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Wholesale Trading for Euronext Commodities Contracts
Large-in-Scale (LiS) facility
Trade large-in-size business in an exchange environment through the Large-in-Scale (LiS) facility.
The execution of a LiS transaction is subject to volume thresholds (defined for each contract and available in the referential data) and price validations (collars and/or daily high and low price).
The minimum volume thresholds for Euronext commodity contracts are:
EURONEXT CONTRACT NAME | EURONEXT CONTRACT CODE | MINIMUM VOLUME THRESHOLD (number of lots) |
Milling Wheat N°2 Futures | EBM | 75 |
Rapeseed Futures | ECO | 50 |
Corn Futures | EMA | 25 |
European Durum Wheat Futures | EDW | 75 |
European Salmon Futures | ESF | 10 |
For full details of the Large-in-Scale facility, please see section 4.5 of the Euronext Trading Procedures.
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 on all Euronext commodity futures.
For full details of the Against Actuals facility, please see section 4.4 of the Euronext Trading Procedures.
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 and its details.
The EFS facility is available on all Euronext commodity futures.
For full details on Exchange for Swaps 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 on all Euronext commodity options.
For full details on Exchange of Options for Options facility, please see section 4.2 of the Euronext Trading Procedures.
Request for Cross (RfC)
Use the RFC facility for cross trades with a size below or above the Large-in-Scale (LiS) minimum volume threshold.
After the RFC is submitted by the RFC Initiator, there is a 6-second auction period (the RFC response period) that is open to all market participants, including the orders in the Central Order Book (COB).
During this RFC response period, other participants (RFC Reactors) may enter orders with better prices to improve the cross level.
Once the RFC response period ends, the RFC is executed.
Depending on the prices of the RFC Reactor responses, one or more RFC Reactors may trade against the RFC Initiator.
Request for Cross is available on all Euronext commodity options.
For full details of the RFC facility, please see section 3.4.5 of the Euronext Trading Procedures.
Financial Derivatives
For information about wholesale trading for financial derivatives, view the Financial Derivatives Wholesale Trading Offer page.
Wholesale trading procedures
For detailed information about wholesale trading, see the Euronext Trading Procedures.