Term
| Which reasons exist to order a cash settlement in lieu of physical delivery upon exercise of equity options? |
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Definition
| To maintain an orderly market. |
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Term
| The Boards of Management of the Eurex Exchanges may verify at any time whether the business activities of an exchange participant comply with the Eurex Exchange Rules. (T or F) |
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Definition
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Term
| Which bodies monitor that the exchange prices of Eurex Deutschland are determined in an orderly manner? |
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Definition
| Trading Surveillance Office. |
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Term
| According to the Exchange Rules, the tasks of the Eurex Exchanges include in particular the conclusion of standardized derivative contracts, such as futures and options. (T or F) |
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Definition
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Term
| According to the Exchange Rules, what is the particular objective of the Eurex Exchange? |
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Definition
| Conclusion of standardized derivative transactions, such as futures and options. |
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Term
| According to the Exchange Rules, the tasks of the Boards of Management of the Eurex Exchanges include the regulation of the organization and business operations of the Exchange but not of the trading hours. (T or F) |
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Definition
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Term
| According to the Exchange Rules, the Exchange/Administrative Council is responsible for the surveillance of daily business of the respective Eurex Exchange. |
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Definition
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Term
| All derivatives contracts including the OTC Flexible Options traded at the Eurex Exchanges are standardized. (T or F) |
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Definition
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Term
| According to the Exchange Rules, which one of the following bodies is responsible for the management of the Eurex Exchange? |
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Definition
| Boards of Management of the Eurex Exchanges. |
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Term
| Supervision of the operations of Eurex Deutschland is the responsibility of the competent highest state authority in the State of Hesse. (T or F) |
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Definition
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Term
| Which one of the following institutions and bodies are authorized to request in formation and the submission of documents from exchange participants of Eurex Deutschland, as well as to carry out audits? |
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Definition
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Term
| According to the Exchange Rules, which procedure applies in the event of an order for the exclusion of physical delivery of futures contracts? |
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Definition
| Positions are closed out at the last traded price prevailing prior to such order. |
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Term
| According to the Exchange Rules, which of the following prices are determined at the Eurex Exchanges? |
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Definition
| Settlement Prices and Transaction Prices during trading hours. |
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Term
| Position limits refer to which of the following? |
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Definition
| The maximum number of contracts held by one Exchange Participant for his own account or by one of the customers. |
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Term
| According to the Exchange Rules, which persons must apply for a personal access code to the Eurex system? |
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Definition
- All exchange traders.
- All persons with back office and administration duties. |
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Term
| Quotes within the order book for a certain product may be changes, but cannot be deleted. (T or F) |
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Definition
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Term
| Increasing the size of an order existing within the order book will not result in any change of its time priority within the order book. (T or F) |
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Definition
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Term
| Prior to entering a cross or prearranged trade into the Eurex Exchanges' system, it is always necessary to enter a cross request. (T or F) |
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Definition
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Term
| According to the relevant regulations, exchange participants may have the proprietary orders in futures contracts executed against those of their customers. (T or F) |
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Definition
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Term
| Application for the cancellation of trades must be immediately reported to Eurex. (T or F) |
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Definition
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Term
| Where the reference price for the purpose of judging mistrades in options cannot be determined on the basis of market prices, Eurex is authorized to calculate a "fair" price, using an option pricing model, and to apply such price as an alternative reference price. (T or F) |
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Definition
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Term
| Which are the objectives of the Pre-Opening Period? |
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Definition
- Opportunity for participants to delete orders and quotes.
- Opportunity for an initial reaction to the market situation. |
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Term
| Which price is being displayed during the Pre-Opening Period in case of a crossed orderbook? |
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Definition
| Preliminary opening price. |
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Term
| Which components does a strategy order for option contracts in the Eurex system consist of? |
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Definition
- Up to four individual orders to be executed simultaneously.
- Simultaneous purchase and/or sale of option contracts of different series. |
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Term
| Which specification must be present for an accepted combination order for futures contracts at the Eurex exchanges? |
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Definition
| Price indication for the spread. |
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Term
| Which are the components of a combination order at the Eurex Exchange for Futures? |
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Definition
- Two individual orders to be executed simultaneously.
- Purchase and sale of an identical number of different futures contracts. |
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Term
| An exchange participant wishes to enter two limit orders that could be executed against each other into the Eurex system. Which procedure must this exchange participant follow? |
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Definition
| Entry of a cross request and thereafter entry of both orders within a certain time period. |
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Term
| How are Futures combination orders and/or combination quotes entered in the course of an exchange trading day which have not been executed, or non-executed portions of such orders, treated within the Eurex system? |
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Definition
- Deletion of quotes at the end of the trading day.
