Eurex

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Eurex is an European electronic exchange (futures exchange) based in Frankfurt, Germany. It is the second world's largest derivatives exchange after the Chicago Mercantile Exhcange, based on volume. Eurex operates in three trading phases; pre-trading, from 7:30 a.m. to 9 a.m.; trading, 9 a.m. to 8 p.m.; and post trading, 8 p.m. to 8:30 p.m.

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The fully electronic exchange has 432 participants in 17 countries, creating decentralized and standardized access to its markets. Members are linked to the Eurex system through a dedicated wide-area communications network (WAN). Eurex uses the same MISS software architecture as used by Xetra, and once upon a time CBOT. Access points have been installed in Amsterdam, Chicago, New York, Helsinki, London, Madrid, Paris, Hong Kong, and Tokyo, and one is planned for Sydney. Eurex is the successor to the Deutsche Terminborse (DTB), Germany's first fully computerized exchange and the first German exchange for trading financial futures. DTB merged with Deutsche Börse AG and in 1998 merged with the Swiss Options and Financial Futures Exchange (SOFFEX) to form Eurex.

The exchange trades some 20 product listings, including Dutch, Finnish, German, and Swiss index products. Eurex's main products are the BUND (10 year), BOBL (5 year) and SCHATZ (2 year) German Bond Futures and Options. Futures and options are also traded on the DAX, NEMAX 50, SMI and HEX 25 indices; Dow Jones Global Titans 50 Index futures and options; and futures and options on a family of Dow Jones Stoxx products. Trading volume at Eurex exceeded 1,25 billion contracts in 2005. The exchange's Euro Bund, Euro Bobl and Euro Schatz Futures and Options are the world's most heavily traded bond derivatives.

Eurex launched Eurex US in February 2004 to compete with the United States derivatives exchanges but was not able to significantly penetrate the US market. Eurex sold a large stake in Eurex US to the MAN Group in October of 2006. Eurex US has since been renamed United States Futures Exchange (USFE).

  • Durica, Dr. Michael (2006): Product Development for Electronic Derivative Exchanges: The case of the German ifo business climate index as underlying for exchange traded derivatives to hedge business cycle risk. Pro Business. Berlin.

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Eurex Clearing AG acts as the Clearing house for Eurex.

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