The European volatility benchmark
VSTOXX

VSTOXX® Derivatives

Explore European volatility with VSTOXX ® Futures and Options, designed to reflect market uncertainty and investor sentiment.  

These instruments measure the 30 day implied volatility of the EURO STOXX 50®, providing a precise and cost-effective way to access European volatility.  

VSTOXX derivatives are listed on exchange and cleared centrally, ensuring transparent mark-to-market valuation and strong liquidity. They offer a more targeted approach to managing European-specific volatility risk.   

Trade the European volatility benchmark!

Traded Contracts and Open Interest

FVS

OVS2

Key Benefits

  • Hedge your portfolio exposure in equity, credit and option portfolios
  • Explore spreads between European and non-European volatility indices
  • Diversify your portfolio by adding a new asset class
  • Generate additional alpha, due to the mean-reversion nature of volatility
  • Implement a tail risk hedge
  • Trade directional positions on the level of a single volatility index
  • Integrated spread matrix available for all futures maturities
     

Contract Specifications

Product Name

VSTOXX® Futures

Options on VSTOXX® Futures

Underlying

The VSTOXX Index, a market estimate of expected volatility that is calculated every 5 seconds by using real-time EURO STOXX 50® option bid/ask quotes.

VSTOXX Futures

Contract Value

EUR 100 per volatility index point.

Price Quotation & Minimum Price Change

The minimum price change is 0.05 points (equivalent to a value of EUR 5).

The minimum price change is 0.025 points (equivalent to a value of EUR 2.5).

Contract Months

The next eight successive calendar months.

Exercise

-

American style; an option can be exercised until the end of the Post-Trading Full Period (20:30 CET) on any exchange day during the lifetime of the option.

Exercise Price Intervals

-

All option series have exercise prices with price gradations in the amount of not less than one point.

Settlement

Cash Settlement, payable on the first exchange day following the final settlement day.

Physical delivery of the underlying. The underlying is maturing on the same exchange day and is settled in cash. 

Daily Settlement Price

Determined during the closing auction of the respective futures contract.

Established by Eurex, determined through a binomial pricing model.

Last Trading Day & Final Settlement Day

30 calendar days prior to the third Friday of the expiration month of the underlying options. This is usually the Wednesday prior to the second last Friday of the respective expiration/maturity month.

Final Settlement Price

TWAP of the underlying strip on the last trading day between 11:00 to 12:00 CET.

Block Trade Size

1,000 contracts

Vendor Codes

Bloomberg: FVSA INDEX

Reuters: 0#FVS:

Bloomberg: FVSA INDEX OMON

Reuters: 0#FVS2+


Margin efficiencies

VSTOXX® is part of Eurex Clearing Prisma

To fully benefit from cross margining efficiencies, take a look at our Eurex Clearing Prisma brochure. For highly accurate what-if scenarios and incremental risk calculations, use our online margin calculators

Liquidity Providers

Block Liquidity Providers - Options

Firm

Contact

Email

Phone

Bank of America

Thomas Eshaghi

Thomas.Eshaghi@bofa.com

+33-1-87-70-13-72

Sebastien Faucheur

Sebastien.Faucheur@bofa.com

+33-1-87-70-00-00

BNP

Houssam Chreim

Houssam.Chreim@bnpparibas.com

+33-1-4014-3347

DRW

King Bhattacharyya

kbhattacharyya@drwuk.com

+44-7834825157

Goldman Sachs

Gavin Dolan

gavin.dolan@gs.com

+33-1-42121850

HSBC Bank Plc

Alexandre Capez

alexandre.capez@hsbc.com 

+44-20-7991-5849

IMC

Sergio Tam Suarez

sergio.tamsuarez@imc.com

+31-207988572

Maven

Hailee Wu

hailee.wu@mavensecurities.com

+44-20-3794-8510

Morgan Stanley

Gabriel Manceau

gabriel.manceau@morganstanley.com

+33-1-4290-7754

Optiver

Maikel Verdiesen

maikelverdiesen@optiver.com

+31-207087608

Susquehanna

Rob Switzer

robert.switzer@sig.com

+353-1-517-5545

Daniel Mannion

daniel.mannion@sig.com

+353-1-567-7210

JP Morgan

Feras al Kayid

VSTOXX 20: Experts reflect & look ahead

Celebrating 20 Years of the VSTOXX index: Discover how the European volatility benchmark has shaped investment strategies and its role in today's markets.

Eurex Podcast Kick-Off: Tariffs, Trump & Turmoil

Tune into the first episode of the Eurex Podcast, recorded live during our kick-off webcast. Experts unpack how political uncertainty is influencing European volatility and market sentiment.

Trade the European volatility benchmark

Explore this year's macro events and find an overview of dates.

VSTOXX 101: Understanding Europe’s Volatility Benchmark

Discover the latest STOXX whitepaper today to learn more about the VSTOXX® core methodology, historical performance analysis, and more.

Systematic Approaches To Shorting VSTOXX Using Options

Analysis of three alternative approaches to shorting futures

Exploring Systematic VSTOXX Futures Trading

Gaining exposure to volatility expectations for the EURO STOXX 50®

Contacts

Matthew Koren
Sales America

T +1-917-495 2997

matthew.koren@eurex.com

Sophie Granchi
Sales EMEA

T +33-0680347501

sophie.granchi@eurex.com

Kris Hopkins
Sales Asia

T +65-65 97-3061

kris.hopkins@eurex.com

Ralf Huesmann
Equity & Index Product Design

T +49-69-211-1 54 43

ralf.huesmann@eurex.com