Deutsche Börse Launches Eurex Credit Index Derivatives Partnership Program

Deutsche Börse's Eurex has launched a Credit Index Derivatives Partnership Program to provide liquidity and choice for market participants. The program aims to foster collaboration between market makers, banks, and asset managers to develop and trade credit index derivatives. Eurex's platform will offer a range of credit index derivatives, including iTraxx and CDX, and provide access to a diversified pool of underlying issuers. This initiative is part of Eurex's strategy to expand its derivatives offerings and provide more opportunities for investors.

Eurex, a leading European derivatives exchange and part of Deutsche Börse Group, has expanded its successful Partnership Program to include Credit Index Derivatives. The new program, launched on August 1, 2025, aims to provide robust liquidity and choice for market participants by fostering collaboration between market makers, banks, and asset managers. The initiative is part of Eurex's broader strategy to expand its derivatives offerings and provide more opportunities for investors.

Eight prominent financial institutions joined the program at its launch, including Banco Santander, BNP Paribas, Flowtraders, Goldman Sachs, Jane Street, J.P. Morgan, Morgan Stanley, and Susquehanna International Group. This collaborative ecosystem aligns incentives and responsibilities for all participants, aiming to stimulate growth and liquidity in the credit market.

Eurex Credit Index Futures provide a simplified, centrally cleared way to manage credit market exposure, avoiding the complexities and costs associated with over-the-counter (OTC) instruments like credit default swaps (CDS) and total return swaps (TRS). Clients benefit from cross-product margin efficiencies within Eurex's global, multi-asset suite, including risk offsetting with fixed income products. A liquid and transparent market for Credit Index Futures will broaden access for a wider range of investors, including smaller institutions and electronic proprietary trading firms.

The demand for Credit Index Futures has been growing steadily since their inception in October 2021 with the launch of Bloomberg MSCI Euro Corporate Screened Index Futures. The volume and open interest this year have more than doubled compared to the first eight months of 2024, while the total traded notional in all Credit Index Futures at Eurex stood at over EUR 75 billion, with a total outstanding notional of EUR 2.8 billion as of August 31, 2025.

Matthias Graulich, a member of the Executive Board of Eurex, commented on the launch, stating, "We are thrilled to launch this program with eight leading partners, sharing a common vision to transform credit markets. 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 program's success is evident in the positive feedback from participating institutions. Joseph Nehorai, Global Head of Futures and Options Execution Sales at Goldman Sachs, expressed his satisfaction with the program's launch, stating, "We are pleased to see Eurex extend their Partnership Program to include Credit Futures. Our commitment remains as strong as day one, this is well timed to capture the rise in adoption of credit futures by our clients."

Joe Paccione, Americas Head of Futures and Options Sales and Execution at J.P. Morgan, also highlighted the value of the Credit Index Futures, commenting, "Credit Index Futures are a valuable addition to further broadening the scope of macro credit products we trade. 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."

Riccardo Aimone, EMEA Head of Fixed Income Trading at Susquehanna International Group, expressed his excitement about the market's growth and the program's potential, stating, "We have supported credit index futures at Eurex since their inception and are excited to see the market grow day by day. Joining the Credit Derivatives program underlines our ambition and commitment to the segment."

Eurex's Credit Index Derivatives Partnership Program marks a significant step towards a more efficient and accessible credit market. By providing a collaborative ecosystem and a robust liquidity pool, Eurex is positioning itself as a key player in the global derivatives market.

References:
[1] https://www.marketscreener.com/news/deutsche-borse-eurex-launches-credit-index-derivatives-partnership-program-with-leading-financial-ce7d59dbd180ff22
[2] https://www.ainvest.com/news/deutsche-bank-strategic-stance-mergers-future-european-banking-consolidation-2509/