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Eurex to launch contracts on short-term, secured euro funding

Release date: 27 May 2014 | Eurex Exchange

Eurex to launch contracts on short-term, secured euro funding

Further expansion of the interest rate derivatives segment/Launch on 10 September 2014

The international derivatives market Eurex Exchange is further expanding its interest rate derivatives segment. Effective 10 September 2014, a new money market product will be available. The planned money market derivative is a futures contract (“One-month EUR Secured Funding Futures”) which is based on interest rates on short-term repo transactions of the regulated GC Pooling® marketplace, tracked in the STOXX® GC Pooling EUR Deferred Funding Rate index.

“With the EUR Secured Funding Future we are enabling hedging of risks in the secured money market with an exchange-traded derivative for the first time. As a market barometer of Europe's largest secured money market, the STOXX GC Pooling index is a transparent addition to unsecured benchmark indices,” said Mehtap Dinc, member of the Eurex Executive Board.

The new futures contract on secured euro funding complements the existing products on the Eonia and Euribor, which are already listed on Eurex Exchange and track the unsecured money market. Together with the existing exchange-listed Eurex interest rate derivatives, Eurex Exchange users will be able to trade the entire secured and unsecured euro interest rate curve from September onwards.

The launch will be supported by a market-making program to provide liquidity in the order book from the start. The One-month EUR Secured Funding Future will allow to trade interest rate expectations over an ECB minimum reserve fulfillment period, with a notional volume of €1 million. Settlement takes place in cash at expiry. Trading hours will be from 8:00 to 18:00 CET.

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