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Inter-Product Spreads

Inter-Product Spreads (IPS) for fixed income futures

zero hassle

Spread trading the term structure: Inter-Product Spreads for fixed income futures are standardized futures strategies used to create exposure to changes in flatness and steepness of the yield curve, such as a Bund-Buxl spread or outright spreads between European government bond futures such as the BTP-Bund spread.

By standardizing these spreads into a dedicated order book, Eurex creates a duration neutral trading opportunity by using the appropriate leg ratios. As the spread is traded in a single transaction, it also eliminates legging risk and saves bid-ask spread costs. Once the Inter-Product Spread is processed, the spread is divided into its individual legs which can be traded out in their respective order books.

Products, leg ratios and vendor codes

Investors can now follow the pricing and trading in Inter-Product Spreads for select combinations of European fixed income futures at Eurex. More IPS combinations are planned to follow to complete the range of term structure and inter-market spreads available at Eurex.

Product ID

Spread Strategy                

DV01 neutral leg ratio

IPS ratio of leg instruments

Bloomberg CodeRefinity RIC Code

Bund-Buxl Spread

2.675:2RXUB   Comdty0#FGBL-FGBX-:
IPPLLong-term BTP-Bund Spread1.393:2IKRX   Comdty0#FBTP-FGBL-:
IPS2Schatz-Short-term BTP Spread1.121:1DUBTS Comdty


The above IPS leg ratios are valid for the March 2020 expiry. Final ratios will always be confirmed before each new expiry starts trading.

DekaBank on the use of IPS

Interview with Arndt Fassbender, Salestrader ETD at DekaBank on the recently launched Inter-Product Spreads.
Read about the main drivers behind trading Eurex Inter-Product Spreads and its benefits. Arndt also explains what strategies investors deploy to take advantage of market opportunities from spread trading in futures.

At a glance

  • Direct exposure to flatness, steepness of the yield curve or sovereign yield spreads
  • No legging risk
  • Bid-ask spread savings
  • One-click trading
  • Dedicated public order book
  • Individual legs are fully fungible in their respective products
  • Standardized STP process


Eurex Sales

Vassily Pascalis

T +44-20-78 62-72 11

Fixed Income ETD Product Design 

Rex Jones

T +49-69-211-178 06


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