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EUREX FX Futures
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EUREX FX Futures

  #1 (permalink)
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EUREX FX Futures

For FX Traders: I know that the EUREX wants to introduce in 2014 a new FX futures market.

http://www.eurexchange.com/blob/exchange-de/3986-146242/632326/4/data/presentation_fx_derivatives_at_eurex_exchange.pdf

http://www.eurexchange.com/blob/exchange-de/3986-146242/634086/4/data/factsheet_fx-futures-and-options-at-eurex-exchange.pdf


There is no release date yet.

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Quick Summary
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Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
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10 things you should know about FX Futures and Options at Eurex Exchange
Soon we will launch futures and options on six most liquid currency pairs. Our FX derivatives will combine best-practice OTC market conventions with transparency and minimized settlement and counterparty risk.

Here are 10 things that currency traders and investors should know about our new FX offering:


1.We will initially launch six major pairs: EUR/USD, EUR/GBP, EUR/CHF, USD/CHF, GBP/CHF, GBP/USD.
2.We will list futures and options from day one.
3.FX derivatives are Eurex Exchange’s eleventh asset class, complementing our one-stop-shop offering.
4.Our FX contracts will be settled through CLS, facilitating physical delivery and minimizing settlement risk.
5.The spot market is the underlying for both our futures and options contracts.
6.Eurex FX Futures and Options follow OTC market quotation conventions.
7.We will support liquidity in the new products with a revenue sharing program.
8.The contract size for all of our FX Futures and Options is a standard 100,000.
9.Our FX contracts are matched on a host located in Europe.
10.FX contracts will be traded on Eurex Exchange’s T7 architecture that features roundtrip times of 250 microseconds in co-location.


Source: Eurex - 10 things you should know about FX Futures and Options at Eurex Exchange

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I wonder if they're going to have micro contracts as well. With the CME rate hikes, there's some real big incentive to move over to Eurex, especially for micro futures.

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BlackSwan04 View Post
I wonder if they're going to have micro contracts as well. With the CME rate hikes, there's some real big incentive to move over to Eurex, especially for micro futures.

I wonder if it will be cheaper as I thought the EU were about to introduce their Financial Transaction tax that will apply to any one living in the EU, anyone trading in the EU and anyone trading on an exchange based in the EU?

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steve2222 View Post
I wonder if it will be cheaper as I thought the EU were about to introduce their Financial Transaction tax that will apply to any one living in the EU, anyone trading in the EU and anyone trading on an exchange based in the EU?

The tax is not final, yet.

The idea is to tax people living in the EU regardless of the location of the exchanges.


As i heard EUREX wants to give a discount on the new products for a specific time.

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Balanar View Post
The tax is not final, yet.

The idea is to tax people living in the EU regardless of the location of the exchanges.


As i heard EUREX wants to give a discount on the new products for a specific time.

Any idea about the EMIR reporting?
https://futures.io/news-current-events/29713-europe-new-daily-derivative-reporting-all.html

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steve2222 View Post
I wonder if it will be cheaper as I thought the EU were about to introduce their Financial Transaction tax that will apply to any one living in the EU, anyone trading in the EU and anyone trading on an exchange based in the EU?


Balanar View Post
The tax is not final, yet.
(...)

I think the biggest hurdle for these futures will be to get enough liquidity, since without deep liquidity the issue of a possible transaction tax is not relevant.

Though I like the idea of Eurex FX futures, I'm sceptical about their 'tradeability' due to low liquidity. For example, ICE also offers (pdf) EUR/USD futures, but compared to CME's 295,000 6E front-month contracts traded today, the ICE variant has only done 1,033 contracts today.

I think that's 'untradeable' and it also seems to suggest that there is not that much willingness under market participants to trade at other venues than CME.

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Jura View Post
I think the biggest hurdle for these futures will be to get enough liquidity, since without deep liquidity the issue of a possible transaction tax is not relevant.

Though I like the idea of Eurex FX futures, I'm sceptical about their 'tradeability' due to low liquidity. For example, ICE also offers (pdf) EUR/USD futures, but compared to CME's 295,000 6E front-month contracts traded today, the ICE variant has only done 1,033 contracts today.

I think that's 'untradeable' and it also seems to suggest that there is not that much willingness under market participants to trade at other venues than CME.

Who offers liquidity? The banks like UBS, Deutsche Bank and so on. I read that they postponed the release date due to liquidity issues. They want to involve more liquidity providers. So I think they do care about this issue.

For traders they want to offer a discount.

We can only guess till the futures are open to trade.

I see a different problem. Will your datafeed offer Eurex FX futures? I do not know. In my case I use Zen-Fire and I think they won't offer it because they already have CME FX futures.

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Balanar View Post
Who offers liquidity? The banks like UBS, Deutsche Bank and so on. I read that they postponed the release date due to liquidity issues. They want to involve more liquidity providers. So I think they do care about this issue.

I'm not sure about this. Wouldn't it be cheaper for big banks to trade currency directly in the spot market? The interbank market has tighter spreads and lower costs than trading on Eurex.


Balanar View Post
I see a different problem. Will your datafeed offer Eurex FX futures? I do not know. In my case I use Zen-Fire and I think they won't offer it because they already have CME FX futures.

Don't know either, but if they are liquid enough, they probably be added. IQFeed also added the Eurex Government bond futures (France, Italy) a while ago, even though these are not liquid products.


Balanar View Post
For FX Traders: I know that the EUREX wants to introduce in 2014 a new FX futures market.

In 2014? From what I read here:


Eurex
Release date: 21 Aug 2013 | Eurex Exchange
Eurex to launch FX derivatives
New product segment to start on 7 October 2013/Futures and options on six of the most important currency pairs

The international derivatives market Eurex Exchange will extend its product range by introducing a further asset class. Effective as of 7 October 2013, currency derivatives (FX contracts) will also be available as exchange-listed products. Eurex Exchange will initially offer futures and options on the following currency pairs: EUR/USD, EUR/GBP, EUR/CHF, GBP/USD, GBP/CHF and USD/CHF. The majority of over-the-counter, daily FX derivatives trading takes place in these currency pairs.

“With this step, we again contribute to increasing the transparency and safety of financial markets. The large majority of FX derivatives are currently traded off-exchange. With our listed contracts we are offering an alternative in which we bring the advantages of exchange trading, including clearing, to a market that has so far been organized predominantly bilaterally,” said Peter Reitz, member of the Eurex Executive Board. “We have tailored our offering to current market practices and want to provide efficient and effective access to a regulated and safe market.”

Eurex Exchange offers physical settlement of contracts for these products, i.e. delivery of the respective currencies via the international currency settlement system Continuous Linked Settlement, which is established in the FX market. The FX futures will be tradable from 8:00 a.m. to 10:00 p.m. CET, the FX options from 8:00 a.m. to 7:30 p.m. CET.

For this market introduction, Eurex Exchange is offering long-term incentive programs with revenue sharing in order to provide sufficient order book liquidity. Special programs for the futures and options are available for market makers.

If I look at the daily trading statistics for every Eurex product (found here), it seems that these futures are already dead. Yesterday (December 5) not a single contract was traded:

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Source (Excel file).

Edit: It's even worse than that; according to the monthly statistics (pdf) not a single FX future was traded in November.

I doubt these figures are correct (it can not be that bad, right? ); out of curiosity I've send Eurex an email regarding this.


Last edited by Jura; December 6th, 2013 at 07:49 AM. Reason: Added monthly statistics, fixed link
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