The recent volatility shock that hit markets at the beginning of March constituted the first true test of a product that has built steady momentum in recent years – Eurex Credit Index Futures.
March 2026 volumes ahead of the roll in Eurex’s Euro IG (LXYA) and Euro HY (AHWA) index futures had already exceeded their February levels.
More than 10,000 lots were traded in LXYA (about EUR 1.9bn in notional) and about 15,000 lots were traded in AHWA (about EUR 900m in notional) over the first ten days of March. These volumes almost entirely consisted of outright risk trades, not rolls. Activity approached, and at times even surpassed, trading levels of more established macro credit trading instruments, such as Total Return Swaps and Fixed Income ETFs.
When adding rolls from expiring March contracts to June 2026 positions, Eurex hit record trading day activity on March 13, with 49,254 lots traded across the Credit Index Futures product suite.
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