EURO STOXX 50 Daily Options (OEXP) Explained

EURO STOXX 50 daily options, Eurex product code OEXP, are index options on the EURO STOXX 50 that expire every trading day, are worth EUR 10 per index point, and settle in cash on the index level from the 17:30 CET closing auction. Eurex lists ten consecutive trading-day expiries plus three month-end contracts at any time, and the order book runs from 09:00 to 17:30 CET. For a US reader the detail that matters most is the clock: 17:30 in Frankfurt is 11:30 a.m. in New York, so a same-day OEXP settles two hours into the US session, while an SPX 0DTE runs to the 4:00 p.m. ET close.

What are EURO STOXX 50 daily options (OEXP)?

The EURO STOXX 50 is the eurozone's blue-chip benchmark, 50 large companies from euro-area countries, calculated by STOXX. Eurex, Deutsche Börse's derivatives exchange, listed its first daily-expiry option on the index on 28 August 2023 under the code OEXP. Eurex's formal name for it is EURO STOXX 50 Index End-of-Day Options, and the end-of-day part is the point: unlike the standard contract, this one settles on the close. A DAX version, ODAP, followed on 13 November 2023; our DAX daily options guide covers that sibling.

At launch the ladder held the next five trading days. Eurex added a second week in January 2026, so it now covers ten consecutive trading days; 2023 coverage that still says five is out of date. The contract terms, as published by Eurex in September 2026:

• Product code: OEXP, on the EURO STOXX 50 Index (ISIN EU0009658145).
• Contract value: EUR 10 per index point.
• Expiries: the next ten consecutive trading days, plus a month-end contract for each of the next three calendar months.
• Final settlement: cash, on the index level from the 17:30 CET closing auction of the constituent stocks, paid on the next exchange day.
• Exercise style: European, exercise only at expiry (American vs European options explains what that changes for a seller).
• Order-book hours: 09:00 to 17:30 CET, Monday to Friday.
• Strike intervals: 5 index points.
• Tick size: premium-dependent, from 0.10 index points (EUR 1) on cheap contracts up to 0.50 points (EUR 5) on expensive ones.

Each morning the front contract in that ladder is a zero-days-to-expiry option, the same "0DTE" traded on US indexes (what 0DTE options are).

How is OEXP different from the standard OESX contract?

The standard EURO STOXX 50 option carries the code OESX. Both reference the same index with the same EUR 10 multiplier, but they are separate products with their own order books and expiry calendars, and they fix the final price at different times of day. OESX expires intraday, on an index value fixed at 12:00 CET, which is 6:00 a.m. in New York. OEXP expires on the close, on the index level from the 17:30 CET closing auction in which the constituent stocks print their official closing prices. The US market has the same split: standard monthly SPX options are AM-settled on opening prices while SPXW dailies are PM-settled on the close, and AM vs PM settled options walks through what that changes.

The codes tell you which chain you are looking at. Eurex identifiers are four letters, a leading O for option plus an abbreviation of the underlying: OESX and OEXP for the EURO STOXX 50, ODAX and ODAP for the DAX. On a broker platform they appear as different chains. The daily also lists strikes every 5 index points, a finer grid than the standard product's.

What time do OEXP options expire in US hours?

Frankfurt runs six hours ahead of New York for most of the year, so 17:30 CET is 11:30 a.m. ET. Europe and the US change their clocks on different Sundays, and for three to four weeks a year (late March, and late October into early November) the gap narrows to five hours; on those days the Eurex close lands at 12:30 p.m. ET. On an ordinary day the 09:00 to 17:30 CET order book maps to 3:00 a.m. to 11:30 a.m. ET.

A 0DTE on the S&P 500 trades from the 9:30 a.m. ET open to the 4:00 p.m. ET close, six and a half hours (when 0DTE options trade has the US schedule). A 0DTE OEXP has been trading since 3:00 a.m. ET, absorbs the 8:30 a.m. US data releases with three hours still to run, overlaps the US cash open for two hours, and settles at 11:30 a.m. ET with less than a third of the S&P 500 session done.

