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Home  >  Fundamental analysis  >  World exchanges  >  EUREX


EUREX is the worlds largest derivatives exchange.

Deutsche Borses best success story might be Eurex, the worlds largest derivatives market, which it co-owns with the SWX Group.

In 1997, Deutsche Borse and SWX Swiss Exchange agreed to merge their respective derivatives subsidiaries, DTB (German Futures and Options Exchange) and SOFFEX (Swiss Options and Financial Futures Exchange) and move their operations to a new electronic trading and clearing platform.

The success of Eurexs electronic format was dazzling. By 1999, Eurex had vaulted to the top position among the worlds derivatives exchanges, snatching trading in highly liquid German bund futures away from the London International Financial Futures and Options Exchange (LIFFE). The following year, Eurex Clearing AG, the worlds largest clearing house, became the first market to offer remote electronic clearing.

Eurex rapidly expanded its line of products and started developing transatlantic ambitions. In March 1998, Eurex announced an alliance with the Chicago Board of Trade (CBOT). In Europe, a similar alliance was formed with HEX, the Finnish exchange.

The CBOT alliance ended sooner than anticipated, when the Chicago exchange announced in 2002 that it was ditching Eurexs a/c/e/ platform for functionality-loaded LIFFE CONNECT.

In a counter move, Eurex partnered with the Clearing Corp. in the United States to create Global Clearing Link. Eurex US was launched in February 2004 but its take-off has been slower than expected.

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