Eurex Now Also Offering Futures Contract On EONIA Reference Rate In The USA

On Monday, as previously announced, Eurex, the international derivatives market, has introduced futures on the reference rate for overnight money, EONIA (European Overnight Index Average). Eurex will be offering the new futures to clients in Europe as well as in the United States, the exchange reported on Monday. The introduction of the new product in the USA has been finalized with the regulatory agency, Commodity Futures Trading Commission (CFTC).

Therefore, as of today, the EONIA future will be tradable worldwide from 648 member locations, 96 of them in the USA, making it one of the most important single markets for Eurex. Trading volume in the US already accounts for some 25 percent of the worldwide turnover in Eurex benchmark products tradable in the US. The Eurex product portfolio in the USA comprises all money-market products, all futures and options on euro-denominated capital market products as well as futures on the equity indices DAX, DJ Euro STOXX 50, DJ STOXX 50, DJ Global Titans 50, DJ STOXX 600 Banks and DJ Euro STOXX Banks.

The new EONIA future is based on the monthly average of the reference rate calculated daily for overnight transactions in the interbank market, which is computed by the European Central Bank on the basis of actual transactions. The EONIA future rounds out the Eurex product offerings consisting of one-month and three-month Euribor futures at the short end of the yield curve. The new product is aimed above all at banks and institutional investors who want to hedge their short-term interest-rate risks in a cost-effective manner.