Eighteen participants from the US, UK, and Continental Europe have now registered to be part of Eurex’s Partnership Program for short-term interest rate (STIR) derivatives.
The initiative has been established to create a viable alternative to trade and clear euro-denominated STIR derivatives within the EU to offer liquidity across all fixed income derivatives and repo products — along the entire euro yield curve-traded on-exchange and OTC.
Eurex says this step offers market participants the opportunity to benefit from margin and operational efficiencies, building on its trading, clearing and risk management infrastructure.
In June, Eurex announced the expansion of its Partnership Program for interest rate swaps to include the short-term interest rate STIR derivatives segment.
The STIR Partnership Program will be accompanied by a new programme for liquidity providers for EURIBOR and euro short-term rate (€STR) derivatives which will come into effect at the beginning of November.
The initiative also demonstrates the commitment of Eurex and the broader markets’ to support the European Commission’s stability and autonomy agenda.
The STIR Partnership Program is due to go live in the last week of October in conjunction with a product re-launch.
Matthias Graulich, member of the Eurex Clearing executive board, says: “We are excited to welcome these 18 participants to the STIR Partnership Program.
“This initiative will enable global clients to benefit from a comprehensive product offering including Eurex’s leading European government bond derivatives and repo segment as well as the clearing of OTC interest rate swaps.
“At the same time, it will further enhance Eurex’s value proposition by building out the ‘home of the euro yield curve’ ambition for euro-denominated derivatives and repo, delivering efficiencies to a global client base.”
