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

1.  Introduction

The Executive Boards of Eurex Frankfurt AG and Eurex Clearing AG took the following decisions, effective from 1 July 2026:

• 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 21 – Eurex USD Credit Index Futures” for futures on the Bloomberg US Corporate Index and futures on the Bloomberg US High Yield Very Liquid 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 July 2026

2.  Required action

There is no action required for participation.

3.  Details of the initiative

To further support the adoption of the existing Credit Index Futures product suite, Eurex will amend the following Product Specific Supplements (PSS) as of 1 July 2026:

• 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)

• Fixed Income 21 – Eurex USD Credit Index Futures, covering Bloomberg US Corporate Index futures (FUIG) and Bloomberg US High Yield Very Liquid Index futures (FUHY)

• 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 following adjustments will become effective:

• The multiplier framework will be adjusted with respect to quality contribution of individual Liquidity Providers.
• Size- and Spread Improvement scores and Overfulfilment Multipliers will be calculated on Tier 1 quotes only. The scores will be based on the whole quotation period instead of the required minimum coverage time.
• The Size Improvement will be moved to the multiplier framework.
• Minimum quote sizes will be harmonized across Tier 1 and Tier 2 and all products.
• A Tier Open and a Tier Close will be added to the multiplier.
• Tier 1 multipliers will no longer be assigned.

Please refer to the Product Specific Supplements (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.

Unless the context requires otherwise, terms used and not otherwise defined in this circular shall have the meaning ascribed to them in the Clearing Conditions or FCM Clearing Conditions of Eurex Clearing AG, as applicable.
 

Further information