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Pricing Model

Pricing Model

Eurex Bonds differentiate between the following fees:

 

Transaction Fees

The transaction fees per million traded volume for a given trade depend on three factors:

  • Shareholder / Non-Shareholder
  • Aggressor / Non-Aggressor (on a per trade level)
  • Trading segment

Transaction fees are calculated on the basis of the nominal value of each cash bond trade and cash leg out of a basis trade, and of the nominal value of each cash leg of a break even trade.

Annual Fees

Eurex Bonds charges an annual fee for providing the software, the releases and technical and
functional support. The applicable time-frame for the annual fee is the calendar year.

  • All Eurex Bonds members who are shareholders are charged an annual fee of € 100,000.
  • All Eurex Bonds members who are not shareholders are charged an annual fee of € 40,000.

The annual fee is billed once a year. The respective invoice is sent at the end of January.

Connection Fees

A Eurex Bonds member needs access to the Xetra® network of Deutsche Börse Group. Sharing an existing line for the Xetra® system with Eurex Bonds is free of charge for the Eurex Bonds member.

Trading Members have the opportunity to connect to Eurex Bonds via a Multi-Member service provider. In this case, fees are not charged to the Trading Member but to the provider of the Multi-Member connection.

If a Eurex Bonds member does not have a Xetra® line, he has the alternative to either use VALUES API via leased lines, the Enhanced Transaction Solution with or without the Enhanced Broadcast Solution or a FIX trading session-based connection.

Our members have also the possibility to use Eurex Bonds via WebTrading in connection with a token/certificate.

The connection fees vary depending on connection method and bandwidth.

Mistrade Fees

A claimed mistrade transaction on Eurex Bonds will be cancelled as specified in the “Terms and Conditions for Participation and Trading on Eurex Bonds”.

The participant who filed a mistrade application shall be charged a handling fee of € 500.

All transaction and clearing fees associated with the cancelled mistrade transaction shall be cancelled.

Execessive System Usage Fees

In general, no fees are invoiced for order/quote transactions (entries, modifications, deletions) and inquiry transactions (e.g. inquire inside market, inquire trade). However, as a regulatory requirement, a fee for excessive system usage for transactions at Eurex Bonds is charged as follows:

If a limit of transactions per day, defined for an instrument group or segment, is exceeded, a graded fee is invoiced for excessive system usage. This free of charge limit of transactions per day is derived from the respectively higher value of either the so-called "base load per day" or the product of the number of executed trades per day and the so-called "ratio". The “ratio” indicates the number of transactions to executed trades up to which transactions are free of charge.

For transactions above this limit, a fee for excessive system usage according to the degree of excess (up to 50 percent, more than 50 percent up to 100 percent, more than 100 percent) is charged.

The parameters for calculating the excessive usage fees are defined in detail in the Eurex Bonds Pricing Model.

 
 
For more detailed information regarding pricing please contact our sales team.

Annariina Komljenovic

Sales & Relationship Management

T +49 (0)69 211 1 51 20

Georg Delzer

Sales & Relationship Management

T +49 (0)69 211 1 38 91