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Index Total Return Futures

Total Return Futures (TRF)


EURO STOXX 50® Total Return Futures: EONIA transition consultation

Tradability for U.S. Participants

Introduction of Designated Market-Making scheme, vendor product codes and mistrade parameters

Introduction of Index Total Return Futures: EURO STOXX 50® Index Total Return Futures (TESX)

Listed solution for implied equity repo trading via EURO STOXX 50® Index Total Return Futures. The Management Board of Eurex Deutschland and the Executive Board of Eurex Zürich AG decided effective 2 December 2016 to introduce Total Return Futures on the EURO STOXX 50® Index (TESX).

The new futures complement the Eurex suite of equity index derivatives and support the market in complying with new financial market legislation. Under the Basel III capital standards banks already face increased capital requirements when entering Over-the-Counter (OTC) transactions. From next year on, there will be additional standards.

A listed solution for implied equity repo trading

The new requirement to set aside more capital for OTC derivatives transactions already applies in the US and Japan. It is likely to further change the structure of derivatives markets by supporting the trend to exchange traded derivatives that regulators are aiming for. Eurex Total Return Futures will offer returns analogous to equity index total return swaps; thus representing a functional replacement for these OTC instruments.

Market Makers

CompanyMember IDContactPhone number

BNP Paribas Arbitrage


Nicolas Certner

+33 1 55 77 82 47

UniCredit Bank AG


Quentin Maurice

+44 20 7826 6801

Goldman Sachs


Filip Hagman

+44 20 7774 3087

JP Morgan


Amandine Hedges 

+44 20 7742 4474

Société Générale


Philippe Perrier

+33 1 42 13 67 20



Thibaut Herens

+31 20 708 7702

Video series: How Total Return Futures work

The Eurex Total Return Future (TRF) on the EURO STOXX 50® index is a prime example of this futurization process. Watch this series of videos to learn more about TRFs.

Time to switch to Total Return Futures when dividends are uncertain

In this interview, Amy Borgquist from Goldman Sachs explains how dividend uncertainty affected the equity index futures roll and how TRFs can be an alternative to price index futures.



Nicolas von Kageneck

T +33 1 55276-7 76

Product Research & Development

Stuart Heath

T +44 207 8 62-72 53


Cora Meinecke

T +49 69 211-1 34


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