Fixed Income Futures

Mid-Term Euro-BTP Futures (FBTM)

  • Bloomberg L.P.
    MFBA Comdty
  • Refinitiv
    <0#FBTM:>
  • Currency
    EUR
  • Product ISIN
    DE000A1KQR10

Prices/Quotes

Price Chart

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Statistics

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Specifications

Contract Specifications

Notional short-, medium- or long-term debt instruments issued by the Federal Republic of Germany, the Republic of Italy, the Republic of France, the Kingdom of Spain or the Swiss Confederation with remaining terms and a coupon of:

ContractProduct IDRemaining term in yearsCoupon in %Currency

Euro-Schatz Futures

FGBS

1.75 to 2.25

6

EUR

Euro-Bobl Futures

FGBM

4.5 to 5.5

6

EUR

Euro-Bund Futures

FGBL

8.5 to 10.5

6

EUR

Euro-Buxl® Futures

FGBX

24.0 to 35.0

4

EUR

Short-Term Euro-BTP Futures

FBTS

2.0 to 3.25

6

EUR

Mid-Term Euro-BTP Futures

FBTM

4.5 to 6.0

6

EUR

Long-Term Euro-BTP Futures

FBTP

8.5 to 11.0

6

EUR

Mid-Term Euro-OAT Futures

FOAM

4.5 to 5.5

6

EUR

Euro-OAT Futures

FOAT

8.5 to 10.5

6

EUR

Euro-BONO Futures

FBON

8.5 to 10.5

6

EUR

CONF Futures

CONF

8.0 to 13.0

6

CHF

Contract values

EUR 100,000 or CHF 100,000.

Settlement

A delivery obligation arising out of a short position may only be fulfilled by the delivery of certain debt securities issued by the Federal Republic of Germany, the Republic of Italy, the Republic of France, the Kingdom of Spain or the Swiss Confederation with a remaining term on the delivery day within the remaining term of the underlying.

Debt securities issued by the Federal Republic of Germany must have an original term of no longer than 11 years (not valid for FGBX).

Debt securities issued by the Republic of Italy must have an original term of no longer than 11 years (FBTS), 16 years (FBTM), and 17 years (FBTP).

Debt securities issued by the Republic of France must have an original term of no longer than 17 years.

Debt securities issued by the the Kingdom of Spain must have an original term of no longer than 15 years.

In the case of callable bonds issued by the Swiss Confederation, the first and the last call dates must be between eight and 13 years.


Debt securities issued by the Federal Republic of Germany must have a minimum issue amount of EUR 4 billion, such issued by the Republic of France, the Republic of Italy and the Kingdom of Spain must have a minimum issue amount of EUR 5 billion.

Debt securities of the Federal Republic of Germany, the Republic of Italy, the Republic of France, and the Kingdom of Spain have to possess the abovementioned minimum issuance volume prior to the first calendar day of the previous delivery month expiration cycle. Otherwise, they shall not be deliverable until the delivery day of the current due month.

Debt securities issued by the Swiss Confederation must have a minimum issue amount of CHF 500 million.

Debt securities of the Republic of Italy that are explicitly issued as "BTP Futura", "BTP Valore", or as "BTP Green" shall not be deliverable under Short-Term, Mid-Term, and Long-Term Euro-BTP-Futures contracts; for "BTP Green" this applies to all debt securities with futures expiry from March 2025.

Price quotation and minimum price change

The price quotation is in percent of the par value.

ContractMinimum price change
PercentValue

Euro-Schatz Futures

0.005

EUR 5

Euro-Bobl Futures

0.01

EUR 10

Euro-Bund Futures

0.01

EUR 10

Euro-Buxl® Futures

0.02

EUR 20

Short-Term Euro-BTP Futures

0.01

EUR 10

Mid-Term Euro-BTP Futures

0.01

EUR 10

Long-Term Euro-BTP Futures

0.01

EUR 10

Mid-Term Euro-OAT Futures

0.01

EUR 10

Euro-OAT Futures

0.01

EUR 10

Euro-BONO Futures

0.01

EUR 10

CONF Futures

0.01

CHF 10

Contract months

Up to 9 months:The three nearest quarterly months of the March, June, September and December cycle.

Delivery day

The tenth calendar day of the respective quarterly month, if this day is an exchange day; otherwise, the exchange day immediately succeeding that day.

Notification

Clearing members with open short positions must notify Eurex on the last trading day of the maturing futures which debt instrument they will deliver. Such notification must be given by the end of the Post-Trading Full Period.

Last trading day

Two exchange days prior to the delivery day of the relevant maturity month. Close of trading in the maturing futures on the last trading day is at 12:30 CET.

Daily settlement price

The daily settlement prices for the current maturity month of CONF Futures are determined during the closing auction of the respective futures contract.

For all other fixed income futures, the daily settlement price for the current maturity month is derived from the volume-weighted average of the prices of all transactions during the minute before 17:15 CET (reference point), provided that more than five trades transacted within this period.

