Eurex, Europe’s premier derivatives exchange, has closed 2024 on a high note, reporting a 9% increase in total traded contracts, surpassing 2 billion for the year. Interest rate derivatives emerged as the standout performer, recording a 26% year-on-year growth, while equity derivatives followed closely with a 16% rise.
In December alone, Eurex traded 166.1 million contracts, maintaining near parity with the 165.8 million contracts traded during the same month in 2023. Equity derivatives posted a robust 13% year-on-year increase, and interest rate derivatives climbed by 10%, underscoring sustained investor interest despite volatile markets.
Strong Performance in OTC Clearing
Eurex Clearing, one of the world’s leading central counterparties, saw its OTC Clearing segment expand significantly. The notional outstanding volume hit EUR 33,411 billion by year-end, reflecting a 12% uptick from the prior year. Average daily cleared volumes grew by 13% to EUR 209 billion, driven by a notable 41% rise in overnight index swaps.
December’s OTC clearing activity was especially dynamic, with daily volumes averaging EUR 169 billion—up 17% compared to December 2023. Interest rate swaps contributed to this growth, climbing 3% on a monthly basis, while overnight index swaps surged 41%.
Repo Market Faces Headwinds
Despite overall growth across financial derivatives, Eurex Repo experienced a 6% drop in average daily term-adjusted volumes for 2024, ending at EUR 337.1 billion. This decline reflects shifting market conditions and reduced demand for repo term business. GC Pooling volumes slid by 3%, while the Repo Market shrank by 8% year-on-year.
December’s repo activity mirrored this trend, with average volumes declining by 10% year-on-year to EUR 282.9 billion. The Repo Market segment saw a more pronounced 15% contraction, while GC Pooling slipped 4%.
Year-End Figures at a Glance
Total traded contracts (2024): 2,080.5 million (+9%)
Interest rate derivatives: 972.2 million (+26%)
Equity derivatives: 312.6 million (+16%)
OTC notional outstanding volumes: EUR 33,411 billion (+12%)
Repo market average daily volume: EUR 337.1 billion (-6%)
Eurex secured CFTC approval for EURO STOXX 50 index dividend options
Eurex recently secured approval from the U.S. Commodity Futures Trading Commission (CFTC) to offer its EURO STOXX 50 Index Dividend Options and EURO STOXX Banks Index Dividend Options directly to U.S. participants.
US IBs open to European derivatives markets since last year
It was in 2024 that Eurex opened its European derivatives markets to U.S. Introducing Brokers (IB) so they could become direct exchange members, following recent changes to CFTC rules. In July, the U.S. Commodity Futures Trading Commission approved final rules amending Part 48 of its regulations which effectively allows CFTC-registered foreign boards of trade (FBOTs) to give U.S. IBs registered with the CFTC direct access to their electronic trading systems.
IBs generally act as intermediaries between clients and brokers. So far, U.S. market participants utilizing Introducing Brokers to trade on Eurex had been limited to non-U.S.-based Introducing Brokers, many of whom were not available after markets closed in Europe.
The new regulation and Eurex’s new offer will enable U.S. clients to continue to execute via U.S. Introducing Brokers for the full U.S. trading day. The expansion of the US brokerage ecosystem for Eurex will open up trading opportunities for US traders as a wide range of European and global benchmark derivatives can be traded on Eurex till the end of the U.S. trading day, including EURO STOXX 50, STOXX Europe 600, German Bond Futures, and several MSCI derivatives.
Eurex is one of the world’s largest derivatives exchanges, primarily focused on futures and options trading. It is part of the Deutsche Börse Group and operates electronically, providing access to traders from over 700 locations globally.
The exchange specializes in European-based derivatives but offers a variety of products such as interest rate derivatives, equity derivatives, dividend derivatives, foreign exchange derivatives, and commodity derivatives. Eurex also supports European bonds, stocks, and stock indexes, giving traders a broad range of financial instruments to trade.
Additionally, Eurex provides clearing and settlement services through Eurex Clearing, which ensures the smooth processing of contracts and reduces counterparty risk. Its advanced T7 trading platform supports real-time data access and efficient trade execution, used across multiple stock exchanges in Europe.
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