Societe Generale has expanded its FX offering and now supports trading and clearing of Eurex foreign exchange (FX) futures for its clients. The move is designed to help drive and foster SG’s global FX business, part of a broader shift by the lender in the FX space.
The move means that the French bank’s clients can trade FX on Eurex Exchange, while its clearing unit now provides support for classic FX derivatives, as well as rolling spot futures which are now live on the exchange.
The bank will clear Eurex-listed FX contracts for 11 currency pairs for its clients; namely, EURUSD, GBPUSD, AUDUSD, USDJPY, USDCHF, EURCHF, EURGBP, GBPCHF, EURJPY, AUDJPY, EURAUD, NZDUSD.
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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 move also expands SG’s OTC FX prime brokerage offering and can be integrated into their overall risk model offered to clients, as well as helping them build and maintain their FX positions at Eurex using its block futures and EFP capabilities.
A welcome addition and an important partner
Both firms added that Societe Generale support would expand the offering to enable clients trading in the exchange order book in Europe, whilst offers access to trading listed FX and OTC FX on Deutsche Börse’s 360T platform.
Carlo Kölzer, CEO of 360T and Global Head of FX at Deutsche Börse Group, commented: “Many clients have told us a catalyst for their increased use of FX Futures will be a tertiary pool of off-exchange liquidity to complement our strong orderbook proposition, so we welcome Chris’ trading desk as a primary off-exchange provider in the FX space. With clearing enabling important new trading relationships to be formed without the need for bilateral credit or operational agreements, and off-exchange being the bridge between OTC and listed markets, our clients now have choice over how to access our FX Futures liquidity for any given trade.”