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European long end for duration management
European long‑term interest rates are a key reference point in global fixed income markets, reflecting expectations for growth, inflation, and monetary policy over the long horizon. They play a critical role in portfolio construction, risk management, and macro‑driven investment strategies.
Eurex long‑term interest rate (LTIR) futures and options offer liquid, transparent, and capital-efficient access to European yield curve exposures. Designed for both strategic and tactical allocation, the European LTIR suite enables investors to adjust duration, manage risk, and express relative value or directional views while keeping underlying bond portfolios intact.
The European suite of LTIR futures and options offers broad access to major government bond markets, including German, Italian, French, Spanish and Swiss government bonds, complemented by Euro-EU Bond Futures for broader European exposure.
Further product information is available on the Fixed Income Futures and Fixed Income Options pages.
Allocation & Overlays | Hedging & Curve Trading | Relative value & Alpha Strategies | ||
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How actively are European government bond futures and options traded?
Fixed income futures trading volume (in millions)
You may view the trading volume for a specific fixed‑income product by clicking the chart legend to include or exclude products.
Fixed income options trading volume (in thousands)
Why trade European government bond futures and options?
What are the contract specifications of European government bond futures and options?
| Futures | Options | |
European bond | Euro-EU Bond (FBEU) | |
German bond | Euro-Bund (FGBL) Euro-Bobl (FGBM) Euro-Schatz (FGBS) Euro-Buxl® (FGBX) | Euro-Bund (OGBL) Euro-Bobl (OGBM) Euro-Schatz (OGBS) Euro-Buxl (OGBX) |
Italian bond | Euro-BTP (FBTP) Mid-term Euro-BTP (FBTM) Short-term Euro-BTP (FBTS) | Euro-BTP (OBTP) |
French bond | Euro-OAT (FOAT) Mid-term Euro-OAT (FOAM) | Euro-OAT (OOAT) |
Spanish bond | Euro-Bono (FBON) | |
Swiss bond | CONF (CONF) |
What is the current roll activity in European government bond futures?
September interactive benchmark roll charts
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German government bond futures
Non-German government bond futures
Frequently Asked Questions
Long-term interest rate derivatives are exchange-traded futures and options on European government bonds that let investors take or adjust exposure to the long end of the yield curve. European long-term interest rates reflect expectations for growth, inflation and monetary policy over the long horizon, and they play a critical role in portfolio construction, risk management and macro-driven investment strategies. Eurex LTIR futures and options provide liquid, transparent and capital-efficient access to European yield-curve exposures.
LTIR derivatives are used for both strategic and tactical allocation across three main applications. In asset allocation and overlays, they enable quick rebalancing to express short-term views and add or hedge risk at the portfolio level while keeping underlying investments intact. In hedging and curve trading, they fine-tune duration and interest-rate sensitivity and hedge market or portfolio risks. In relative value and alpha strategies, they exploit pricing differences between related instruments and support active, systematic strategies. In each case investors can adjust exposure while keeping underlying bond portfolios intact.
Listed LTIR derivatives let investors adjust duration, hedge risk and express relative-value or directional views without unwinding their underlying bond portfolios. Because they are exchange-traded, they provide transparency in pricing, liquidity and market behavior. They can also be traded with offsetting margins across related asset classes, which helps reduce capital usage while maintaining targeted interest-rate exposure. This combination of transparency, capital efficiency and the ability to keep core holdings intact is why investors use them for both strategic and tactical positioning.
Eurex LTIR derivatives cover the major European government bond markets (German, Italian, French, Spanish and Swiss government bonds), plus Euro-EU Bond Futures for broader European exposure. This lets investors compare relative value across countries and manage duration and yield-curve exposure consistently across European markets from a single suite.
Fixed income futures provide direct long or short exposure to European government bonds, while fixed income options are contracts on those futures that offer non-linear, strategy-based exposure. Eurex offers futures across German, Italian, French, Spanish and Swiss bonds plus Euro-EU Bond Futures, and options on selected contracts.