Key features
FLEX Futures
Market participants can design their FLEX Futures trades by selecting the following options:
- Flexible maturity: Participants can create their own maturity date for the transaction. Individual maturity dates can be as early as the next exchange day or as far out as the maturity date for the most distant respective standard futures contract.
- Settlement type: In trades with Single Stock Futures market participants have the ability to negotiate the terms of settlement at time of conclusion (cash settlement or physical delivery).
FLEX Options
Market participants can design their FLEX Options by selecting:
- Exercise price: Customizable exercise prices, with decimal places and up to 2.5-times the highest available listed strike.
- Expiration date: Expiries can be set to any exchange day up to longest standard expiry.
- Exercise style: Options may follow European- or American-Style exercise.
- Settlement type: Contracts can be settled either via cash or physical delivery.
- Reduced Block Trade size: Single Stock Derivatives, ETF Options and selected Index Options have reduced FLEX Block Trade size of 1 lot.
Key benefits and use cases
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Trading process
Reporting
FLEX contracts are entered via Eurex T7 Entry Service (TES) and displayed as block trades in TES Time & Sales subject to the same trade reporting standards. Every FLEX contract receives instantly an ISIN, which stays stable during its entire lifespan.
Trading hours
FLEX Options are traded off-book, hence enjoy extended trading hours compared to standard orderbook options, enabling trading from 09:00 – 19:00 CET for most equity contracts.
Clearing features
Eurex Clearing offers a series of back office features for FLEX Trades to support back office processing.
- Give-up/take-up functionality
- Position transfer
- Trade separation
- Close out/partial close-out
- Exercise/partial exercise
Volume development
FLEX Trades volume dynamics
- Over 12mn contracts traded in FLEX Options in 2025 (+130% YoY)
- Strong growth driven primarily by Stock Options, dominated by European-style and cash settlement
FLEX instruments trading volume per quarter (in mn)