For the remaining maturity months the daily settlement price for a contract is determined based on the average bid/ask spread of the combination order book

Final settlement price

The final settlement price is established by Eurex on the final settlement day at 12:30 CET based on the volume-weighted average price of all trades during the final minute of trading provided that more than ten trades occurred during this minute; otherwise the volume-weighted average price of the last ten trades of the day, provided that these are not older than 30 minutes. If such a price cannot be determined, or does not reasonably reflect the prevailing market conditions, Eurex will establish the final settlement price.

Block Trades

Admitted to the Eurex Block Trade Service with a Minimum Block Trade Size of 50 contracts.

Market-Making Parameter

All quotation parameters at a glance

  • Quotation period
  • Maturity range
  • Spread class & Maximum Spread
  • Minimum Quote Size
Liquidity Provider schemes

Mistrade Parameter

This file provides an overview of mistrade ranges for Options and Futures including information on their behavior close to expiration and in stressed markets.
 

Mistrade Ranges

Crossing Parameters

(section 2.6 Eurex Trading Conditions)

(1) Orders and Quotes relating to the same Instrument or Combined Instrument may, in case they could immediately be executed against each other, neither be entered knowingly by an Exchange Trader or several Exchange Traders of an Admitted Company (a “Cross Trade”) nor pursuant to a prior understanding between Exchange Traders of two different admitted companies (a “Pre-Arranged Trade”), unless the conditions according to Paragraph 2 have been fulfilled. The same shall apply for the entry of Orders as part of a Quote.

(2) A Cross Trade or a Pre-Arranged Trade is admissible if a participant in a Cross Trade or a Pre-Arranged Trade Eurex Trading System, announces his intention to execute a corresponding number of Contracts as Cross Trades or Pre-Arranged Trades in the Order Book (“Trade Request”). The buying participant has to ensure that he himself or the selling participant enters the Trade Request. The Order or Quote giving rise to the Cross Trade or Pre-Arranged Trade must be entered one second at the earliest and 121 seconds at the latest after the entry of the Trade Request. Entering a Trade Request without entering the respective Order or Quote is not admissible.

(3) Paragraphs 1 and 2 shall not apply to Transactions consummated during the netting process in an auction (Number 1.4 Paragraphs 2 and Paragraph 3).

(4) The automated entry functionality for Cross Trades or Pre-Arranged Trades of the Eurex Trading System may be used for entering Cross Trades or Pre-Arranged Trades. In this case, announcement and entry of the corresponding Orders pursuant to Paragraph 2 will be automated. 

Trading Hours

Regular Trading Day
Pre-Trading Trading Post-Trading
Full Late1 Late2 Restricted
07:30 08:00 19:00 22:10
Last Trading Day
Pre-Trading Trading Post-Trading
Full Late1 Late2 Restricted
07:30 08:00 12:30 20:00

Trading Calendar

  • Jan 01
    Interest Rates | Equity | Equity Index | Dividends | FX | Volatility | ETF & ETC | Commodity | Cryptocurrency | Holiday

    Eurex is closed for trading and clearing (exercise, settlement and cash) in all derivatives

  • Jan 02
    Fixed income derivatives | Equity | Equity Index | Dividends | ETF & ETC | FX | Switzerland | Holiday

    No cash payment in CHF

  • Jan 02
    Fixed income derivatives | Switzerland | Holiday

    Eurex is closed for trading and clearing (exercise and settlement) in Swiss fixed income derivatives

  • Jan 05
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Jan 12
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Jan 19
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Jan 26
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (standard expiration)

  • Feb 02
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Feb 09
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Feb 16
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Feb 23
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (standard expiration)

  • Mar 01
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Mar 07
    Fixed income derivatives | Last Trading Day

    Last Trading Day for fixed income futures

  • Mar 08
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Mar 11
    Fixed income derivatives | Delivery Day

    Delivery Day for fixed income futures

  • Mar 15
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Mar 22
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (standard expiration)

  • Mar 28
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Mar 29
    Interest Rates | Equity | Equity Index | Dividends | Cryptocurrency | Volatility | FX | ETF & ETC | Commodity | Holiday

    Eurex is closed for trading and clearing (exercise, settlement and cash) in all derivatives

  • Apr 01
    Interest Rates | Equity | Equity Index | Dividends | FX | Volatility | ETF & ETC | Commodity | Cryptocurrency | Holiday

    Eurex is closed for trading and clearing (exercise, settlement and cash) in all derivatives

  • Apr 05
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Apr 12
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Apr 19
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Apr 26
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (standard expiration)

  • May 01
    Interest Rates | Equity | Equity Index | Dividends | FX | Volatility | ETF & ETC | Commodity | Cryptocurrency | Holiday

    Eurex is closed for trading and clearing (exercise, settlement and cash) in all derivatives

  • May 03
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • May 09
    Fixed income derivatives | Switzerland | Holiday

