Eurex, part of Deutsche Börse Group, has launched a Credit Index Derivatives Partnership Program, delivering a robust liquidity pool for these instruments and marking a significant step towards a more efficient and accessible credit market.

The eight prominent financial institutions that have joined the program since its launch on 1 August 2025 are: Banco Santander, BNP Paribas, Flowtraders, Goldman Sachs, Jane Street, J.P. Morgan, Morgan Stanley, and Susquehanna International Group.

This program extends Eurex’s successful Partnership Program model – already established in Short-Term Interest Rate (STIR) and interest rate swap markets – to credit derivatives. The performance-based program fosters a collaborative ecosystem, aligning incentives and responsibilities for all participants – from liquidity providers to end-users – in terms of both economics and governance. This shared commitment aims to stimulate growth and liquidity in this key market.

Eurex Credit Index Futures provide a simplified, centrally cleared way to manage credit market exposure, avoiding the complexities and costs associated with OTC instruments like credit default swaps (CDS) and Total Return Swaps (TRS). Clients benefit from cross-product margin efficiencies within Eurex’s global, multi-asset suite, including risk offsetting with fixed income products. A liquid and transparent market for Credit Index Futures will broaden access for a wider range of investors, including smaller institutions and electronic proprietary trading firms.

Matthias Graulich, Member of the Executive Board of Eurex:

“We are thrilled to launch this program with eight leading partners, sharing a common vision to transform credit markets. By fostering liquidity in Eurex’s Credit Index Derivatives, we’re accelerating electronification and standardization for a more efficient and accessible market, strengthening Eurex’s leadership in listed fixed income and delivering our enhanced value proposition globally.”

The demand for Credit Index Futures has been growing steadily since its inception in October 2021 with the launch of Bloomberg MSCI Euro Corporate Screened Index Futures. Growth has primarily been driven by end clients looking for liquid, transparent, and cost-efficient investment vehicles. Today, the segment includes global credit markets, covering investment grade and high yield tranches across global currencies.

The volume and Open Interest this year has more than doubled versus the first eight months of 2024, while the total traded notional in all Credit Index Futures at Eurex stood at over EUR 75 billion, with a total outstanding notional of EUR 2.8 billion as of 31 August 2025.