Eurex European Long-Term Interest Rate Derivatives

Long-term Interest Rates

European long end for duration management

European long‑term interest rates are a key reference point in global fixed income markets, reflecting expectations for growth, inflation, and monetary policy over the long horizon. They play a critical role in portfolio construction, risk management, and macro‑driven investment strategies.

Eurex long‑term interest rate (LTIR) futures and options offer liquid, transparent, and capital-efficient access to European yield curve exposures. Designed for both strategic and tactical allocation, the European LTIR suite enables investors to adjust duration, manage risk, and express relative value or directional views while keeping underlying bond portfolios intact.

The European suite of LTIR futures and options offers broad access to major government bond markets, including German, Italian, French, Spanish and Swiss government bonds, complemented by Euro-EU Bond Futures for broader European exposure.

Further product information is available on the Fixed Income Futures and Fixed Income Options pages.

Allocation & Overlays	Hedging & Curve Trading	Relative value & Alpha Strategies
Tactical asset allocation Enable quick and efficient rebalancing to express short‑term market views without disrupting core holdings.	Portfolio beta and duration adjustments Fine‑tune market exposure and interest rate sensitivity with precision and capital efficiency.	Relative value strategies Leverage LTIR derivatives to efficiently exploit pricing inefficiencies between related instruments or markets, enabling precise spread and pair trades with lower capital usage.
Market overlay Add or hedge risk at the portfolio level while keeping underlying investments intact.	Hedging Use LTIR derivatives to efficiently hedge market interest rate, or portfolio risks, helping reduce volatility and protect returns without unwinding underlying positions.	Alpha strategies Deploy LTIR derivatives to implement active trading and systematic strategies designed to generate excess returns, offering flexibility, liquidity, and efficient access to targeted market exposures.

Fixed income futures trading volume (in millions)

You may view the trading volume for a specific fixed‑income product by clicking the chart legend to include or exclude products.

Fixed income options trading volume (in thousands)

June interactive benchmark roll charts

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German government bond futures

Non-German government bond futures

Key benefits

European reference
Compare relative value across countries and consistently manage duration and yield‑curve exposure across European government bond markets.
Liquidity¹
FGBL: 281.6 million traded contracts / 1,148k traded contracts ADV
FGBM: 213.5 million traded contracts / 1,050k traded contracts ADV
FGBS: 183.3 million traded contracts / 910k traded contracts ADV
FBTP: 86.1 million traded contracts / 345k traded contracts ADV
FOAT: 69.5 million traded contracts / 276k traded contracts ADV
FBTS: 49.0 million traded contracts / 237k traded contracts ADV
FGBX: 35.2 million traded contracts / 166k traded contracts ADV
OGBL: 31.4 million traded contracts / 113k traded contracts ADV
OGBM: 6.56 million traded contracts / 30,715 traded contracts ADV
OGBS: 5.14 million traded contracts / 36,529 traded contracts ADV
OGBX: 700k traded contracts / 1,725 traded contracts ADV
OBTP: 363k traded contracts / 857 traded contracts ADV
OOAT: 170k traded contracts / 699 traded contracts ADV
Margin efficiencies
Trade the European LTIR suite with offsetting margins across related asset classes, helping reduce capital usage while maintaining targeted interest rate exposure.
Transparency
Exchange-traded products provide transparency in pricing, liquidity, and market behavior, helping to create a level playing field for investors.

¹_{^{Figures are updated on a yearly basis, with the most recent update as of 31 December 2025.}}

Contract specifications

Discover all LTIR derivatives offering at Eurex.

	Futures	Options
European bond	Euro-EU Bond (FBEU)
German bond	Euro-Bund (FGBL) Euro-Bobl (FGBM) Euro-Schatz (FGBS) Euro-Buxl® (FGBX)	Euro-Bund (OGBL) Euro-Bobl (OGBM) Euro-Schatz (OGBS) Euro-Buxl (OGBX)
Italian bond	Euro-BTP (FBTP) Mid-term Euro-BTP (FBTM) Short-term Euro-BTP (FBTS)	Euro-BTP (OBTP)
French bond	Euro-OAT (FOAT) Mid-term Euro-OAT (FOAM)	Euro-OAT (OOAT)
Spanish bond	Euro-Bono (FBON)
Swiss bond	CONF (CONF)

Product	Diff. to prev. day last	Last price	Contracts	Time
FGBL	-0.55%	121.21	1,615,895	18:33:08
FGBM	-0.34%	112.81	1,394,725	18:33:07
FGBS	-0.13%	104.905	1,045,523	18:32:46
FBTP	-0.84%	113.13	414,386	18:32:40
FOAT	-0.78%	113.46	366,082	18:33:01

Long-term Interest Rates

Monthly fixed income and currencies market briefing

Quarterly LTIR market review

Quarterly LTIR roll analysis

Volume charts

Key benefits

Contract specifications

Prices/Quotes

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