Eurex Benchmark Derivatives
Eurex Benchmark Derivatives
The building blocks of Europe
Eurex Products
Available at IBKR with Low Commissions
The Exact Hedging Tool for Global Investors
The Eurex contracts are designed in parallel to the established EURO STOXX 50®, DAX® and SMI® derivative contracts. With Eurex Single Stock Derivatives, you can gain exposure or hedge your risk in over 900 products from 19 countries in Europe, the U.S. and Canada.
A Cost-Efficient Way to Access European Markets
The Eurex product suite has low daily margin rates and is therefore a cost-efficient way to add Europe (Belgium, Finland, France, Germany, Ireland, Italy, the Netherlands, Spain and Switzerland) to your equity index portfolio.
Access to Highly Traded Benchmarks
EURO STOXX 50®, DAX® and SMI® derivatives are amongst the most liquid equity index products in Europe. Our extended trading hours create more trading and hedging opportunities for global trading participants in the different time zones.
Eurex Micro Derivatives
Sometimes, size does matter.
The Eurex micro contracts are designed in parallel to the established EURO STOXX 50®, DAX® and SMI® derivative contracts. They are five to 25 times smaller than the regular products, giving trading participants, which reflect a variety of trading needs, the opportunity to hedge and gain exposure to the European benchmark indexes with low contract values.
Key Benefits:
- A cost-efficient way to access European markets
- Exact hedging tools for investors
- Access to highly traded benchmarks
- Liquid orderbook across all time zones
Low Fees1
Commissions
EUR 0.07 to 0.25
per contract
plus exchange and regulatory fees
Product Details:
| Micro-EURO STOXX 50® Futures | Micro-DAX® Futures | Micro-DAX® Options | Micro-SMI® Futures | |
|---|---|---|---|---|
| Underlying Indices | EURO STOXX 50® | DAX® | DAX® | SMI® |
| Eurex Product Code | FSXE | FDXS | ODXS | FSMS |
| TWS | ESTX50 | DAX | DAX | SMI |
| Bloomberg Ticker | MZTA Index | MZSA Index | DAXC
|
MZYA Index |
| Refinitiv Ticker | FSXE | FDXS | ODXS | FSMS |
| Multiplier | € 1 | € 1 | € 1 | CHF 1 |
| Contract Value* | € 4,463.51 | € 16,594.21 | € 16,594.21 | CHF 11,185.90 |
| Minimum Price Change (in index points) | Outright: 0.5 Calendar: 0.25 |
Outright: 1.0 Calendar: 0.5 |
Bid up to € 25: 0.1 Bid up to € 250: 0.5 Bid > € 250: 1.0 |
Outright: 1.0 Calendar: 1.0 |
| Tick Value (in bp) | € 0.5 (1.36 bp) |
€ 1 (0.74 bp) |
€ 1 (0.1 = 0.074 bp, 0.5 = 0.37 bp, 1.0 = 0.74 bp) |
CHF 1 (0.85 bp) |
| Contract Terms | The first three quarterly months with a term of up to 9 months | The first three months and the following three quarterly months with a term of up to 12 months. | The first three quarterly months with a term of up to 9 months. | |
| Last Trading Day / Final Settlement Day | Third Friday of the relevant month at 12:00 CET | Third Friday of the relevant month at 13:00 CET | Third Friday of the relevant month at 13:00 CET | Third Friday of the relevant month at 09:00 CET |
| Final Settlement Price | Average price of the underlying in the period between 11:50 - 12:00 CET | Based on the intraday auction price of the index constituents | Based on the intraday auction price of the index constituents | Based on the opening auction price of the index constituents |
| Trading Hours | 01:10 – 22:00 CET | 01:10 – 22:00 CET | 09:00 – 17:30 CET | 08:00 – 22:00 CET |
Why Trade Eurex Micro 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 professional pricing for managing investments. IBKR clients enjoy access to cryptocurrencies, stocks, options, futures, currencies, bonds , funds and more on over 160 markets in 36 countries.
Open an Account
Already an Interactive Brokers Client?
If you are an IBKR client with trading Permission for All Europe, German and/or Switzerland futures, you can trade by entering the product symbol in to one of our trading platforms. If you do not have All Europe, German and/or Switzerland 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 Eurex Micro Derivatives?
Eurex offers several resources to help you learn more about Eurex Micro Derivatives:
- Micro Product Suite (eurex.com)
- Guide to Europe’s Micro Stock Index Futures
- Micro products educational video series
- Trading The DAX® With Micro Futures & Options Actionable German Stock Index Strategies
- Webcast (replay): Micro-DAX® Options – Introducing the next step in the Eurex Micro Product Suite
Eurex Daily Options
Built for Agility
Daily Options on EURO STOXX 50® (OEXP) and DAX® (ODAP) allows market participants to access a range of short-dated options, providing increased flexibility to trade and hedge short-term market fluctuations. They have a wide range of strikes with five points intervals, highlighting its granularity.
