Eurex has FX Futures, Options on FX Futures and Rolling Spot Futures. Our offering is designed to integrate the best OTC market conventions into the listed environment, ensuring a seamless trading experience with the transparency and minimized risk of centrally cleared derivatives.
Our FX products empower traders to trade directly against the euro and other major currencies within a singular, highly liquid, EU-based trading platform. We also offer Daily USD/KRW Futures via the special Eurex/KRX Link, a unique cooperation between two major exchanges. Catering to larger transactions, Eurex also incorporated block and Exchange for Physical (EFP) functionalities in the offering.
FX EFPs - connecting OTC and ETD FX markets
EFPs are an off-book transaction model connecting OTC and ETD FX markets: take an OTC FX position and easily convert it into a cleared FX futures contract.
With EFPs users can take advantage of OTC liquidity while optimizing their FX portfolios from a capital, credit and UMR standpoint. You can engage in EFP transactions directly with your bank, or alternatively, utilize our affiliate multi-dealer platform, 360T, a comprehensive, streamlined hub for managing all your trading relationships.
Our principal market model, the central limit order book (CLOB) is the heart of Eurex’s operations. Here, buy and sell orders are matched on a time allocation basis. The CLOB model, facilitates direct transactions between customers and dealers, dealer-to-dealer trades, and, most importantly, lets customers trade anonymously with other customers directly. Our on-book liquidity providers are available 23 hours, five days a week.
Additionally, Eurex offers block and Exchange for Physical (EFP) functionalities, where transactions are agreed upon bilaterally and submitted to the exchange. Our off-book liquidity providers are also available 23 hours, five days a week.
According to the phases 5 and 6 of the uncleared margin rules (UMR) set by the Bank for International Settlements (BIS) and the International Organisation of Securities Commissions (IOSCO), covered entities belonging to a group whose Aggregate month-end Average Notional Amount (AANA) of non-centrally cleared derivatives for March, April, and May of the year exceeds EUR 50 and 8 billion respectively, are required to post initial margin bilaterally with their counterparts.
It is important to note that:
*Note: due to regulatory restrictions, Eurex Clearing AG is currently not able to offer NDF clearing services in the United Kingdom and the U.S. until further notice.