Open/Close Adjustment

We help Members to rectify erroneous open/close trade designations.

In situations where trades have been traded with an erroneous open or close, Members can perform

• Trade Closing adjustments
  • Change incorrect open/close designations on the same trading day that trades have been executed. Under certain conditions historical open/close adjustments can also be made on the two consecutive business days after the trade has been executed.
• Position Closing Adjustments
  • Carrying out a position closing adjustment reduces the open Long- and Short- position equally.

In the case that positions have already been closed out, under certain conditions Members can apply to re-open positions.

Position closing adjustments

Via the Position Overview screen an open position can be adjusted by using the provided close out functionality. This will equally reduce the long and the short side of the position.

A distinction is made in the Eurex system between cost-free and fee-liable position closing adjustments.

• Cost free position closing adjustments:
  - Close out of option positions (with the exceptions of options based on futures)
  - Close out of futures and future based options within the zero cost quantity range
• Fee liable position closing adjustments:
  - Futures and future based options exceeding the zero cost quantity

Zero Cost Quantity (ZCQ)

The Zero Cost Quantity is the potential number of contracts that can be closed out without late closing fees being charged.

For trades done on the actual trade date (t), the Zero Cost Quantity is valid from 13:30 CET on t until 13:30 CET on t +1. From 13:30 CET until end of day on the trade date it is called Current ZCQ and is calculated the following way:

Current Zero Cost Quantity =

   trades to open
+ trades booked to open after trade closing error
+ take-ups to ope
+ trades booked to open after take-up closing error
+/- trade account transfers for trades to open
+ trade to open adjustments
- trade to close adjustments
- current give-ups which were taken up
- position closing adjustments

From start of the day on t +1 until 13:30 CET the ZCQ is called Previous ZCQ and is calculated the following way:

Previous Zero Cost Quantity =

Remaining ZCQ from previous day if > 0, else 0
trades to open
- historical give-ups which were taken up
- historical trade transfers* of trades of the previous business day
+ futures positions created after exercise of options on futures
+ historical take ups
- position closing adjustments

Within the position closing adjustment window the current and previous zero cost quantity is shown. If the member requires to close out more contracts than available within the zero cost quantity an additional window pops up asking for confirmation.

* Only Historical Trade Transfers (HiTT) on t+1 are considered.