Eurex is expanding its European derivatives range to include a future on the Dow Jones Italy Titans 30 index.
It says this will give both institutional and retail investors the opportunity to trade futures on an Italian blue chip index as well as options on the 12 most liquid Italian stocks on Eurex. The Dow Jones Italy Titans 30 index contains the thirty largest and most liquid Italian stocks and meets European UCITS III requirements.
“Eurex customers benefit from our Italian derivatives segment which now includes index derivatives,” says Rudolf Ferscha, Eurex CEO. “With the introduction of the Dow Jones Italy Titans 30 future, we are responding to market demand for a cost-effective, transparent offering, tailored to our clients’ needs. With the new future our customers can benefit from cost savings through cross margining with German and European derivatives traded on Eurex.”
Thanks to the systematic development of its Italian derivatives segment, Eurex has seen extensive growth in turnover from options trading in Italian stocks since the beginning of the year. Monthly turnover has already doubled to over 14,000 contracts since the launch of the segment in February this year
As with the Italian stock options, trading in the Dow Jones Italy Titans future will be supported by permanent market making, in which market makers are obligated to quote prices in the order book on a continuous basis. Eurex has already secured market makers. Banca IMI S.p.A., an expert in Italian derivatives trading, will be market maker for the new future. The Italian banks Banca Akros S.p.A. and Banca Caboto S.p.A. are actively operating as permanent market makers for Italian equity options. Abaxbank S.p.A. will also commence its duties as permanent market maker for Italian stock options in the second half of 2004.