01 Nov 2023

Eurex | Eurex Clearing

Eurex relaunches its EURIBOR derivatives segment

  • Supported by the STIR Partnership Program which has gone live with 19 partner banks from the U.S., U.K., and Continental Europe. 

As of today, 1 November, Eurex has relaunched its EURIBOR derivatives segment. This is accompanied by the start of its STIR Partnership and Liquidity Provider Programs supported by major market participants. The relaunch of Eurex’s EURIBOR Futures and Options marks an important milestone in Eurex’s ambition to build out the Home of the Euro Yield Curve. 

New liquidity provider scheme and temporary fee waiver 

A new liquidity provider program will foster on-screen liquidity in Three-Month EURIBOR Futures (Product ID: FEU3) and Three-Month Euro STR Futures (Product ID: FST3) as well as in Options on Three-Month EURIBOR Futures (OEU3) and One- to Four-Year EURIBOR Mid-Curve Options Contracts (OEM 1-4).  

Also, Eurex offers a temporary fee waiver until 31 December 2024 on all principal transactions (P/M Account) in Eurex STIR futures and options. 

19 partnering banks have committed to support Eurex’ relaunch of its EURIBOR segment by registering for the new STIR Partnership Program. The ten most active program participants are eligible for a significant share in the economics of the STIR offering of Eurex Clearing on a permanent basis. In addition, these clients are included in the governance and committee structure of Eurex Clearing. 

Covering the entire euro yield curve 

With the relaunch of its short-term interest rate offering, Eurex now offers a highly efficient, fully fungible interest rate product suite that encompasses the short- and long-end across the listed, OTC and repo business. Besides operational efficiencies, customers will ultimately benefit from Eurex’s portfolio- based Prisma margining methodology which is designed to optimize margin offsets between STIR and LTIR portfolios, as well as across OTC interest rate swaps and listed interest rate products. 

Strong momentum in €STR derivatives 

To date, more than 760,000 contracts have been traded in Three-Month Euro STR (€STR) Futures since the launch on 23 January 2023. The launch marked an important milestone in establishing €STR as the new benchmark risk-free rate, as these new money market futures provide a listed, centrally cleared, and cash-settled solution for trading or hedging €STR and complement Eurex Clearing’s €STR Overnight Index Swap offering.