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Total Return Futures

Total Return Futures (TRF)

Extension of maturities and amendments to Enhanced Designated Market-Making obligations

EURO STOXX 50® Index Total Return Futures (TESX): Introduction of Designated Market-Making scheme, vendor product codes and mistrade parameters

Introduction of Index Total Return Futures: EURO STOXX 50® Index Total Return Futures (TESX)

Listed solution for implied equity repo trading via EURO STOXX 50® Index Total Return Futures. The Management Board of Eurex Deutschland and the Executive Board of Eurex Zürich AG decided effective 2 December 2016 to introduce Total Return Futures on the EURO STOXX 50® Index (TESX).

The new futures complement the Eurex suite of equity index derivatives and support the market in complying with new financial market legislation. Under the Basel III capital standards banks already face increased capital requirements when entering Over-the-Counter (OTC) transactions. From next year on, there will be additional standards.

The new requirement to set aside more capital for OTC derivatives transactions already applies in the US and Japan. It is likely to further change the structure of derivatives markets by supporting the trend to Exchange Traded Derivatives that regulators are aiming for. Eurex Total Return Futures will offer returns analogous to Equity Index Total Return Swaps; thus representing a functional replacement for these OTC instruments.







Market Makers

CompanyMember IDContactPhone number
BNP Paribas ArbitrageBNAPANicolas Certner+33 1 55 77 82 47
UniCredit Bank AGBVMMUEdouard Pelier+44 20 7826 6774
JP MorganJPMFROmar Bennani+44 20 7134 1320

Please refer to the Circular and the presentation for further info.

The market is warming to futurized swaps which deliver margin efficiency and new trading opportunities for the derivatives market. One such new product taking the market by storm is the Total Return Future. In this short video interview, Antoine Porcheret, Senior Equity & Derivative Strategist, BNP Paribas, explains how the Total Return Future operates, how it is linked to equity Repo and how it is being incorporated into trading strategies, among market participants.


First products to be listed on EURO STOXX 50® Index. Legislation directs OTC flow to exchanges.


Stuart Heath

London Representative Office | Product R&D Equity and Index

11 Westferry Circus, 2nd Floor, Canary Wharf
London E14 4HE

T +44-207-8 62-72 53


Nicolas von Kageneck

Paris Representative Office | Eurex - Global Equity & Index Sales

17, Rue de Surène
75008 Paris

T +33-1-55 27-67 69
F +33-1-55 27-6750


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