Eurex Bonds Clearing License

We are the Clearing House for the entire suite of products traded at Eurex Bonds. A Eurex Bonds Clearing License authorizes Members to clear their own and customer business executed on the Eurex Bonds platform. The license to clear at Eurex Clearing allows you to benefit from a leading electronic trading platform for off-exchange wholesale trading in fixed income securities and treasury discount papers.

Products available for clearing:

• German Government Bonds
  • Treasury Discount Papers (Bubills)
  • Federal Treasury Notes (Schatzanweisungen)
  • Federal Notes (Bundesobligationen)
  • Federal Bonds (Bundesanleihen)
  • Inflation-linked Government Bonds

• European Government Bonds
  • Government Bonds of Austria, Belgium, Finland, France, Greece, Italy, Ireland, the Netherlands, Portugal and Spain
  • Treasury Discount Papers of Belgium, Finland, France and the Netherlands
  • Inflation-linked Government Bonds of France, Italy and Greece

• Agencies
  • Sub-sovereigns (Government guaranteed) like KfW, EIB, CADES, NRW Bank and ICO

• Covered Bonds
  • German Jumbo Pfandbriefe
  • Covered Bonds of issuers from France, Italy, Ireland, the Netherlands, Spain, UK, Denmark, Norway, Sweden and Portugal
  • German State Bonds
  • Slimbos

• Financials and Corporate Bonds like BNG, Nedwater and Rabo Bank

Break-Even Products

The Eurex Bonds Break-Even instruments represent two bonds, a nominal bond (a regular government bond) and a real bond (inflation linked bond), wherein you buy/sell or sell/buy both bonds in one trade.

Break-Even Trading is available for German and French Inflation Linkers.

Calculation of Break-Even is calculated by the following formula: Break-Even = yield (nominal bond) - yield (real bond).

Basis Products

The basis represents a combination of a security and a future contract that has its own price. Buying the basis involves the purchase of a certain amount of securities and the simultaneous sale of a corresponding number of futures contracts. The exact opposite holds true when selling the basis.

The following basis trades are permissible on Eurex Bonds:

• Deliverable Basis Instruments:
  • The combination of German debt issues with a remaining term to maturity of 1.75 years and 2.25 years, and the current Schatz future contract (FGBS).
  • The combination of German debt issues with a remaining term to maturity of 4.5 years and 5.5 years, and the current Bobl future contract (FGBM).
  • The combination of German debt issues with a remaining term to maturity of 8.5 years and 10.5 years, and the current Bund future contract (FGBL).
  • The combination of Italian debt issues (BTPS) with a remaining term to maturity of 8.5 years and 10.5 years, and the current Italian future contract (FBTP).

• Non-deliverable Basis Instruments:
  • Selected German debt issues, which are not deliverable components of the baskets of the respective Euro Bund, Euro Bobl and Euro Schatz futures, in combination with a tradable future at Eurex (as defined by Eurex Bonds)

Only applicants that fulfill certain prerequisites will be eligible to become Clearing Members. Those interested in applying must complete an application process. Contact Eurex Clearing Sales.