S€tting the benchmark
STIR Futures & Options

STIR Futures and Options

S€tting the benchmark across the curve

Manage your short-term interest rate (STIR) risk effectively with our comprehensive suite of products designed for the short end of the euro yield curve. 

EURIBOR Derivatives are based on the Euro Interbank Offered Rate (EURIBOR), the key benchmark for the euro money market. Administered by the European Money Markets Institute, EURIBOR reflects the rate at which Eurozone banks offer three-month interbank term deposits.  

€STR Futures: Transition smoothly to the €STR risk-free rate benchmark with our Three-Month Euro €STIR Futures, launched in January 2023.  

Benefit from a comprehensive suite of advantages for efficient STIR management: 

  • access to substantial liquidity in a secure and regulated market 
  • cost-effective hedging
  • enhanced capital efficiency through portfolio margining using PRISMA
  • benefit of optimized offsets against OTC interest rate swaps
  • streamlined efficiencies of Eurex's block trade services.  

As a result, the reduced risk profile of interest rate hedged portfolios is uniquely reflected by lower initial margin requirements. 

STIR into the EU   

EMIR 3.0's Active Account Requirement (AAR) requires certain EU market participants subject to the clearing obligation to maintain an active account with an EU-based CCP for specific euro and zloty-denominated interest rate derivatives, including STIR products like EURIBOR and €STR Futures.    

As a key facilitator in the transition to EMIR 3.0 AAR readiness, we are committed to supporting our clearing members and the broader market navigating these complexities, by offering guidance on leveraging Eurex's services to ensure compliance, optimize margin strategies, and capitalize on funding efficiencies.

Traded Volume of Future Contracts of €STR, EURIBOR and SARON® in Thousands

Practical considerations for STIR activity ahead of EMIR 3.0 AAR

Eurex's Andreas Stillert explains how a firm's short-term interest rate (STIR) activity can impact EMIR 3.0 AAR compliance.

STIR futures

Product Diff. to prev. day last Last price Contracts Time
FEU3 +0.02% 98.015 34,130 17:57:24
FST3 +0.00% 97.7500 18 18:47:23
FSR3 +0.00% 99.795 0 18:47:22

Two years of Eurex €STR Futures

Celebrating two years of innovation and success

Contacts

Andreas Stillert
FIC ETD Product Design

T +49 69 211-1 72 78

andreas.stillert@eurex.com

Vassily Pascalis
ETD Trading Liquidity Management

T +44-20-78 62-72 11

vassily.pascalis@eurex.com