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Eurex | Eurex Clearing | Eurex Group
As with each of these briefings, I’d like to say thank you to the liquidity providers and market makers who help make our markets liquid across our core franchise and for supporting new products — more on the latter later in the briefing. Turning my attention to the actual numbers, simply put, it was an indifferent month. I say this knowing that November 2018 was particularly strong with robust volumes. In November, we saw pockets of strength with Bund options seeing decent flow as volatility got sold and then bounced into month-end. This, in turn, helped our weeklies volume. A highlight was the Italian segment, which continues to go from strength to strength with volumes up over 34 percent month on month. Government bond spreads continue to be rather muted, with OAT/Bund less than 2bps wider. Overall, European fixed income volatility remains low as much of the Brexit play is going on in FX markets. Rates volatility is at historical lows and a new floor seems to have been reached from skew pricing. Something that might be tested once rates rally from current levels. This will prove to be difficult, given the uncertainties around the economic outlook while monetary policy is likely to mainly be a U.S. story next year.
The product team has been working hard over the past few months and we’ll be launching options on several iShares Fixed Income ETFs. I think this is a significant step forward and confirms our commitment to developing this market in Europe. I’m excited by this development and applaud the hard work the team put in to get this product launched.
Lee Bartholomew, Head of Fixed Income Product R&D, Eurex