Eurex, Eurex Clearing
Eurex and the Korea Exchange KRX will expand their tradable product range with Weekly Options on the Korean benchmark index KOSPI 200. With weekly expirations on one of the world’s most heavily traded index options contracts, the two exchanges are expanding their around-the-clock ecosystem for KOSPI derivatives. Thereby, both exchanges emphasize once again their decade-long commitment to connecting markets globally.
Both exchanges announced today that trading in the new contract will start in the first quarter of 2022. The launch is of high strategic importance for KRX and Eurex. KOSPI 200 Options are among the three most heavily exchange traded index contracts globally. An average daily turnover in the Weekly Options of over 1 million contracts at KRX shows the high demand for weekly expiries. The ability to trade them outside the Korean trading hours gives investors greater flexibility and precision to customize short-term risk exposures in the Korean market.
Eurex is currently the only venue where international investors can access KOSPI derivatives outside the Korean trading hours and during European and North American trading hours.
Sohn Byungdoo, Chairman and CEO of KRX: “KOSPI 200 Weekly Options listed on the KRX derivatives market since September 2019 are one of the most actively traded derivatives products on KRX. I am very pleased that we will soon add KOSPI 200 Weekly Options on the KRX-Eurex link to meet investors’ needs for around-the-clock trading. We look forward to the additional liquidity this will add to the existing ecosystem of our joint link.”
Michael Peters, CEO of Eurex: “South Korea is one of the ten largest economies in the world. Therefore, we are proud to further expand our ecosystem for Korean derivatives together with our partner KRX. We thus enable investors, whether in Asia, the USA or Europe, to manage their investments in this highly important market not only around the clock, but also on very short-term exposure.”
The upcoming product listing is the latest step in the expansion of the partner exchanges’ link which started in August 2010. The new Weekly Options complement the regular KOSPI 200 Options, of which over 277 million contracts have been traded on the link since 2010. Further products tradable on the link are KOSPI 200 Futures, Mini-KOSPI 200 Futures, and the recently launched USD/KRW Futures. It is expected that CFTC approval will be granted for the KOSPI 200 Futures contracts on the Eurex/KRX link from Q1 2022 to allow access for U.S. investors.
Eurex is part of Deutsche Börse Group and the marketplace of choice for the global derivatives community. The largest derivatives exchange by open interest globally, Eurex delivers innovation and excellence across the financial industry's value spectrum. The exchange offers a broad range of international benchmark products and operates one of the most liquid fixed income markets in the world. Working with customers, regulators and other stakeholders to facilitate an efficient and diverse market, Eurex provides maximum benefits to all participants by delivering safety and integrity. More than 350 Eurex members in 33 countries, and close to 7,000 registered traders, are connected. The trading volume at Eurex exceeds 1.9 billion contracts a year.
Korea Exchange Inc. (KRX) is the main operator of cash and derivatives maket in Korea and it is also responsible for clearing and settlement facilities in those respective markets. KRX provides its customers with a full access to both cash and derivatives markets, and clears and settles all transactions on its markets as a one-stop service. As a leading derivatives exchange in Asia, KRX offers diverse product group including individual equities, stock index, bond/interest rate, foreign currency and commodities. The KOSPI200 Index is a market capitalization weighted index that consists of 200 blue-chip stocks listed on the KRX stock market. It represents the benchmark indicator of the Korean capital market.
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