Eurex Euro-Bund

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A Bund is a bond issued by the German federal government. The Eurex Euro-Bund futures contract is the exchange's most popular contract, with total volume in 2011 of 236 million contracts. [1] It is based on long-term debt with a term of 8.5 to 10.5 years, and is considered the benchmark for long-term euro-denominated government debt.


Euro-Bund futures
Exchange Eurex
Settlement Physically delivered
Contract Size €100,000
Pricing Unit €10
Tick Value €10
Contract Months Up to 9 months: The three nearest quarterly months of the March, June, September and December cycle.
First Notice Date 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 (20:00 CET).
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.
Note: This contract is electronic ONLY -- no open outcry
  No Open Outcry Electronic
Trading Hours N/A 8:00 am CET to 22:00 (10:00 pm) CET, except on last trading day, when trading ends at 12:30 pm CET (Eurex operates in three trading phases: pre-trading, trading and post-trading. The post-trading phase is further split in several periods where different functions are available. Pre-trading begins at 7:30 am CET, and post-trading ends at 22:30 (10:30 pm) CET, except on the last trading day, when trading ends at 12:30 pm CET)
Ticker Symbol N/A FGBL
Price Limits N/A N/A
 
Euro-Bund options
Trade Unit One futures contract
Point Value €10 (The Price Quotation is in percent of the par value, with the minimum price change being 0.01%)
Tick Value €10 (1)
Option Months Up to 6 months: The three nearest successive calendar months, as well as the following quarterly month of the March, June, September and December cycle thereafter.

Calendar Months: The maturity month of the underlying futures contract is the quarterly month following the expiration month of the option.

Quarterly Months: The maturity month of the underlying futures contract and the expiration month of the option are identical.

Strike Prices Upon the admission of the options, at least nine exercise prices shall be made available for each term for each call and put, such that four exercise prices are in-the-money, one is at-the-money and four are out of-the-money.
Exercise Style American-style (An option can be exercised until the end of the Post-Trading Full Period (20:00 CET) on any exchange day during the lifetime of the option, or until 18:00 CET on the Last Trading Day, which is Six exchange days prior to the first calendar day of the option expiration month. Close of trading in all option series on the Last Trading Day is at 17:15 CET.)
  No Open Outcry Electronic
Trading Hours N/A Same as futures
Ticker Symbol N/A OGBL
Price Limits N/A N/A

References

  1. Annual Volume Survey. Futures Industry Association.