | DAX |
| Bloomberg Ticker | GXA Index | DFWA Index | MZSA Index |
| Contract Value (per index point) | EUR 25 | EUR 5 | EUR 1 |
| Minimum Price Change (per index point) | 1 | 1 | 1 |
| Contract Term | Up to 36 months: The Twelve nearest quarterly months of the March, June, September and December cycle. | Up to 9 months: The first three quarterly months of the March, June, September and December cycle. | |
| Last Trading Day / Final Settlement Day | Third Friday of the maturity/expiry month | ||
| Settlement | Cash settlement | ||
| Final Settlement Price | Index calculated based on intraday auction prices | ||
| Trading Hours | 7:10 PM – 4:00 PM US Eastern Standard Time (EST) | 1:10 AM -10:00 PM Central European Time (CET) | ||
| Trading Calendar | Each Eurex trading day | ||
Why Trade Eurex DAX® Index Futures with Interactive Brokers?
Interactive Brokers (Nasdaq: IBKR) is an automated global electronic broker that serves individual investors, hedge funds, proprietary trading groups, registered investment advisors and introducing brokers.
Our four-decade focus on technology and automation allows us to provide our clients with a sophisticated, global trading platform with the lowest costs for managing investments. IBKR clients enjoy access to cryptocurrencies, stocks, options, futures, currencies, bonds, funds and more on over 150 markets in 34 countries.
Open an Account
Already an Interactive Brokers Client?
If you are an IBKR client with trading Permission for All Europe or German futures, you can trade by entering DAX in to one of our trading platforms.
If you do not have All Europe or German futures trading permissions, simply log in to Client Portal and request Futures trading permissions from the User (“head/shoulders” icon) > Settings > Trading - Trading Permissions menu item.
Interested in learning more about DAX® Index Futures?
Eurex offers several resources to help you learn more about DAX® Index Futures:
EURO STOXX 50® Index Futures
Trading Europe
The EURO STOXX 50® index comprises the 50 leading blue-chip stocks in the Eurozone countries. They are ideally suited for hedging and enhancing the performance of equity portfolios.
Futures on the EURO STOXX 50® Index are the most actively traded equity index derivatives at Eurex and amongst the world’s most liquid futures.
Key Benefits:
- Access to liquid European benchmark
- Available as standard and micro futures
- Capital efficiency
- Exchange-traded benefits
- Trading and clearing across all time zones
Lowest Cost1
Commissions
EUR 0.25 to 0.90
per contract
plus exchange and regulatory fees
Product Details:
| EURO STOXX 50® Index Futures | Micro-EURO STOXX 50® Futures | |
|---|---|---|
| Underlying Indices | EURO STOXX 50® Index | EURO STOXX 50® Index |
| Eurex Product Code | FESX | FSXE |
| TWS | ESTX50 | ESTX50 |
| Bloomberg Ticker | VGA Index CT | MZTA Index |
| Contract Value (per index point) | EUR 10 | EUR 1 |
| Minimum Price Change (per index point) | 1 | 0.5 |
| Contract Term | Up to 36 months: The twelve nearest quarterly months of the March, June, September, and December cycle. | Up to 9 months: The first three quarterly months of the March, June, September and December cycle |
| Last Trading Day / Final Settlement Day | Third Friday of each 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. | Third Friday of the relevant month at 12:00 CET |
| Daily Settlement Price | Current maturity month: derived from the volume-weighted average of the prices of all transactions during the minute before 17:30 CET, provided that more than five trades transacted within this period. Remaining maturity months: determined based on the average bid/ask spread of the combination order book. | - |
| Final Settlement Price | Based on the average of the respective STOXX® Index values calculated between 11:50 and 12:00 CET. | Average price of the underlying in the period between 11:50 -12:00 CET |
| Trading Hours | 7:10 PM – 4:00 PM US Eastern Standard Time (EST) | 1:10 AM -10:00 PM Central European Time (CET) | |
Why Trade EURO STOXX 50® Index Futures with Interactive Brokers?
Interactive Brokers (Nasdaq: IBKR) is an automated global electronic broker that serves individual investors, hedge funds, proprietary trading groups, registered investment advisors and introducing brokers.
Our four-decade focus on technology and automation allows us to provide our clients with a sophisticated, global trading platform with the lowest costs for managing investments. IBKR clients enjoy access to cryptocurrencies, stocks, options, futures, currencies, bonds, funds and more on over 150 markets in 34 countries.
