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22 Sep 2025

Eurex

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

Eurex Circular 084/25 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 effective from 1 October 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.
  • A new program “Fixed Income 25 – Eurex Credit Index Futures THX” will be offered.

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

Trade > Market-Making and Liquidity provisioning.

Start of production: 1 October 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 PSS as of 1 October 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 (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 PSS, Phase I of the scheme is extended from 30 September 2025 to 31 December 2025. Please refer to the attachments to this Circular for further details on the changes to the stipend payments.

In addition, a new LP scheme is offered, where LP quote the US Corporate Index Futures (FUIG) and Bloomberg US High Yield Very Liquid Index Futures (FUHY) during European trading hours and improve their performance in the Fixed Income 20 program or LP quote the Emerging Market USD Sovereign & Sovereign Owned Index Futures (FUEM) during US trading hours and improve their performance in the Fixed Income 21 program.

Please refer to the PSS which are available on the Eurex website www.eurex.com under the following link:

Trade > Market-Making and Liquidity provisioning

Attachments: 

  • 1 – Amended PSS “Fixed Income 20 – Eurex EURO Credit Index Futures”
  • 2 – Amended PSS “Fixed Income 21 – Eurex USD Credit Index Futures”
  • 3 – Amended PSS “Fixed Income 22 – Eurex Global Credit Index Futures”
  • 4 – New PSS “Fixed Income 25 – Eurex Credit Index Futures THX"


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 Circulars 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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