FEZ, the SPDR EURO STOXX 50 ETF, tracks the same index on the New York clock, which makes it a way to see that overlap in US data. The panel splits FEZ's trailing two months into half-hour buckets and shows each bucket's share of the average day's volume, with the 11:30 bucket flagged.

SELECT
    cal.et_time                                                    AS et_time,
    round(100 * coalesce(toFloat64(t.shares), 0)
              / toFloat64((SELECT sum(volume)
                           FROM global_markets.delayed_stocks_minute_aggs
                           WHERE ticker = 'FEZ'
                             AND window_start >= today() - 60
                             AND window_start <  today() - 2)), 2)   AS share_pct,
    if(cal.et_time = '11:30', 'Eurex close (17:30 CET)', '')       AS marker
FROM
(
    SELECT formatDateTime(toDateTime('2000-01-03 04:00:00', 'UTC') + 1800 * arrayJoin(range(32)), '%H:%i', 'UTC') AS et_time
) AS cal
LEFT JOIN
(
    SELECT
        formatDateTime(toStartOfInterval(toTimeZone(window_start, 'America/New_York'), INTERVAL 30 MINUTE), '%H:%i') AS et_time,
        sum(volume)                                                                                                 AS shares
    FROM global_markets.delayed_stocks_minute_aggs
    WHERE ticker = 'FEZ'
      AND window_start >= today() - 60
      AND window_start <  today() - 2
    GROUP BY et_time
) AS t ON t.et_time = cal.et_time
ORDER BY et_time

The opening half hour, 09:30 ET, carried 12.41% of FEZ's average daily volume; the 11:30 ET bucket, which begins as Eurex settles, carried 8.4%; the 16:00 ET bucket, which holds the New York closing auction print, carried 1.87%. Everything to the right of the flag is US-hours trading in a EURO STOXX 50 tracker after the index itself has stopped updating for the day. (In the clock-mismatch weeks the flag belongs one bucket further right, at 12:30.)

How much is one OEXP contract worth?

Multiply the index level by EUR 10. Take a hypothetical level of 5,500, a round number for the arithmetic; substitute the live index when you work it for real. One contract then represents EUR 55,000 of index exposure. A call struck at 5,450 that settles with the index at 5,500 is 50 points in the money and pays 50 × EUR 10 = EUR 500 in cash on the next exchange day; settle at 5,450 or below and it pays nothing. A premium of 12.25 index points costs 12.25 × EUR 10 = EUR 122.50, the buyer's entire maximum loss. For scale, the standard SPX option carries a USD 100 multiplier, ten times the OEXP multiplier, before currency.

Tick size depends on the premium: up to 10.00 points the tick is 0.10 (EUR 1 per contract), from 10.25 to 25.00 it is 0.25 (EUR 2.50), and from 25.50 upward it is 0.50 (EUR 5). Strikes sit 5 index points apart, so on that hypothetical 5,500 index the chain reads 5,495, 5,500, 5,505 and onward. Under the market-making scheme Eurex revised in February 2026, liquidity providers must quote the first six daily expiries and all three month-end contracts.

Two details a US reader is likely to trip on. Premiums and settlement cash are in euros, so a dollar account converts on the way in and on the way out. And settlement is cash only: no shares or futures are delivered, which removes the assignment mechanics behind pin risk at expiration and replaces them with one number, the closing index level.

How does the ten-day ladder compare with US daily expiries?

Ten trading days is two calendar weeks of expiries. The closest US comparison is SPY, the S&P 500 ETF, which lists an expiry every weekday in the near term (which stocks and ETFs have daily options has the US list). The panel shows what SPY had on the board inside the next 14 calendar days as of its latest session, and the volume each expiry drew that day.

