European derivatives exchange Eurex announced today (Monday) that it will open its markets to US Introducing Brokers (IBs), allowing them to become direct exchange members. This move significantly broadens Eurex's reach in the US market and extends trading hours for American participants.

Eurex Expands Access for US Traders, Welcoming Introducing Brokers

The decision follows the Commodity Futures Trading Commission's (CFTC) July approval of amendments to current market regulations. These changes permit CFTC-registered foreign boards of trade (FBOTs) to grant U.S. IBs direct access to their electronic trading systems.

Previously, US traders using IBs to access Eurex were limited to non-US-based intermediaries, many of whom were unavailable after European market hours. The new arrangement will enable US clients to execute trades via domestic IBs throughout the entire US trading day.

“Providing clients with easy access to our markets is a top priority for us,” commented Robbert Booij, CEO of Eurex. “This latest move offers U.S. market participants greater choice and will provide them with greater efficiency in terms of trading and risk management.”

Booji was appointed as the exchange's new CEO at the beginning of this year in response to Brexit and the related changes for financial markets in Europe. The interim president, Michael Peters, held his position for four years but retired in September this year.

The expanded access will cover many of Eurex's European and global benchmark derivatives, including popular contracts such as EURO STOXX 50, STOXX Europe 600, German Bond Futures, and various MSCI derivatives.

Eurex Targets $400B Ethereum Market with New Instruments

Two months ago, Europe's premier derivatives exchange expanded its range of cryptocurrency products by launching FTSE Ethereum Index Futures and Options on August 12, 2024. This introduction builds on the success of the Bitcoin derivatives rolled out by Eurex in 2023, further enhancing its offerings of regulated cryptocurrency instruments.

Previously in 2023, Eurex distinguished itself as the first European exchange to offer crypto index futures with its release of the FTSE Bitcoin Index in USD and EUR. The exchange has a history of incorporating various cryptocurrency-related products, including the addition of Bitcoin ETNs in 2021.

Despite a slight 2% decline in overall trading volume in 2023, totaling 1,915.1 million contracts due to a 9% decrease in index derivatives, the OTC Clearing segment reported growth. Notably, the average daily cleared volumes in OTC Clearing increased by 10% to €185 billion, up from €169 billion the previous year, with GC Pooling volumes experiencing a substantial 142% increase to €158.9 billion.