21 Jul 2022


Morgan Stanley begins trading listed FX at Eurex

  • Growing trend to combine on- and off-exchange business
  • Major milestone for Eurex’s FX liquidity hub
  • Morgan Stanley is a strong proponent of so-called “Exchange-for-Physical” services

The trend towards the listed FX business continues: Today, Eurex announced that Morgan Stanley has entered the listed FX business of Europe’s leading derivatives exchange. As one of the most important participants in the global FX market, Morgan Stanley joins a growing number of market participants at Eurex who are moving their business to the exchange or combining OTC and exchange-listed FX trading by using so-called "Exchange-for-Physical" (EFP) services.

Especially asset managers are increasingly seeking to combine the depth and flexibility of FX OTC markets with all the benefits of centrally cleared listed FX products. By using EFP services, they can swap OTC trades into exchange-traded and centrally cleared contracts, thus removing uncleared exposure, and optimizing capital allocation.  

Jens Quiram, Global Co-Head FIC Derivatives and Repo Sales at Eurex: "We are delighted to see Morgan Stanley expanding their FX activities at Eurex and offering our EFP services to their European clients. With SA-CCR and UMR regulations coming into effect, these services provide a cost-effective solution to mitigate the impact of these rules. It is a great addition on our way to becoming Europe's leading FX liquidity hub.”

Richard Condon, Managing Director, Head of FX Investor Sales, Morgan Stanley: "We look forward to working with Eurex to expand our EFP footprint. Asset managers in Europe are recognizing that the EFP mechanism is a simple yet dynamic way to enhance their workflow while deepening their liquidity pool. The intersection of OTC liquidity, FX-specific execution strategies, and high-quality market making all wrapped in a cleared instrument has a powerful value proposition. Central clearing can also reduce the need for bilateral credit, settlement relationships or lengthy onboarding cycles.”

About Eurex 
Eurex is the leading European derivatives exchange and – with Eurex Clearing – one of the leading central counterparties globally. As architects of trusted markets characterized by market liquidity, efficiency, and integrity, we provide our customers with innovative solutions to seamlessly manage risk. 

About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 41 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions, and individuals. For more information about Morgan Stanley, please visit

Media contact:
Irmgard Thiessen
+49 (0)69 211 15911


Market Status


The market status window is an indication regarding the current technical availability of the trading system. It indicates whether news board messages regarding current technical issues of the trading system have been published or will be published shortly.

Please find further information about incident handling in the Emergency Playbook published on the Eurex webpage under Support --> Emergencies and safeguards. Detailed information about incident communication, market re-opening procedures and best practices for order and trade reconciliation can be found in the chapters 4.2, 4.3 and 4.5, respectively. Concrete information for the respective incident will be published during the incident via newsboard message. 

We strongly recommend not to take any decisions based on the indications in the market status window but to always check the production news board for comprehensive information on an incident.

An instant update of the Market Status requires an enabled up-to date Java™ version within the browser.