Against Actuals
The Against Actuals (AA) facility allows you to organize and execute futures transactions that relate directly to an identifiable underlying transaction in the same or similar physical commodity. Specifically, 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.
Large-in-Scale (LiS) Trade facility
The Euronext Commodity futures contracts will be tradable via the Large-in-Scale (LiS) Trade facility from 28 February 2018. The LiS Trade facility allows you to trade your large-in-size business in an exchange environment. The execution of a Large-in-Scale trade is subject to the compliance of minimum volume thresholds (variable according to the contract and price validation according to the fair value principles.
| EURONEXT CONTRACT NAME | EURONEXT CONTRACT CODE | MINIMUM VOLUME THRESHOLD |
|---|---|---|
| Milling Wheat N°2 Futures | EBM | 75 |
| Rapeseed Futures | ECO | 50 |
| Corn Futures | EMA | 75 |
| Euronext Durum Wheat Futures | EDW | 75 |
| European Salmon Futures | ESF | 10 |
Exchange for Swaps
The Exchange for Swaps (EFS) facility allows market participants to organize 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.
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
An EFS transaction enables you to eliminate the execution risk associated with trading in the Central Order Book.
The EFS facility is available for all Euronext commodity futures.
Exchange of Options for Options
The Exchange of Options for Options (EOO) is a method 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 more details of the different wholesale facilities, see Euronext derivatives markets trading procedures