Wholesale Trading for Euronext Commodities Contracts

Euronext offers off-order book on-exchange trading for its commodity contracts.

Against Actuals (AA) Facility

Organise and execute futures transactions that relate directly to an identifiable underlying transaction in the same or similar physical commodity.

An AA is a transaction between two parties involving the purchase and sale of a futures contract and either:

a) the simultaneous price fixing of a directly related physical contract for sale or purchase;

or

b) the hedging of a directly related physical contract for sale or purchase.

The AA facility is available for all Euronext commodity futures.

For full details of the AA facility, please see section 4.4 of the Euronext Trading Procedures

Large-in-Scale (LiS) Trade Facility

Trade your large-in-size business in an exchange environment.

The execution of a Large-in-Scale trade is subject to compliance with minimum volume thresholds (variable according to the contract) and price validation according to the fair value principles.

Exchange for Swaps (EFS) Facility

Organise and execute a futures transaction as an offset to an identifiable over-the-counter (OTC) swap transaction in a similar commodity or a direct product of such commodity.

An EFS transaction enables you to eliminate the execution risk associated with trading in the Central Order Book.

When you execute an EFS transaction, you should retain documentary evidence of the OTC contract. Make sure to include the following information:

• Fixed price or fixed price formulas of the swap, and who pays
• Floating price or floating price formulas of the swap, and who pays
• Termination/maturity date
• Effective (start) date of the swap
• Quantity of the swap position relating to the underlying commodity or the direct product of such commodity
• Referenced futures delivery month.
• The EFS facility is available for all Euronext commodity futures.

For full details of the EFS facility, please see section 4.2 of the Euronext Trading Procedures.

Exchange of Options for Options (EOO) Facility

Exchange an OTC option for a Euronext Futures option.

This method is based on the quantity of the commodity or a direct product of such commodity underlying the OTC option position, relative to the quantity of the commodity underlying the Options Contract.

The EOO facility is available for all Euronext commodity options.

For full details of the EOO facility, please see section 4.2 of the Euronext Trading Procedures.