Eurex has added credit index derivatives to its partnership programme.
Eight banks and liquidity providers joined the programme upon its launch on 1 August, namely Banco Santander, BNP Paribas, Flowtraders, Goldman Sachs, Jane Street, JP Morgan, Morgan Stanley, and Susquehanna International Group.
The institutions involved will gain access to a strong liquidity pool for credit index derivatives, Eurex says, which will help to improve the efficiency and accessibility of the overall credit market.
Matthias Graulich, executive board member at Eurex, commented, “By fostering liquidity in Eurex’s Credit Index Derivatives, we’re accelerating electronification and standardization for a more efficient and accessible market, strengthening Eurex’s leadership in listed fixed income and delivering our enhanced value proposition globally.”
The partnership programme was launched for interest rate swaps in 2022, and for short-term interest rates in 2023. The five most active participants on the programmes are able to claim revenue share in Eurex Clearing, and can gain representation on the firm’s supervisory board alongside other governance-related involvement.
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Eurex’s credit index futures, launched in October 2021, are an alternative to over-the-counter derivatives. The exchange states that the instruments allow market participants to manage their credit market exposure, gaining cross-margin efficiencies and offset risk through its multi-asset suite.
Joe Paccione, head of futures and options sales and execution for the Americas at JP Morgan, commented, “Reception from our clients to this product has been robust and we view the extension of the program as a very positive step to continue to build on the global liquidity pool for listed credit derivatives.”
Demand for the instrument has grown over the last four years, Eurex added; total notional traded was €75 billion in 2025 to date, it reported, with an outstanding notional of €2.8 billion. Volume and open interest is up almost 50% year-on-year.
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