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Eurex
Eurex is the exchange with the world’s most comprehensive product suite of MSCI futures and options on regional and country indices. 163 MSCI futures and 28 MSCI options with a global market share in terms of open interest of well above 50 percent make us the global home for MSCI derivatives.
In the tenth year of our successful broader collaboration with MSCI, we are pleased to add three new Index futures to this list, effective 12 June 2023:
Futures on MSCI World ex USA enables trading the Developed Markets separately from the US market, which is by far the dominant part of the global benchmark with more than 66 percent. Many clients are currently using the MSCI EAFE index for this trade, but as that excludes Canada, some banks and clients are actively using World ex USA instead.
Similarly, major banks also requested the MSCI EM ex China in light of the geopolitical tensions in Asia. China is still the largest portion of the Emerging Markets (EM) segment with around 31 percent and the separate MSCI China Futures at Eurex reaching an open interest of 100K contracts. Given the different dynamics in the Chinese market and certain fears for further sanctions, a separate instrument to trade (risk hedge) Emerging Markets without Chinese stocks is seen as a good alternative.
Especially out of Asia, Eurex also sees demand for MSCI Vietnam Futures. The country is not yet an EM under the MSCI classification, but it is the biggest and most liquid segment in the frontier markets. With continued economic growth, the country could become an EM market over time.
All three new futures will be based on the USD indices, calculated as Net Total Return (NTR).