ETF Derivatives: Introduction of options on iShares Physical Bitcoin; Termination of clearing of Equity & Equity Index derivatives and Bitwise Physical Bitcoin ETP

1.   Introduction

This circular contains information with respect to Eurex Clearing AG’s service offering and corresponding amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) and Price List of Eurex Clearing AG (Price List) regarding to the following topics:

• Introduction of options on iShares Physical Bitcoin in EUR and USD
• Termination of clearing of 39 Equity Index derivatives, 9 Single Stock Options, 16 Single Stock Futures and 1 Future on Bitwise Physical Bitcoin ETP.

The amendments will become effective as of 5 May 2025.

Please refer to Eurex Circular 028/25 for detailed trading-related information, including fee classification and the related amendments to the Rules and Regulations of Eurex Deutschland.

Production start: 5 May 2025

2.   Required action 

There is no action required for participation.

3.   Details of the initiative

A.  Product overview

The below table shows an overview of options on iShares Physical Bitcoin in EUR and USD:

B.  Contract specifications

For the detailed contract specifications, please refer to Eurex Circular 028/25.

C.  Product group

Please refer to the below table for the product group of options on iShares Physical Bitcoin in EUR and USD:

D.  Transaction fees

The transaction and maintenance fees for the new products can be retrieved from the updated sections of the Price List, as outlined in Attachment 2.

E.  Risk parameters

Margins for the new products are calculated in Prisma. For the risk parameters of the new product, please refer to the Eurex Clearing website www.eurex.com/ec-en/ under the link:

Services > Risk parameters

F.  Termination of clearing of products 

Please refer to Attachment 3 for the products.

G.  Amendments to the legal framework of Eurex Clearing AG

To reflect this decision in the legal framework of Eurex Clearing AG, the following provisions will be amended as outlined in Attachments 1 and 2:

• Chapter II Part 2 Numbers 2.1, 2.9.2(2), 2.29, 3.1, 3.11 of the Clearing Conditions (Attachment 1)
• Numbers 3.1, 3.3, 3.4, 3.7, 3.9 of the Price List (Attachment 2)

As of the effective date, the full versions of the amended Clearing Conditions and Price List will be available for download on the Eurex Clearing website under the following link:

Rules & Regs > Eurex Clearing Rules and Regulations

The amendments to the legal framework of Eurex Clearing AG published by this circular are deemed accepted by each affected contractual party of Eurex Clearing AG, unless the respective contractual party objects by written notice to Eurex Clearing AG prior to the relevant effective date(s) as stipulated in this circular. In case of an objection by the respective contractual party pursuant the preceding sentence, Eurex Clearing AG is entitled to terminate the respective contract (including 5a Clearing Agreement, if applicable). Instead of submitting an objection, the respective contractual party may submit in writing to Eurex Clearing AG comments to any amendments of the legal framework of Eurex Clearing AG within the first 10 Business Days after the publication of the amendments. Eurex Clearing AG shall assess whether these comments prevent the published amendments from becoming effective taking into account the interests of Eurex Clearing AG and all contractual parties.

Unless the context requires otherwise, terms used and not otherwise defined in this circular shall have the meaning ascribed to them in the Clearing Conditions or FCM Clearing Conditions of Eurex Clearing AG, as applicable.

Attachments: 

• 1 – Amended sections of the Clearing Conditions of Eurex Clearing AG
• 2 – Amended sections of the Price List of Eurex Clearing AG
• 3 – Products to be terminated

Further information