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Euro-OAT-Futures:
Introduction of Futures Contracts on
long-term French Government Bonds
1. Introduction Date
The Management Boards of the Eurex Exchanges and the Executive Board of Eurex Clearing AG decided to
introduce a futures contract on notional long-term debt securities of the French Republic (“Obligations Assimilables
du Trésor“), “Euro-OAT-Futures“.
By introducing a long-term futures contract on French government bonds Eurex complements its fixed income
products on European government bonds. Along with European benchmark futures contracts on German
government bonds (Buxl, Bund, Bobl and Schatz futures) and short-, mid- and long-term futures on Italian
government bonds (Euro-BTP Futures) successfully introduced in the years 2009 through 2011, an interest
rate contract on French government bonds will be available. The market will thus benefit from an additional
efficient and cost-effective hedging instrument in the European bond markets. Introduction of the futures
contracts will be supported by a Market-Making programme.
Introduction of the futures contracts will take place on April 16, 2012.
Eurex Deutschland and Eurex Zürich
To implement these decisions, Contract Specifications for Futures Contracts and Options Contracts at Eurex
Deutschland and Eurex Zürich will be amended as specified in attachment 3 with effect from April 16, 2012.
Eurex Clearing AG
To implement the decisions of the Management Boards of the Eurex Exchanges, Eurex Clearing AG will
adjust the Conditions for Utilization of the OTC Trade Entry Facilities (General Conditions for Participation)
(attachment 4), the Clearing Conditions (attachment 5) and the Price
2. Contract Specifications
The Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland and Eurex
Zürich (attachment 3) and the Clearing Conditions for Eurex Clearing AG (attachment 5) were amended
accordingly.
3. Trading Hours
*all times are CET; on the last trading day, the respective contract is traded until 12:30 CET.
4. Risk Parameters
Margin parameters will be published in due course on the Eurex website under the path:
www.eurexchange.com > Clearing > Risk & Margining > Risk Parameters & Initial Margins
For direct access to the document, please click on the following link:
http://www.eurexchange.com/clearing/risk/parameter...
5. EurexOTC Clear Trade Entry Facilities
Euro-OAT-Futures are admitted for the Exchange for Physicals-, Exchange for Swaps- and EurexOTC Clear
Block Trade Facilities. Minimum size for EurexOTC Clear Block Trades is 250 contracts.
The Conditions for Utilization of the OTC Trade Entry Facilities were amended accordingly (attachment 4).
6. Transaction Fees
Transaction fees for trading Euro-OAT-Futures are EUR 0.20 per contract for matching of order book
transactions and EUR 0.30 per contract for entering OTC transactions.
Please see attachment 6 for further details.
7. Market-Making
As Designated Market Makers in Euro-OAT-Futures, Eurex participants agree to supply bid and ask prices
(quotes) for a determined minimum number of contracts during a fixed period of time for a defined average
spread on a monthly basis. Designated Market-Making will be in place between April 16, 2012 and
December 31, 2012 (commitment period).
Please refer to attachment 1 for details and exact parameters of the Market-Making programme.
Please note: Since the amendments to the rules and regulations in relation to Market-Making communicated
with Eurex circular 083/07 came into effect, formal application for Market-Making has no longer been required.
Nevertheless, we kindly ask interested participants to contact the persons in charge at Eurex Product
Development, Nadja Urban or Joachim Heinz, for registration.
8. Necessary Preparations prior to Start of Trading
· As of March 23, 2012, Euro-OAT-Futures contracts will be available in the Eurex simulation environment
for testing.
· Physical delivery in Euro-OAT-Futures will take place technically via CREATION, the settlement
system of Clearstream Banking Luxemburg. For this purpose, each Clearing Member requires a
settlement account (6-series account) of Clearstream Banking Frankfurt in the CCP.
· Clearing Members who hold a 6-series account with Clearstream Banking Frankfurt (settlement via
Clearstream Banking Luxemburg) but have not yet enabled this account for Eurex are requested to
specify their account and the account of their associated Non-Clearing Member which should be
used for deliveries of French government bonds to Eurex Clearing AG. Kindly fill in the form “Request
for Settlement Account Settings for Eurex Derivatives Deliveries (Previous CSD-Selection)“ (attachment
2) and send it to Eurex Member Services & Admission (fax no.: +49-69-211-1 17 01)
· Eurex participants who do not hold a 6-series account with Clearstream Banking Frankfurt yet are
requested to download the form “Application for setup/deletion/change of CCP settlement accounts”
from the Eurex website under the path below, fill it in and send it to the fax number stated above:
www.eurexchange.com > Documents > Forms > Clearing Derivatives > Single Forms >
Application for Admission
For direct access to the document, please click on the following link:
http://www.eurexchange.com/documents/forms/clearin...
· Further information (about deliverable bonds, conversion factors, mistrade ranges, additional vendor
product codes etc.) will be published in due course prior to the introduction of the new products on
the Eurex website under the following path:
www.eurexchange.com > Trading & Products > Products > Interest Rate Derivatives >
Fixed Income Derivatives
For direct access to the document, please click on the following link:
http://www.eurexchange.com/trading/products/INT/FI...
· Trading in Euro-OAT-Futures will start on Monday, April 16, 2012. On this day, orders and quotes
may be entered in the Eurex® system as of 07:31 CEST.
If you have any questions or require further information, please contact Nadja Urban at tel. +49-69-211-
1 51 05 or e-mail: nadja.urban@eurexchange.com or Joachim Heinz at tel. +49-69-211-1 59 55 or e-mail:
joachim.heinz@eurexchange.com.
afin de faire un peu de pédagogie sur le sujet et ce sera sans doute Julien qui s'y collera car j'ai appris que Kevin s'était voté 2 semaines de vacances. 
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