    Eurex is closed for trading and clearing (exercise and settlement) in Swiss fixed income derivatives

  • May 09
    Fixed income derivatives | Equity | Equity Index | Dividends | ETF & ETC | FX | Switzerland | Holiday

    No cash payment in CHF

  • May 10
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • May 17
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • May 20
    Fixed income derivatives | Switzerland | Holiday

    Eurex is closed for trading and clearing (exercise and settlement) in Swiss fixed income derivatives

  • May 20
    Fixed income derivatives | Equity | Equity Index | Dividends | ETF & ETC | FX | Switzerland | Holiday

    No cash payment in CHF

  • May 24
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (standard expiration)

  • May 31
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Jun 06
    Fixed income derivatives | Last Trading Day

    Last Trading Day for fixed income futures

  • Jun 07
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Jun 10
    Fixed income derivatives | Delivery Day

    Delivery Day for fixed income futures

  • Jun 14
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Jun 21
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (standard expiration)

  • Jun 28
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Jul 05
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Jul 12
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Jul 19
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Jul 26
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (standard expiration)

  • Aug 01
    Fixed income derivatives | Switzerland | Holiday

    Eurex is closed for trading and clearing (exercise and settlement) in Swiss fixed income derivatives

  • Aug 01
    Fixed income derivatives | Equity | Equity Index | Dividends | ETF & ETC | FX | Switzerland | Holiday

    No cash payment in CHF

  • Aug 02
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Aug 09
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Aug 16
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Aug 23
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (standard expiration)

  • Aug 30
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Sep 06
    Fixed income derivatives | Last Trading Day

    Last Trading Day for fixed income futures

  • Sep 06
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Sep 10
    Fixed income derivatives | Delivery Day

    Delivery Day for fixed income futures

  • Sep 13
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Sep 20
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (standard expiration)

  • Sep 27
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Oct 04
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Oct 11
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Oct 18
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Oct 25
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (standard expiration)

  • Nov 01
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Nov 08
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Nov 15
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Nov 22
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (standard expiration)

  • Nov 29
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Dec 06
    Fixed income derivatives | Last Trading Day

    Last Trading Day for fixed income futures

  • Dec 06
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Dec 10
    Fixed income derivatives | Delivery Day

    Delivery Day for fixed income futures

  • Dec 13
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Dec 20
    Fixed income derivatives | Last Trading Day

    Last trading day for options on fixed income futures (weekly expiration)

  • Dec 24
    Interest Rates | Equity | Equity Index | Dividends | Volatility | ETF & ETC | Cryptocurrency | Commodity | FX | Holiday

    Eurex is closed for trading in all derivatives

  • Dec 25
    Interest Rates | Equity | Equity Index | Dividends | FX | Volatility | ETF & ETC | Commodity | Cryptocurrency | Holiday

    Eurex is closed for trading and clearing (exercise, settlement and cash) in all derivatives

  • Dec 26
    Interest Rates | Equity | Equity Index | Dividends | FX | Volatility | ETF & ETC | Commodity | Cryptocurrency | Holiday

    Eurex is closed for trading and clearing (exercise, settlement and cash) in all derivatives

  • Dec 31
    Interest Rates | Equity | Equity Index | Dividends | Volatility | ETF & ETC | Cryptocurrency | Commodity | FX | Holiday

    Eurex is closed for trading in all derivatives

Transaction Fees

Fee Type Fee
Exchange transactions: Standard fees (A-accounts) EUR 0.25 per contract
Exchange transactions: Standard fees (M- and P-accounts) EUR 0.20 per contract
TES transactions / Eurex EnLight: Standard fees (A-accounts) EUR 0.35 per contract
TES transactions / Eurex EnLight: Standard fees (M- and P-accounts) EUR 0.30 per contract
Position Closing Adjustments (A-accounts) EUR 0.50 per contract
Position Closing Adjustments (M- and P-accounts) EUR 0.40 per contract
Determination of the bonds to be delivered A-accounts (notification) EUR 0.25 per contract
Determination of the bonds to be delivered M- and P-accounts (notification) EUR 0.20 per contract
Allocation of the bonds to be delivered (A-accounts) EUR 0.25 per contract
Allocation of the bonds to be delivered (M- and P-accounts) EUR 0.20 per contract
Position transfer with cash transfer EUR 7.50 per transaction

Order Book

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Market Status

XEUR

The market status window is an indication regarding the current technical availability of the trading system. It indicates whether news board messages regarding current technical issues of the trading system have been published or will be published shortly.

Please find further information about incident handling in the Emergency Playbook published on the Eurex webpage under Support --> Emergencies and safeguards. Detailed information about incident communication, market re-opening procedures and best practices for order and trade reconciliation can be found in the chapters 4.2, 4.3 and 4.5, respectively. Concrete information for the respective incident will be published during the incident via newsboard message. 

We strongly recommend not to take any decisions based on the indications in the market status window but to always check the production news board for comprehensive information on an incident.

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