23 Apr 2025
Eurex
Fixed Income Derivatives: Introduction of Euro-EU Bond-Futures
1. Introduction
The Management Board of Eurex Deutschland took the following decision with effect from 10 September 2025:
- Introduction of Euro-EU Bond-Futures
- Amendment of the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland (hereafter referred to as "Contract Specifications") according to Attachments 1 and 2
To implement the above decisions, the Contract Specifications will be amended with effect from 10 September 2025.
Production start: 10 September 2025
This circular contains all information on the introduction of the new products and the updated sections of the relevant Rules and Regulations of Eurex Deutschland.
2. Required action
The product will be available in the Eurex simulation environment as of 30 April 2025.
3. Details of the initiative
A. Product overview
With the introduction of Euro-EU bond futures, Eurex Deutschland ("Eurex") aims to expand its fixed income derivatives offering and cover the major European bond markets by offering standardized futures products.
The introduction of this new futures product supports the European Union as issuer and strengthens the role of Eurex as the “Home of the Euro yield Curve”.
These futures are a unique and valuable investment vehicle for market participants to manage positions and risks in bonds issued by the European Union and other related country risks.
Further, the standardized futures will enable investors to hedge positions in EU bonds as well as to enter into strategies against other major fixed-income benchmark futures products via the TES functionalities offered at Eurex.
It is planned to support the launch with a Liquidity Provider Scheme. Details will be announced at a later date.
B. Contract specifications and product parameters
In general, contract specifications for the new Euro-EU Bond-Futures are in line with the existing Fixed Income benchmark futures in terms of contract size, trading hours and trading calendar, last trading day, settlement and determination of the daily and final settlement prices.
Please refer to the Attachments for the product details.
Product | Product ID | Currency | Product ISIN |
Euro-EU Bond-Futures | FBEU | EUR | DE000A3ETB78 |
The full version of the updated Contract Specifications will be published on the Eurex website www.eurex.com as of start of trading under:
Rules & Regs > Eurex Rules & Regulations > 03. Contract Specifications
C. Admission to the T7 Entry Services (TES)
The new product will be admitted to the T7 Entry Services (TES). You can find the minimum block trade sizes on product level in the Contract Specifications in Attachment 2.
An overview of the T7 Entry Services available for the product as well as detailed information on a single product basis with regard to availability, possibility of utilization and minimum entry size for the various T7 Entry Services is available on the Eurex website under the link:
Data > Trading files > T7 Entry Service parameters
D. Risk parameters
As of start of trading, risk parameters of the new product will be published on the Eurex website under the link:
Data > Clearing files > Risk parameters and initial margins
and on the Eurex Clearing website www.eurex.com/ec-en/ under the following path:
You will also find an updated list with details regarding Prisma-eligible Eurex products under this path.
E. Excessive System Usage Fee and Order-to-Trade Ratio
The Excessive System Usage Fee and the Order- to-Trade Ratio for the new products are determined in line with the existing products (Fixed Income Futures FBND). For detailed information, please refer to the Eurex website under the following links:
Markets > Product Overview
Rules & Regs > Regulations > Excessive System Usage Fee
Rules & Regs > Regulations > Order-to-Trade Ratio
F. Mistrade parameters and position limits
Mistrade ranges and (temporary) position limits for the new product will be published as of start of trading on the Eurex website under the link:
G. Transaction limits
The same values apply as for already existing products with the relevant Eurex group ID. Detailed information can be found on the Eurex website under this link:
Rules & Regs > Regulations > Excessive System Usage Fee
H. Transaction fees
The transaction fees for the Euro-EU Bond-Futures are in line with the already existing products.
For details, please refer to the Price List of Eurex Clearing AG on the Eurex Clearing website www.eurex.com/ec-en/ under the link:
Rules & Regs > Eurex Clearing Rules & Regulations > 3. Price List
I. Vendor codes
At start of trading, vendor codes for the new products will be published on the Eurex website under the link:
Markets > Product Overview > Vendor Codes
Attachments:
- 1 – Updated sections of the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland
- 2 – Updated sections of the Annexes to the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland
Further information
Recipients: | All Trading Participants of Eurex Deutschland and Vendors | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination | |
Contact: | jutta.frey-hartenberger@eurex.com, vassily.pascalis@eurex.com | |
Web: | ||
Authorized by: | Robbert Booij |