- Holding of orders at the end of the exchange trading day. |
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Term
| What is the term for the type of order where - in the case of a complete execution - either the limit order or the stop order is executed? |
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Definition
| One-cancels-the-other (OCO) Order |
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Term
| What is the term for a trade where the buy and sell order executed against each other were entered by the same exchange participant? |
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Definition
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Term
| If an order which is in the order book is executed the "Own Order Overview" is automatically updated. (T or F) |
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Definition
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Term
| Prices of OTC Block Trades are displayed in the "Market Overview" window. (T or F) |
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Definition
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Term
| A trader may view the daily settlement prices in the Eurex @X-ceed front end during the Post-Trading period. (T or F) |
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Definition
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Term
| OTC trades are not displayed in the "Own Trade Overview" window. (T or F) |
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Definition
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Term
| The "Message Log" window is not automatically updated. (T or F) |
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Definition
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Term
| Which transactions may a trader perform in the Eurex @X-ceed front end? |
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Definition
- Entry of a quote request.
- Entry of a cross request. |
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Term
| Which windows of the Eurex @X-ceed front end are automatically updated? |
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Definition
- Own Order Overview.
- Market Overview.
- Own Trade Overview. |
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Term
| Which of the following parameters may a trader configure individually so they may be used via context-menus in the appropriate window? |
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Definition
- Price increments.
- Number of contracts usually traded. |
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Term
| Which fields are available to traders during order entry using the "Fast Order Entry" window to provide free form customer specific information? |
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Definition
- Text (Text).
- Member Internal Order Number (MIOrdNo).
- Customer (Customer). |
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Term
| A trader does not fill in the field "validity" of the "Fast Order Entry" window at the order entry. Which ones of the following statements are correct? |
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Definition
- If the order is not executed during the trading day it is automatically deleted during the nightly batch process.
- The trader may modify or delete the order at any time during the trading day. |
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Term
| Which of the following are characteristics of the "Rapid Order Entry" window? |
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Definition
- Combination of the order entry and market information functions.
- Display of the net position for a selected contract. |
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Term
| For which trading days can traders view their executed trades in the "Own Trade Overview" window? |
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Definition
| Only for the current day. |
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Term
| Which of the following fields must be filled when entering an order? |
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Definition
- Number of contracts (Qty)
- Account (Act) |
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Term
| Which of the following statements regarding the "Contract Combination Overview" window are correct? |
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Definition
- Can only be opened for one contract.
- Display of a maximum of ten best bid and best ask prices.
- Display of the market depth for time spreads.
- Display of the last traded volume and last traded price. |
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Term
| Which parameters of an order may be changed after order entry? |
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Definition
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Term
| Which of the following windows of the Eurex @X-ceed front end may be used to publish important messages of the Eurex Exchanges or system messages? |
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Definition
- "Message Log" window.
- "Market Supervision Messages" window. |
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Term
| What happens if a trader clicks on the "Delete-All" button in the "Rapid Order Entry" window? |
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Definition
| Display of a "Delete Order Confirmation" message which, if confirmed, results in a deletion of all orders for the respective User-ID in the respective contract. |
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Term
| What type of order is it if in the "Own Order Overview" window an "S" is displayed in the field "Restriction" for that order? |
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Definition
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Term
| All entered orders and executed trades of an exchange member are logged and available to the respective exchange member in a report on the next day. (T or F) |
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Definition
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Term
| Exchange members may specify the tradable products for each of their traders individually. (T or F) |
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Definition
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Term
| For equity options it is not possible to enter market orders. (T or F) |
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Definition
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Term
| For equity options it is not possible to enter stop orders. (T or F) |
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Definition
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Term
| A market order for a fixed income futures product may neither be placed with the restriction IOC (immediate-or-cancel) nor with the restriction FOK (fill-or-kill). (T or F) |
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Definition
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Term
| When entering an order for an FDAX contract the trader may choose if the order should e executed using the pro rata matching algorithm. (T or F) |
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Definition
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Term
| In which way are combination orders with the restriction IOC (immediate-or-cancel) executed? |
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Definition
- Execution of both components to the same extent.
- Execution at the specified spread or at a better price.
- Deletion of the unexecuted portion.
- Execution of both components at the same time. |
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Term
| Which statements regarding a good-till-date (GTD) order are correct? |
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Definition
- The order may be a limit or market order.
- The order is valid until the specified date, unless it is executed or cancelled by its owner. |
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Term
| Which of the following statements regarding an immediate-or-cancel order are correct? |
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Definition
- Immediate execution of the order, in full or in part.
- Unexecuted parts of the order will be cancelled immediately. |
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Term
| Which of the following statements regarding stop orders at the Eurex Exchanges are correct? |
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Definition
- Stop orders are always entered with a trigger price.
- When the specified price limit is reached, stop orders turn into market orders.
- Stop orders are only allowed for futures. |
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Term
| A trader erroneously entered an order as "to close" in the agent account (A1) although there was no open position for the respective contract. Which statement is true? |
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Definition
| The order is accepted and may be executed or taken into the order book. |
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Term
| Which ones of the following orders for an FDAX contract may be entered on the Eurex Exchanges if the last traded price of the respective FDAX contract was 5056.5? |
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Definition
- Buy 10 STP at 5123.5.
