A listed solution for implied equity repo trading
Index Total Return Futures

Index Total Return Futures

The Index Total Return Future (TRF) is an exchange-listed solution for implicit equity repo trading on the EURO STOXX 50® index, STOXX® Europe 600 and FTSE 100 index as well as MSCI indexes. The index futures complement the TRF product suite on Eurex. With this listed solution for implied equity repo trading, the equity index derivatives portfolio continues to grow. This illustrates our leading expertise in this segment.

Innovative and cost-efficient product

TRFs aim to replicate the returns of traditional bilaterally negotiated equity or equity index-based swaps. Therefore, EURO STOXX®, STOXX® Europe 600, MSCI and FTSE 100 index-linked TRFs trading help to move the market from OTC to listed derivatives.


Watch on-demand: Focus Day Funding & Futurization

Watch the recordings of our Focus Day exploring innovative solutions for funding and capital efficiency.

Traded Contracts and Open Interest in Millions (EUR)

TRF Traded Contracts in Thousands (EUR)

EURO STOXX®

FTSE 100 TRF

Key Benefits

Assets

Prices/Quotes

Market Makers

Find out how Total Return Futures work

Usage of Total Return Futures

In this video, Antoine Porcheret, Director for Equity Trading Strategy at Citi, discusses the expected progress of the usage of Total Return Futures in 2022, particularly with regards to the most popular equity financing carry trade.

Why are Total Return Futures unique

Nicolas Delhay, responsible for Structuring Retail Asia & Institutional at Amundi, discusses why Total Return Futures are unique and what specifically they provide for investors.

Evolution of Total Return Futures

Antoine Porcheret, Director for Equity Trading Strategy at Citi, elaborates on the evolving use of Total Return Futures.

What is a Total Return Future and what are its key features?

Regulatory changes are driving OTC business to listed solutions. The Eurex Total Return Future (TRF) on the EURO STOXX 50® index is a prime example of this futurization process. In this video, we explain the concept of Total Return Futures and its key features.

How does the interaction with the market work?

Total Return Futures enable investors to trade the implied repo rate on the EURO STOXX 50® index. In this video, we explain how this calculation of implied repo works in TRFs.

What are the key differences between a TRS and a TRF?

Total Return Futures are the listed alternative to Total Return Swaps. In this video, we explain the key differences between the two products. * The overnight funding rate is currently based on €STR + 0.085%. A full switch to just €STR is expected in the course of 2020.

Webcast (replay): Focus Day on MSCI & MSCI TRF

Access to global markets using MSCI derivatives

Watch the recordings: Focus Day on Futurization

Listed alternatives to the OTC instruments, trading Dividend Derivatives & Total Return Futures.

Contacts

Elena Marchidann
Global Product Lead for ETRF & BTRF


T +44-20-78 62-72 65
elena.marchidann@eurex.com
 

Stuart Heath
Director, Derivatives Products & Markets


T +44-20-78 62-72 98
stuart.heath@deutsche-boerse.com
 

Matthew Riley
Sales EMEA


T +44-20-78 62-72 13
matthew.riley@eurex.com

Matthew Koren
Sales Americas


T +1-212-309-93 14
matthew.koren@eurex.com

Mathieu Fuhrmann
Sales APAC


T +81-3-45 78-66 22
mathieu.fuhrmann@eurex.com

Seo Young Kwon
Marketing


T +49-69-211-1 34 54
seoyoung.kwon@eurex.com