Fixed Income Market Briefing: "Solid FIC performance in January"

Performance of Key Strategic Initiatives

Credit
The Credit Derivatives franchise maintained strong momentum, with client volumes up 150% compared to January 2025. Growth was particularly strong across our European and Emerging Market futures, as new clients activated and existing clients further scaled their exposure. The initiative continues to benefit from the enhanced liquidity framework and market-making commitments established in 2025, which have improved pricing, depth, and client confidence.

OTC Interest Rate Derivatives (OTC IRD)
OTC IRD delivered another month of outperformance, with average daily volumes well above January 2025 levels. Both the IRS and OIS segments continued to grow, supported by consistent onboarding activity and an expanding base of active clients. These results reaffirm the critical role Eurex plays in strengthening Europe’s clearing ecosystem and providing resilient alternatives in the global rates landscape.

• Average daily volumes (ADV) in OTC IRD reached 467bn (+21% YoY), representing a 17% market share (+5% compared to last year) in cleared volumes.
• In IRS, ADV grew 34% YoY to 53bn, representing a market share of around 8% (+1.6 ppts vs. last year).
• Client ADV was EUR 16bn, (+67% YoY), with all major client groups posting significant growth. YoY volumes: hedge funds +21%, asset managers +235%, pension funds +492%, buy-side banks +59%. 

Short-Term Interest Rates (STIR)
The STIR initiative continued to gain traction, particularly through increased engagement from end clients and asset managers. Open Interest in both Euribor and €STR Futures continued to advance. While competitive dynamics remain, the structural improvements we made are strengthening Eurex’s position as a credible long-term liquidity venue.

2026 Strategic Focus

As we progress through 2026, the FIC team remains fully aligned with our strategic priorities:

• Deepening liquidity across core benchmark futures and swaps
• Accelerating adoption across the OTC IRD and STIR franchises
• Scaling the credit segment and broadening client participation
• Enhancing the resilience and competitiveness of Europe’s financial market infrastructure

We look forward to engaging with clients, members, and partners at the upcoming Eurex Derivatives Forum, where we will outline the next phase of growth and innovation across the FIC franchise.

Outlook

Looking ahead, we expect the FIC franchise to continue benefiting from a supportive macroeconomic backdrop. While February is typically a quieter month across fixed income markets, early indicators suggest that underlying client demand remains healthy. We anticipate a recovery in March, particularly across our core strategic pillars, with Credit expected to see a notable uptick as primary-market activity and hedging flows resume following the seasonal slowdown, paired with new client flow in the suite.

In Rates, the current environment should remain favorable for our long-term interest rate (LTIR) franchise, supported by continued curve adjustments, expectations of monetary-policy calibration, and steady duration management. In addition, the recent enhancements to the STIR segment – including refinements to liquidity provision, product conventions, and client access – are expected to translate into higher, sustained engagement and deeper open interest as we move into Q2.

Overall, we remain confident in the trajectory of the FIC franchise and the strength of our diversified product suite as we progress through 2026.