- Sell 10 at 5090 GTC. |
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Term
| Which ones of the following orders for an ODAX contract may be entered on the Eurex Exchanges if the last traded price of the respective ODAX contract was 50.6? |
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Definition
- Buy 10 market contracts.
- Buy 10 contracts at 58 IOC.
- Buy 10 contracts at 28 GTC. |
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Term
| Which statements regarding the "Price Reasonability Check" at the order entry on the Eurex Exchanges are correct? |
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Definition
- A trader receive the alert message "Price not reasonable" if e.g. his entered buy order has a price level beyond a pre-defined range above the last price.
- If at order entry the alret message "Price not reasonable" is displayed the order may nevertheless be resubmitted, confirming it. |
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Term
| Which change cannot be made to an order already entered? |
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Definition
- Buy to sell.
- Stop order to limit order.
- IOC to GTC. |
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Term
| Which of the following statements regarding OTC Block Trades are correct? |
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Definition
| OTC Block Trades are displayed in the Own Trade Overview window and are specifically marked. |
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Term
| On which days may equity options on German equities be exercised at the Eurex Exchanges? |
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Definition
| On each trading day during the lifetime of the contract, with the exception of the day of the annual general meeting of the respective company. |
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Term
| Which statements regarding cross requests are correct? |
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Definition
- Each trader may enter a cross request.
- Each trader may view all cross requests in the market. |
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Term
| If there is an opening price for a futures contract then all unlimited (market) orders in the order book are always executed at this price. (T or F) |
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Definition
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Term
| There is no time priority for futures contracts on the Three-Month Euribor interest rate. (T or F) |
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Definition
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Term
| The Market Order Matching Range exists only for futures contracts. (T or F) |
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Definition
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Term
| Market buy orders for option products may not be executed while at the same time limit buy orders are executed at the time of opening price determination. (T or F) |
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Definition
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Term
| The Market Order Matching Range has no influence on the determination of the opening price of a future contract. (T or F) |
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Definition
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Term
| A stop order may not be executed at a price which deviates from its defined trigger price. (T or F) |
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Definition
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Term
| Which restricted order type cannot be designated as persistent? |
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Definition
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Term
| In the case of a trading interruption or host failure, which orders will be deleted from the order book prior to the Pre-Trading Phase? |
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Definition
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Term
| Trading for all contracts of one product starts simultaneously at the Eurex Exchanges. (T or F) |
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Definition
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Term
| Only if the order size in a cross trade is bigger than the minimum size it is necessary to make a cross request before entering the cross trade. (T or F) |
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Definition
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Term
| Cross trades and mistrades at the Eurex Exchanges are typically offset by entering a countertransaction. (T or F) |
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Definition
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Term
| In case of emergency members may have their orders deleted by the Eurex Exchanges. (T or F) |
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Definition
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Term
| The "Trading-on-Behalf" of process may also include entering quotes for a Market Maker. (T or F) |
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Definition
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Term
| Traders are allowed to provide their access code (UserID) to other traders to enable them to trade at the Eurex. (T or F) |
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Definition
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Term
| What are the consequences when the status of a product is set to "Fast Market"? |
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Definition
- Display of the status in the appropriate windows.
- Increase of the maximum allowed spreads for quotes. |
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Term
| Which possibilities do members have if they cannot trade due to in-house technical problems? |
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Definition
- Participation in the "Trading-on-Behalf" process by call the Eurex Exchanges.
- Deletion of all their orders by calling the Eurex Exchanges. |
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Term
| Which statements regarding the "Trading-on-Behalf" process are correct? |
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Definition
- The orders are submitted to a Eurex employee via telephone.
- All orders must be confirmed via e-mail or fax after they are submitted via telephone.
- All orders in the "Trading-on-Behalf" process are input to the Eurex System. |
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Term
| Who may participate in the "Trading-on-Behalf" process? |
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Definition
| Every admitted trader of a member. |
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Term
| Which party should traders contact immediately if they cause a mistake? |
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Definition
| Market Supervision of the Eurex Exchanges. |
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Term
| In which cases should a trader contact the Trading Surveillance Office of the Eurex Exchanges? |
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Definition
- Conspicuous trade behavior in certain contracts.
- Erroneous entry of a cross request. |
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Term
| Which of the following transactions may be executed using the "Trading-on-Behalf" process in the agent account (A1) of a member? |
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Definition
- Exercise of equity options.
- Deletion of orders.
- Entry of market orders. |
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Term
| Which conditions must be met in order to classify a trade at the Eurex Exchanges as a mistrade which can be cancelled? |
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Definition
- Considerable deviation of the trade price from the reference price.
- Application for cancellation of the trade by the appropriate exchange member within 30 minutes. |
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Term
| Which document defines the minimum difference between the price of a trade and the reference price which is considered substantial and thus constitutes a mistrade? |
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Definition
| Trading conditions at the Eurex Exchanges. |
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Term
| With which trading period does trading usually resume after a trade suspension? |
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Definition
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Term
| Which activities may traders perform in products that are suspended from trading and have a status of "Halt"? |
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Definition
| Viewing of their executions for this product. |
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