Eurex Launches FX Futures on Scandinavian Currencies

Eurex, the European derivatives exchange owned by financial titan Deutsche Börse Group, has expanded its FX Futures coverage with the addition seven new FX Futures on Scandinavian currencies.

The newly-listed trading pairs include EUR/NOK, EUR/SEK, EUR/DKK, USD/NOK, USD/SEK, USD/DKK, NOK/SEK. The move comes as the derivatives trading arm of Eurex continues to develop into a liquidity hub covering major European currencies.

Eurex’s currency trading desk currently offers various FX derivatives products, including FX futures available in 19 currency pairs, all with quotation and tick sizes in-line with existing OTC FX standards. A liquidity scheme caters for tight pricing and competitive liquidity, it says.

FX Futures on Scandinavian currencies can be integrated into the exchange’s partners overall risk model, as well as helping them build and maintain their FX positions at Eurex using its block futures and EFP capabilities.

Maximilian Dannheimer, Head of FX ETD Sales at Eurex, said: “Gaining exposure to Swedish, Danish and Norwegian currencies allows clients to hedge positions and seize unique trading opportunities. The launch of Scandinavian currency futures is a natural evolution to offer transparency and minimize risk by exchange-traded, centrally cleared derivatives in G10 currencies.”

Eurex sets sights on crypto business

The launch follows news earlier this year that Eurex had launched clearing for deliverable cross-currency swaps and OTC FX products following a test phase. The clearing service makes it the first clearinghouse to physically settle cleared cross-currency swaps via CLS’s settlement service, CLSClearedFX.

The Eurex FX offering of classic FX futures and options in combination with the rolling spot future allows traders to manage their FX exposures with listed products.

The pan-European exchange has made efforts over the past year to expand its FX trading business, most recently signing major banks to support their FX futures, from clearing to trading.

Earlier in August, the European derivatives exchange launched trading on bitcoin exchange-traded note (ETN) futures.

The Germany-based trading venue said the novel ETN futures contract is physically backed by bitcoin and tracks the BTCetc Bitcoin Exchange According to the announcement, this centrally cleared offering is the first regulated market in Bitcoin-related derivatives in Europe.

There are now three bitcoin ETNs listed on Germany’s Xetra platform. ETC Group was first listed in June 2020, followed by crypto ETP issuer 21Shares and US asset manager VanEck.