Open an Account
Already an Interactive Brokers Client?
If you are an IBKR client with trading Permission for All Europe or German futures, you can trade by entering ESTX50 in to one of our trading platforms. If you do not have All Europe or German futures trading permissions, simply log in to Client Portal and request Futures trading permissions from the User (“head/shoulders” icon) > Settings > Trading - Trading Permissions menu item.
Interested in Learning More About EURO STOXX 50® Index Futures?
Eurex offers several resources to help you learn more about Eurex EURO STOXX 50® Index futures:
VSTOXX® Derivatives
The European Volatility Benchmark
Using the real-time prices of the EURO STOXX 50® options to measure the 30-day implied volatility, the VSTOXX® Index is designed to reflect the investor sentiment and overall economic uncertainty in Europe. As investors have realized there is no global proxy for risk management, they look for more precise ways to manage European-specific risk.
Key Benefits:
- Liquidity
- Global Availability
- Best Hedging
Lowest Cost1
Commissions
EUR 0.25 to 0.90
per contract
plus exchange and regulatory fees
Product Details:
| VSTOXX® Futures | Options on VSTOXX® Futures | |
|---|---|---|
| Underlying Indices | The VSTOXX® Index, a market estimate of expected volatility that is calculated every 5 seconds by using real-time EURO STOXX 50® option bid/ask quotes | VSTOXX® Futures |
| Eurex Product Code | FVS | OVS2 |
| TWS | - | - |
| Bloomberg Ticker | FVSA INDEX | FVSA INDEX OMON |
| Contract Value (per index point) | EUR 100 per volatility index point | |
| Price Quotation and Minimum Price Change | 0.05 (equivalent to EUR 5) | 0.025 (equivalent to EUR 2.5) |
| Contract Term | The next eight successive calendar months | |
| Exercise | - | American-style; an option can be exercised until the end of the Post-Trading Full Period (20:30 CET) on any exchange day during the lifetime of the option. |
| Exercise Price Intervals | - | All option series have exercise prices with price gradations in the amount of not less than one point |
| Last Trading Day / Final Settlement Day | 30 calendar days prior to the third Friday of the expiration month of the underlying options. This is usually the Wednesday prior to the second last Friday of the respective expiration/maturity month. | |
| Final Settlement Price | TWAP of the underlying strip on the last trading day between 11:30 and 12:00 CET (11:00 to 12:00 CET starting in the Sep 2024 contract) | |
| Settlement | Cash settlement, payable on the first exchange day following the final settlement day. | Physical delivery of the underlying. The underlying is maturing on the same exchange day and is settled in cash. |
| Daily Settlement Price | Determined during the closing auction of the respective futures contract | Established by Eurex, determined through a binomial pricing model |
| Trading Hours | 7:10 PM – 4:00 PM US Eastern Standard Time (EST) 1:10 AM -10:00 PM Central European Time (CET) |
2:50 AM – 11:30 AM US Eastern Standard Time (EST) 8:50 AM -5:30 PM Central European Time (CET) |
Why Trade VSTOXX® Derivatives with Interactive Brokers?
Interactive Brokers (Nasdaq: IBKR) is an automated global electronic broker that serves individual investors, hedge funds, proprietary trading groups, registered investment advisors and introducing brokers.
Our four-decade focus on technology and automation allows us to provide our clients with a sophisticated, global trading platform with the lowest costs for managing investments. IBKR clients enjoy access to cryptocurrencies, stocks, options, futures, currencies, bonds, funds and more on over 150 markets in 34 countries.
Open an Account
Already an Interactive Brokers Client?
If you are an IBKR client with trading Permission for All Europe or German futures, you can trade by entering V2TX in to one of our trading platforms. If you do not have All Europe or German futures or options trading permissions, simply log in to Client Portal and request trading permissions from the User (“head/shoulders” icon) > Settings > Trading - Trading Permissions menu item.
Interested in Learning More About VSTOXX® Derivatives?
Disclosures
- Lowest Cost Broker according to StockBrokers.com Online Broker Survey 2023: Read the full article Online Broker Reviews, May 18, 2023. "Because Interactive Brokers' core clientele are professional traders and institutional investors (e.g., hedge funds), it is crucial to provide the lowest commissions schedule available. In our rigorous assessment, there is no question Interactive Brokers delivers."