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Mar 30, 2026

Eurex

Fixed Income Derivatives: Amendment of Liquidity Provider Schemes for Credit Index Futures

Eurex Circular 018/26 Fixed Income Derivatives: Amendment of Liquidity Provider Schemes for Credit Index Futures

1.  Introduction

The Executive Boards of Eurex Frankfurt AG and Eurex Clearing AG took the following decisions, effective from 1 May 2026:

  • The Product Specific Supplement “Fixed Income 20 – Eurex EURO Credit Index Futures” for Futures on the Bloomberg MSCI Euro Corporate Screened Index and futures on the Bloomberg Liquidity Screened Euro High Yield Bond Index will be amended.
  • The Product Specific Supplement "Fixed Income 21 – Eurex USD Credit Index Futures" for Futures on the Bloomberg US Corporate Index and Futures on the Bloomberg US High Yield Very Liquid Index will be amended.
  • The Product Specific Supplement “Fixed Income 22 – Eurex Global Credit Index Futures” for futures on the Bloomberg Emerging Market USD Sovereign & Sovereign Owned Index and futures on the Bloomberg Sterling Liquid Corporate Index will be amended.

The Product Specific Supplements (PSS) will be provided as single PDF files on the Eurex website www.eurex.com under the following path:

Trade > Market-Making and Liquidity provisioning

Start of production: 1 May 2026

2.  Required action

There is no action required for participation for the Trading Participants. Liquidity Providers active in Credit Index Futures may adjust their quote machines accordingly.

3.  Details of the initiative

To further support the adoption of the existing Credit Index Futures product suite, Eurex will amend the following PSS as of 1 May 2026:

  • Fixed Income 20 – Eurex EURO Credit Index Futures, covering Bloomberg MSCI Euro Corporate Screened Index Futures (FECX) and Bloomberg Liquidity Screened Euro High Yield Bond Index (FEHY)

  • Fixed Income 21 – Eurex USD Credit Index Futures, covering Bloomberg US Corporate Index futures (FUIG) and Bloomberg US High Yield Very Liquid Index futures (FUHY).

  • Fixed Income 22 – Eurex Global Credit Index Futures, covering Bloomberg Emerging Market USD Sovereign & Sovereign Owned Index futures (FUEM) and Bloomberg Sterling Liquid Corporate Index futures (FGBC).

The following adjustments will become effective:

  • The minimum quote sizes in the TIER 2 programs will be increased.
  • The Multiple Segment Multiplier will be replaced by the Multiple Product Multiplier. This enables Liquidity Providers to increase their multiplier by quoting an additional product rather than an additional segment.
  • The Minimum Quote Size Improvement Score Cap will be reduced from 4 to 2. This reduces the maximum points an LP can achieve by improving the Minimum Quote Size in TIER 2.
  • The Fixed Phase I Multiplier that was supposed to become effective in 2027 will be removed.


Please refer to the PSS which are available on the Eurex website under the following link: Trade > Market-Making and Liquidity provisioning

The amendments shall be deemed approved unless objected to Eurex Frankfurt AG and Eurex Clearing AG within a period of two weeks after notification of this circular pursuant to Number 4 (2) of the Liquidity Provider Agreement.


Attachments:

  • 1 – Amended PSS “Fixed Income 20 – Eurex EURO Credit Index Futures”
  • 2 – Amended PSS “Fixed Income 21 – Eurex USD Credit Index Futures"
  • 3 – Amended PSS “Fixed Income 22 – Eurex Global Credit Index Futures”


Further information

Recipients: 

All Trading Participants of Eurex Deutschland and Vendors 

Target groups: 

Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination 

Related circulars: 

Eurex Circulars 091/24; 086/24; 079/24; 072/24; 116/23, 086/22, 060/21

Contact: 

Pricing & Market Making, eurex.pricing@eurex.com

Web: 

Trade > Market-Making and Liquidity provisioning

Authorized by: 

Jonas Ullmann 


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