Eurex Initiates Collaborative Effort for Credit Index Derivatives

The demand for Credit Index Futures has been on a steady rise since October 2021, and this trend continues to gain momentum. Eurex, a leading European derivatives exchange, recently launched a Credit Index Derivatives Partnership Program on August 1, 2025, aiming to stimulate growth and liquidity in the credit market.

The program extends Eurex's successful Partnership Program model to credit derivatives, fostering a collaborative ecosystem that aligns incentives and responsibilities for all participants. Eight leading banks and liquidity providers, including Banco Santander, BNP Paribas, Flowtraders, Goldman Sachs, Jane Street, J.P. Morgan, Morgan Stanley, and Susquehanna International Group, have joined the program.

As of 31 August 2025, the total traded notional in all Credit Index Futures at Eurex stood at over EUR 75 billion. The segment includes Global Credit markets, covering Investment grade and High yield tranches across global currencies. This significant increase in volume and Open Interest this year has more than doubled versus the first eight months of 2024.

Matthias Graulich, Member of the Executive Board of Eurex, stated that the program aims to transform credit markets by accelerating electronification and standardization. Eurex Credit Index Futures offer a simplified, centrally cleared way to manage credit market exposure, providing clients with cross-product margin efficiencies within Eurex's global, multi-asset suite.

Susquehanna International Group, a participant in the Eurex Credit Derivatives Partnership Program, expressed excitement about the market growth of Credit Index Futures. Goldman Sachs, another participant, expressed pleasure at the extension to include Credit Futures. J.P. Morgan views the extension of the program as a positive step to continue to build on the global liquidity pool for listed credit derivatives.

The total outstanding notional of Eurex Credit Index Futures was EUR 2.8 billion as of 31 August 2025. Eurex's Credit Index Derivatives aim to deliver an enhanced value proposition globally, strengthening its leadership in listed fixed income. A liquid and transparent market for Credit Index Futures will broaden access for a wider range of investors.

In conclusion, the launch of Eurex's Credit Index Derivatives Partnership Program is a significant step towards transforming credit markets by accelerating electronification and standardization. The program fosters a collaborative ecosystem, aligning incentives and responsibilities for all participants, and provides a simplified, centrally cleared way for clients to manage credit market exposure. The growing demand for Credit Index Futures, coupled with the program's success, bodes well for the future of the credit market.