Over one billion contracts have been traded on Eurex so far in 2004. The one billionth contract in 2004 was traded on the exchange on 3 December.
Eurex claims that it is the only international derivatives exchange to have ever traded over one billion contracts in a single year and is currently on track to surpass the 2003 all-time trading record of 1.01 billion contracts. A total of 1.003 billion has been traded on Eurex this year. The total number of contracts traded on Eurex’s trading systems since 1990 currently stands at approximately five billion contracts, four billion of which were traded following the merger of DTB Deutsche Terminbrse and SOFFEX to form Eurex in 1998.
“Despite historically low volatility levels, growth on Eurex has been strong and for the second consecutive year we have been the only derivatives exchange to trade over one billion contracts,” says Rudolf Ferscha, CEO of Eurex. “Eurex is on track for another record year. Our strategic initiatives in the US and in European markets such as the Netherlands, France and Italy have allowed us to tap into new customer groups and offer trading and clearing participants access to our global benchmark products and superior technology. Our global distribution model puts Eurex in good stead for the future competition for global risk assumption and risk management.”
Eurex says US participants currently account for up to 25 percent of turnover in Eurex benchmark products such as the Euro-Bund Future, and futures and options on the European indices DAX and Euro STOXX 50. The exchange says it expects participation from the US to increase as a result of the Global Clearing Link with The Clearing Corporation in Chicago. “Once fully implemented, it will increase the efficiency of cross-border clearing by allowing customers to use one, local clearing organization for trades executed on either Eurex or Eurex US,” says a Eurex spokesman in Frankfurt.”This will result in cost reductions for customers through collateral pooling and margin offsets between USD- and EUR-denominated products.”