Eurex has expanded its Partnership Progam model to also include credit index derivatives, as part of an effort to boost growth and liquidity in this market.
Since the program’s launch on 1 August 2025, eight financial institutions have already joined, including Banco Santander, BNP Paribas, Flowtraders, Goldman Sachs, Jane Street, JP Morgan, Morgan Stanley and Susquehanna International Group.
The new offering marks an expansion of Eurex’s ongoing Partnership Program model, which already spans short term interest rate (STIR) and interest rate swap markets, and is set to create a collaborative working ecosystem which aligns participants’ incentives and responsibilities across economics and governance for the market.
Matthias Graulich, chief commercial officer and global head of products and markets at Eurex Group, said: “By fostering liquidity in Eurex’s credit index derivatives, we’re accelerating electronification and standardisation for a more efficient and accessible market, strengthening Eurex’s leadership in listed fixed income and delivering our enhanced value proposition globally.”
Read more – Eurex to launch futures on EU bonds
The expansion follows increasing demand for credit index futures across the industry in recent years, with volume and open interest more than doubling this year in comparison the first eight months of 2024, and the total traded notional in all credit index futures at Eurex at approximately €75 billion, with a total outstanding notional of €2.8 billion by 31 August 2025.
Joe Paccione, Americas head of futures and options sales and execution, and Sanaz Fazeli, co-head, global macro credit sales at JP Morgan, said: “Credit index futures are a valuable addition to further broadening the scope of macro credit products we trade. Reception from our clients to this product has been robust and we view the extension of the program as a very positive step to continue to build on the global liquidity pool for listed credit derivatives.”