Key Benefits:
- Fast reaction to market movements
- Lower time value
- Accurate implementation of strategy
- Utilize theta decay
Low Fees1
Commissions
EUR 0.25 to 0.90
per contract
plus exchange and regulatory fees
Product Details:
| Daily Options on EURO STOXX 50® Index | Daily Options on DAX® Index | |
|---|---|---|
| Underlying Indices | EURO STOXX 50® Index | DAX® Index |
| Eurex Product Code | OEXP | ODAP |
| TWS | ESTX50 | ESTX50 |
| Bloomberg Ticker | SX5E Index OMON – All daily, weekly and monthly options (OESX and OEXP) SX5EM Index OMON – End of month (OESX) (existing contracts midday settlement time) SX5EOM Index OMON – End of month (OEXP) (new contracts with settlement time end of day) |
- |
| Refinitiv Ticker | <0#FEXP:> | - |
| Multiplier | - | EUR 1 |
| Contract Value (per index point) | EUR 10 | EUR 5 |
| Tick Value (in bp) | Premium-dependent tick size for simple instruments for order book (outright) only. Bid up to: 0.10 – 10.00: 0.10 index points 10.25 – 25.00: 0.25 index points 25.50+: 0.50 index points TES Block Trade and complex instruments (e.g., strategies) |
Premium-dependent tick size Bid up to: 0 – 25: 0.10 index points 25.5 – 250: 0.25 index points 251+: 0.50 index points |
| Last Trading Day / Final Settlement Day | Last trading day of the relevant contract Close of trading on the last trading day: 17.30 CET | Last trading day of the relevant contract Close of trading on the last trading day: 17.30 CET |
| Final Settlement Price | EURO STOXX 50® index level based on the closing auction price of the respective index constituent | Index level of the DAX® index based on the closing price of the underlying stocks |
| Trading Hours | Monday – Friday: 09.00 – 17.30 CET (TES: 09.00 – 19.00 CET) | Monday – Friday: 09.00 – 17.30 CET (TES: 09.00 – 19.00 CET) |
| Settlement | Cash settlement | Cash settlement, payable on the first exchange day following the final settlement day. |
Why Trade Eurex Daily Options 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 professional pricing for managing investments. IBKR clients enjoy access to cryptocurrencies, stocks, options, futures, currencies, bonds, funds and more on over 160 markets in 36 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 Eurex Daily Options?
Single Stock Options
Your best option. Margined to your benefit.
Eurex is your efficient one-stop shop for European Equity Options covering 13 countries. More than 300 exchange participants increasingly centralize their European Equity Options trading at Eurex. By moving all trading to Eurex, they benefit from cross margining efficiencies with Eurex Clearing, maximizing their collateral utilization.
Key Benefits:
- One Stop Shop for Equity Options
- Single Stock Ecosystem
- On-screen liquidity
Low Fees1
Commissions
EUR 0.25 to 1.00
per contract
plus exchange and regulatory fees
Product Details:
| Single Stock Options | |
|---|---|
| Underlying Indices | Please refer to the respective product underlying indices here. |
| Eurex Product Code | Please refer to the respective product codes here. |
| Contract Size | 1, 10, 100, 500, 1,000, 2,500 or 5,000 shares |
| Minimum Price Change (per index point) | Outright: 0.5 Calendar: 0.25 |
| Price Quotation Tick Size |
EUR**/CHF/USD: 0.01 GBP: 0.25 or 0.5 **Exceptions - Italian equity options: EUR 0.0005 - Bank of Ireland and Permanent TSB holdings: EUR0.001 |
| Contract Months/Terms | Up to 12, 24 and 60 months: The three nearest successive calendar months, the three (for Spanish equity options nine) following quarterly months of the March, June, September, and December cycle thereafter, and the four (for Spanish equity options the nearest) following semi-annual months of the June and December cycle thereafter, and the two following annual months of the December cycle thereafter. |
| Last Trading Day / Final Settlement Day | Third Friday of the respective month, for Italian equity options the day before the third Friday, of each expiration month, if this is an exchange day; otherwise, the exchange day immediately preceding that day. |
| Daily Settlement Price | Determined through the binomial model according to Cox/Ross/Rubinstein. If necessary, dividend expectations, current interest rates or other payments are taken into consideration. |
| Settlement | Physical delivery of underlying shares is two exchange trading days after exercise: t+2 |
| Final Settlement Price | American-style; an option can be exercised until the end of the Post-Trading Full Period (20:00 CET) on any trading day during the lifetime of the option. European-style for equity options with group ID DE 14, CH14, FI14, FR14 and NL14; an option can only be exercised on the Last Trading Day until the end of the Post-Trading Full Period (20:00 CET)s |
| Option Premium | The premium is payable in full in the currency of the respective contract on the exchange day following the day of the trade. |
| Trading Hours | Orderbook: 09:00 - 17:30 CET; Swiss EO: 09:00 - 17:20 CET. Eurex Trade Entry Services: 09:00 - 19:00 CET; Austrian EO: 09:15 - 19:00 CET; UK and Irish EO: 09:00 - 18:30 CET. The opening time of 09:00 is considered a reference point. Opening is staggered between 08:50 - 09:05. The closing time of 17.30 is considered a reference point. Closing is staggered between 17:30 - 17:36 |
Why Trade Eurex Single Stock Options 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 professional pricing for managing investments. IBKR clients enjoy access to cryptocurrencies, stocks, options, futures, currencies, bonds , funds and more on over 160 markets in 36 countries.
Open an Account
Already an Interactive Brokers Client?
If you are an IBKR client with trading Permission for single stock options, you can trade by entering a ticker in to one of our trading platforms. If you do not have options trading permissions, simply log in to Client Portal and request options trading permissions from the User (“head/shoulders” icon) > Settings > Trading - Trading Permissions menu item.
Interested in learning more about Eurex Single Stock Options?
Disclosures
- Low trading fees according to BrokerChooser Online Broker Survey 2025: Read the full article Online Broker Reviews, February 2025. "Interactive Brokers has low trading fees and the best margin rates in the industry. IB currently pays interest (up to 3.83% for USD) on cash balances if you have a $100k account (net asset value)."