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28 May 2025

Eurex

Fixed Income Derivatives: Amendment of Liquidity Provider Schemes for Credit Index Futures

Eurex Circular 047/25 Fixed Income Derivatives: Amendment of Liquidity Provider Schemes for Credit Index Futures

1. Introduction

The Executive Boards of Eurex Frankfurt AG and Eurex Clearing AG took the following decisions:

With effect from 1 June 2025:

The Product Specific Supplement “Fixed Income 20 – Eurex EURO Credit Index Futures” for Futures on the Bloomberg MSCI Euro Corporate Screened Index and futures on the Bloomberg Liquidity Screened Euro High Yield Bond Index will be amended.
The Product Specific Supplement “Fixed Income 21 – Eurex USD Credit Index Futures” for Futures on the Bloomberg US Corporate Index and Futures on the Bloomberg US High Yield Very Liquid Index will be amended.
The Product Specific Supplement “Fixed Income 22 – Eurex Global Credit Index Futures” for futures on the Bloomberg Emerging Market USD Sovereign & Sovereign Owned Index and futures on the Bloomberg Sterling Liquid Corporate Index will be amended.

The Product Specific Supplements (PSS) will be provided as a single PDF files on the Eurex website www.eurex.com under the following path:

Trade > Market-Making and Liquidity provisioning

Start of production: 1 June 2025

2. Required action

There is no action required for participation for the Trading Participants.

3. Details of the initiative

To further support the adoption of the existing Credit Index Futures product suite, Eurex will amend the following Product Specific Supplements (PSS) as of 1 June 2025:

Fixed Income 20 – Eurex EURO Credit Index Futures, covering Bloomberg MSCI Euro Corporate Screened Index Futures (FECX) and Bloomberg Liquidity Screened Euro High Yield Bond Index Futures (FEHY)
Fixed Income 21 – Eurex USD Credit Index Futures, covering Bloomberg US Corporate Index Futures (FUIG) and Bloomberg US High Yield Very Liquid Index Futures (FUHY).
Fixed Income 22 – Eurex Global Credit Index Futures, covering Bloomberg Emerging Market USD Sovereign & Sovereign Owned Index Futures (FUEM) and Bloomberg Sterling Liquid Corporate Index Futures (FGBC).

In all three PSSs, the methodology of ranking the Liquidity Providers will change to take into account each Liquidity Provider improvement of the maximum bid-offer spread and minimum quote size required to be quoted according to Tier 1 Quoting Obligations.

Liquidity Providers should adjust their quotation behavior accordingly.

The amendments shall be deemed approved unless objected to Eurex Frankfurt AG and Eurex Clearing AG within a period of two weeks after notification of this circular pursuant to Number 4 (2) of the Liquidity Provider Agreement.

Please refer to the Product Specific Supplements (PSS), which are available on the Eurex website www.eurex.com under the following link:

Trade > Market-Making and Liquidity provisioning

Attachments:

1 – PSS “Fixed Income 20 – Eurex EURO Credit Index Futures”
2 – PSS “Fixed Income 21 – Eurex USD Credit Index Futures”
3 – PSS “Fixed Income 22 – Eurex Global Credit Index Futures”

Further information

Recipients:		All Trading Participants of Eurex Deutschland and Vendors
Target groups:		Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination
Related circulars:		Eurex Circular 091/24, 086/24, 079/24, 072/24, 116/23, 086/22, 060/21
Contact:		Pricing & Market Making, eurex.pricing@eurex.com
Web:		Trade > Market-Making and Liquidity provisioning
Authorized by:		Jonas Ullmann

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