Feb 16, 2026
Eurex
Partner Perspectives: Flow Traders’ Jasper Jansen on Credit Index Futures
As Credit Index Futures continue to reshape the landscape of credit derivatives trading, Eurex is proud to spotlight the voices of our most influential partners. In this exclusive series, we sit down with leading market participants from firms that have played a pivotal role in the development, adoption, and evolution of Credit Index Futures at Eurex.
From early product design to global market expansion, these conversations offer unique insights into how Credit Index Futures are being used across trading desks, what differentiates them from other instruments, and where the market is headed next.
Jasper Jansen is the head of Fixed Income Trading at Flow Traders Europe and one of the earliest and biggest supporters of Eurex Credit Index Futures. He has been instrumental in establishing the product by providing pricing off- and on-screen since day one and has been most outspoken in his belief in Credit Index Futures. Following the launch of the Credit Derivatives Partnership Program, he sat down with us to discuss his and the firm’s involvement in Credit Index Futures and where he sees the market developing.
Eurex: Jasper, you have been a staunch supporter of Credit Index Futures at Eurex from the start, establishing a market in these by providing executable prices in the orderbook and off-book markets. Please explain to us what excited you about the product and how your vision was able to come to fruition?
Jasper Jansen: What immediately excited me about Credit Index Futures was the opportunity to bring an alternative to CDS and TRS instruments in credit markets. Credit is a core asset class, yet access to standardized, centrally cleared tools was relatively limited compared to rates or equities.
From the outset, our vision was that Credit Index Futures could become a true benchmark instrument for trading and hedging credit risk, provided there was consistent liquidity, tight pricing, and confidence in execution. At Flow Traders, we believed that if we committed to providing executable prices both on-screen and off-book from day one, we could help accelerate that adoption cycle.
Over time, that vision has come to fruition through close collaboration with Eurex and other market participants. By actively contributing to price formation and market depth, we helped demonstrate that these products can trade efficiently across market conditions, which in turn encouraged broader participation from our counterparties and other liquidity providers.
Eurex: We were excited by your and Flow Traders enthusiastic support during the critical initial days of launching the product. Could you please share some considerations and feedback that your counterparties had in the early days and how has that changed over time?
Jasper Jansen: In the early days, the feedback from market participants was understandably focused on liquidity, consistency, and transaction costs. Many of our counterparties are familiar with credit exposure through cash products such as ETFs and bonds and wanted to understand how Credit Index Futures would behave in terms of tracking, roll mechanics, and execution during periods of volatility.
Over time, as liquidity improved and pricing became more reliable, the conversation shifted. Today, our counterparties are increasingly focused on scalability, execution efficiency, and portfolio applications. We see growing confidence in using Credit Index Futures not only for hedging but also for tactical positioning and relative-value strategies.
Eurex: Credit futures markets are embedded in an ecosystem of other derivatives and cash products such as ETFs, Corporate Bonds, Credit-Default-Swaps and Total Return Swaps. How do you find your counterparties using the products and what are the biggest differentiators that you find for credit index futures compared to the other alternatives?
Jasper Jansen: Our counterparties use Credit Index Futures in a variety of ways, from macro hedging and beta exposure to more granular relative-value and arbitrage strategies against ETFs, CDS indices, and cash bonds. What stands out is how naturally the product integrates into a broader multi-asset derivatives framework. The key differentiators are standardization, transparency, and capital efficiency.
For many of our counterparties, Credit Index Futures serve as a bridging instrument, linking cash credit markets with derivatives in a way that is operationally efficient and easy to scale. That makes them particularly attractive in fast-moving markets where execution certainty matters.
Eurex: Having witnessed this success story in Europe firsthand, how do you think the market will develop globally?
Jasper Jansen: Europe has shown that with the right market structure, committed liquidity provision, and strong exchange support, Credit Index Futures can gain meaningful traction. I believe this success provides a clear blueprint for global expansion.
Looking ahead, I expect increased adoption across regions as market participants continue to prioritize capital efficiency, transparency, and electronic execution. Regulatory developments and balance sheet considerations will further support the shift toward listed, cleared products.
Ultimately, Credit Index Futures have the potential to become a core global risk-transfer instrument in credit markets, much like rate futures are today. As liquidity deepens and use cases expand, we expect them to play an increasingly central role in how credit risk is traded and managed worldwide.
