Euro Bund Future FGBL Contract Specifications

Gast · Gast Anmeldungsdatum: 13.10.2005 Beiträge: 1

Version 08 Jul 2005

Contract Standard
Notional long-term debt instrument issued by the Federal Republic of Germany with a six percent coupon.

Contract Values
EUR Fixed Income Futures: EUR 100,000

Settlement
A delivery obligation arising out of a short position in a EUR Fixed Income Futures contract may only be fulfilled by the delivery of certain debt securities issued by the Federal Republic of Germany with a remaining term on the Delivery Day of:

Contract Standard: Euro-Bund Futures (FGBL)
Remaining Term in Years: 8.5 to 10.5

Such debt securities must have a minimum issue amount of EUR 5 billion.

Price Quotation and Minimum Price Change
The Price Quotation is in percent of the par value.

Contract Standard: Euro-Bund Futures (FGBL)
Minimum Price Change: 0.01%
Value: EUR 10

Delivery Day
The tenth calendar day of the respective quarterly month, if this day is an exchange trading day; otherwise, the following exchange trading day.

Contract Month
The three successive quarterly months of the March, June, September and December cycle.

Notification
Clearing members with open short positions on the Last Trading Day of the maturing delivery month must notify Eurex which debt instruments they will deliver. Such notification must be given by the end of the Post-Trading Full Period (20:00 CET).

Last Trading Day
Two exchange trading days prior to the Delivery Day of the relevant delivery month. Trading in the maturing delivery month ceases at 12:30 CET.

Daily Settlement Price
The closing price determined within the closing auction; if no price can be determined in the closing auction or if the price so determined does not reasonably reflect the prevailing market conditions, the daily settlement price will be the volume-weighted average price of the last five trades of the day, provided that these are not older than 15 minutes; or, if more than five trades have occurred during the final minute of trading, the volume-weighted average price of all trades that occurred during that period. If such a price cannot be determined, or if the price so determined does not reasonably reflect the prevailing market conditions, Eurex will establish the official settlement price.

Final Settlement Price
The volume-weighted average price of the last ten trades of the day, provided that these are not older than 30 minutes; or, if more than ten trades have occurred during the final minute of trading, the volume-weighted average price of all trades that occurred during that period. The Final Settlement Price is determined at 12:30 CET on the Last Trading Day.

Trading Hours
Eurex operates in three trading phases. The pre-trading period is the initiating phase, where users may make inquiries or enter, change or delete orders and quotes in preparation for trading. Orders and quotes are matched during the main trading phase, with transactions being immediately confirmed online. Trading ends with the post-trading period, where all inquiry functions are available and market, limit or stop trades for the next day may be entered. All clearing functions are available during each trading phase except the position transfer function, which is only available during the pre- and post-trading phase.

Pre-Trading: 07:30 - 08:00
Trading (PO+Trad): 08:00 - 19:00
Post-Trading*: 19:00 - 20:00
OTC Block Trading: 08:00 - 19:00
Last trading day Trading until 12:30
Exercise/Notify until 20:00

All times indicated in CET

* Deadlines for exercising of options

Source: Eurex