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29 Oct 2025

Eurex

Fixed Income Derivatives: Amendment of Liquidity Provider Schemes for Credit Index Futures

Eurex Circular 097/25 Fixed Income Derivatives: Amendment of Liquidity Provider Schemes for Credit Index Futures

1.    Introduction

The Executive Boards of Eurex Frankfurt AG and Eurex Clearing AG took the following decisions, effective from 1 November 2025:

  • The Product Specific Supplement “Fixed Income 20 – Eurex EURO Credit Index Futures” for Futures on the Bloomberg MSCI Euro Corporate Screened Index and futures on the Bloomberg Liquidity Screened Euro High Yield Bond Index will be amended.
  • The Product Specific Supplement “Fixed Income 22 – Eurex Global Credit Index Futures” for futures on the Bloomberg Emerging Market USD Sovereign & Sovereign Owned Index and futures on the Bloomberg Sterling Liquid Corporate Index will be amended.

The Product Specific Supplements (PSS) will be provided as single PDF files on the Eurex website www.eurex.com under the following path:

Trade > Market-Making and Liquidity provisioning

Start of production: 1 November 2025

2.    Required action

There is no action required for participation for the Trading Participants.

3.    Details of the initiative

To further support the adoption of the existing Credit Index Futures product suite, Eurex will amend the following PSS as of 1 November 2025:

  • Fixed Income 20 – Eurex EURO Credit Index Futures, covering Bloomberg MSCI Euro Corporate Screened Index Futures (FECX) and Bloomberg Liquidity Screened Euro High Yield Bond Index (FEHY) – The Additional Supporter Incentive will be increased to EUR 80,000 per month, distributed between the top 7 Liquidity Providers. The spread- and size requirements are relaxed in EUR high yield and investment grade futures.
  • Fixed Income 22 – Eurex Global Credit Index Futures, covering Bloomberg Emerging Market USD Sovereign & Sovereign Owned Index Futures (FUEM) and Bloomberg Sterling Liquid Corporate Index Futures (FGBC). - The Additional Supporter Incentive will be increased to EUR 40,000 per month. The spread requirements in the Emerging Market USD Futures will be relaxed.

Please refer to the PSS which are available on the Eurex website www.eurex.com under the following link:

Trade > Market-Making and Liquidity provisioning

The amendments shall be deemed approved unless objected to Eurex Frankfurt AG and Eurex Clearing AG within a period of two weeks after notification of this circular pursuant to Number 4 (2) of the Liquidity Provider Agreement.

Attachments:

  • 1 – Amended PSS “Fixed Income 20 – Eurex EURO Credit Index Futures”
  • 2 – Amended PSS “Fixed Income 22 – Eurex Global Credit Index Futures”


Further information

Recipients: 

All Trading Participants of Eurex Deutschland and Vendors 

Target groups: 

Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination 

Related circulars: 

Eurex Circulars 091/24; 086/24; 079/24; 072/24; 116/23, 086/22, 060/21

Contact: 

Pricing & Market Making, eurex.pricing@eurex.com

Web: 

Trade > Market-Making and Liquidity provisioning

Authorized by: 

Jonas Ullmann 

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