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Options on European government bonds
Eurex fixed income options are options on fixed income futures that provide market participants with flexible tools for managing interest rate risk and fixed income exposure. The contracts are available with a maximum time to expiry of six months and are listed as American-style options, allowing buyers to exercise them on any exchange day during the option's lifetime. Upon exercise, the option settles into a long or short position in the underlying Fixed Income Futures contract.
For your hedging and strategy trading
Available on major European government bond benchmarks, including Bund, Bobl, Schatz and Buxl, as well as Euro-OAT and Euro-BTP, these options are widely used to hedge duration risk, yield curve risk and event risk without selling underlying bonds. They can be used to adjust portfolio exposure through option overlay strategies and to implement relative value and volatility trading strategies across different maturities and European government bond markets.
What is the trading volume of European fixed income options?
Why trade European fixed income options?
Frequently Asked Questions
Eurex offers six Fixed Income Options products: Options on Euro-Bund Futures (OGBL), Options on Euro-Bobl Futures (OGBM), Options on Euro-Schatz Futures (OGBS), Options on Euro-Buxl Futures (OGBX), Options on Euro-OAT Futures (OOAT) and Options on Euro-BTP Futures (OBTP). The first four reference German government bonds across the 2-, 5-, 10- and 30-year segments, while OOAT references French and OBTP references Italian government bonds.
Each option is written on a single Fixed Income Futures contract. When the buyer exercises, a corresponding position in the underlying futures contract is created for both the buyer and the assigned seller, established after the Post-Trading Full Period of the exercise day at the agreed exercise price. On exercise, the option settles into a long or short position in that underlying futures contract.
Market participants use Fixed Income Options to manage and trade interest rate exposure across the European yield curve. Common uses include hedging duration, curve and event risk without selling bonds; adjusting duration, beta or curve exposure as a portfolio overlay; trading implied versus realized volatility and mispricing across maturities or countries for relative value; and expressing tactical, event-driven rate views with defined risk and asymmetric payoffs.
Euro-EU Bond Futures are physically deliverable futures contracts based on bonds issued by the European Union, launched by Eurex in September 2025. They are designed to give traders and fund managers a liquid, standardized, and efficient tool to hedge exposures to EU debt, completing the triangle of cash, repo, and derivatives markets.
Fixed Income Options are available with a maximum time to expiry of six months. The available contract months are the three nearest successive calendar months, plus the following quarterly month in the March, June, September and December cycle. In addition, weekly expiries are available for Options on Euro-Bund Futures, covering the next five weeks of the following expiry month.
Market Status ⓘ
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