SELECT
    toString(expiration_date)                                                                          AS expiry_date,
    concat(formatDateTime(expiration_date, '%a %b'), ' ', toString(toDayOfMonth(expiration_date)))     AS expiry_label,
    concat(formatDateTime(any(date), '%b'), ' ', toString(toDayOfMonth(any(date))), ', ', toString(toYear(any(date)))) AS as_of_label,
    round(toFloat64(sum(volume)) / 1000, 1)                                                            AS contracts_k
FROM global_markets.options_greeks
WHERE underlying_symbol = 'SPY'
  AND date = (SELECT max(date) FROM global_markets.options_greeks WHERE underlying_symbol = 'SPY')
  AND expiration_date <= date + 14
GROUP BY expiration_date
ORDER BY expiration_date

As of Sep 17, 2026, SPY carried 10 expiries inside the next two weeks, from Fri Sep 18 to Thu Oct 1; the nearest traded about 2338.3 thousand contracts on the day. The second panel buckets SPY volume over the trailing six weeks by days to expiry (what DTE means).

SELECT
    multiIf(days_to_expiry = 0,   'Same day (0DTE)',
            days_to_expiry = 1,   '1 day',
            days_to_expiry <= 5,  '2 to 5 days',
            days_to_expiry <= 14, '6 to 14 days',
            days_to_expiry <= 45, '15 to 45 days',
                                  'Over 45 days')                   AS bucket,
    round(100 * toFloat64(sum(volume))
              / toFloat64((SELECT sum(volume)
                           FROM global_markets.options_greeks
                           WHERE underlying_symbol = 'SPY'
                             AND date >= today() - 45
                             AND date <  today() - 1)), 1)           AS volume_share_pct
FROM global_markets.options_greeks
WHERE underlying_symbol = 'SPY'
  AND date >= today() - 45
  AND date <  today() - 1
GROUP BY bucket
ORDER BY min(days_to_expiry)

The front bucket, 1 day, took 32.5% of all SPY option volume in the window; the Over 45 days bucket took 8.6%. Eurex's figures for the European product are published rather than computed here, so they appear as a dated citation (ADV is average daily volume, in contracts):

"trading volumes have grown significantly, with ADV reaching around 34k contracts in 2025" (Eurex, "EURO STOXX 50 Daily Options: Improving order book quality and launching further expiries", 2 February 2026)

Can US traders buy EURO STOXX 50 daily options?

Eurex is registered with the US Commodity Futures Trading Commission as a foreign board of trade, and options on the EURO STOXX 50 index have held CFTC no-action relief for offer to US persons since 2000. The practical hurdle is the broker: a US account needs a futures-side relationship with a firm that clears Eurex, and that firm decides which product codes it switches on. Each code is enabled separately, and a broker that carries OESX has not necessarily enabled OEXP. Check the code on your own platform rather than inferring access from the exchange's list, and ask how euro premiums and settlement cash are handled in a dollar account.

FAQ

What is the OEXP contract?

OEXP is Eurex's product code for EURO STOXX 50 Index End-of-Day Options: European-style, cash-settled index options worth EUR 10 per index point, expiring on each of the next ten trading days and on the last trading day of each of the next three months. Final settlement uses the index level from the 17:30 CET closing auction.

What time do EURO STOXX 50 daily options expire?

Trading in an expiring OEXP ends at 17:30 CET, and the settlement price is the index closing level from the 17:30 CET closing auction. In US terms that is 11:30 a.m. ET for most of the year, or 12:30 p.m. ET during the few weeks when Europe and the US are out of step on daylight-saving time.

How many daily expiries does Eurex list for the EURO STOXX 50?

Ten consecutive trading days, plus three month-end contracts. Eurex launched OEXP on 28 August 2023 with five daily expiries and added the second week in January 2026.

What is the difference between OEXP and OESX?

Both are Eurex options on the EURO STOXX 50 with a EUR 10 multiplier. OESX is the standard monthly contract and settles intraday at 12:00 CET. OEXP is the daily contract, settling on the 17:30 CET close with ten consecutive daily expiries. They trade as separate products with separate order books.

Can I trade OEXP from the United States?

Eurex is a CFTC-registered foreign board of trade and EURO STOXX 50 index options carry long-standing no-action relief for US persons, but access runs through a broker that clears Eurex and has enabled the OEXP code. Confirm with your broker; premiums and settlement are in euros.

Every panel above carries its SQL underneath. To rerun the FEZ clock profile for another ETF, or to pull the SPY expiry ladder as of a past date, ask for it in plain English on the Strasmore terminal.