Eurex, Europe’s leading derivatives exchange, has announced it will launch a new futures contract tied to bonds issued by the European Union. The Euro-EU Bond Futures (FBEU) will begin trading on 10 September 2025, marking a major expansion in the exchange’s fixed income product suite.
The new contract, which will be physically deliverable, is designed to complement existing cash and repo markets for EU bonds. Eurex, a subsidiary of Deutsche Börse Group, said the move underscores its commitment to supporting the development and autonomy of European capital markets.
Boosting Liquidity in EU Debt Markets
The FBEU contracts aim to enhance liquidity in EU bond markets by completing the trading ecosystem across cash, repo, and derivatives in accordance with international fixed income standards. By providing investors and institutions with new tools for managing interest rate exposure, Eurex hopes to establish the EU as a more prominent issuer in both European and global markets.
The European Union currently holds over €600 billion in outstanding debt, placing it among the top five issuers in the region. Secondary market activity has grown substantially, reaching levels comparable to those of major sovereign issuers. In a sign of support for this ecosystem, the European Commission became a trading member of Eurex Repo in 2024.
Product Specifications
The new Euro-EU Bond Futures will carry a 6% notional coupon, mirroring Eurex’s existing benchmark contracts such as the 10-year Bund, OAT, BTP, and Bono futures. Deliverable securities will have maturities ranging from 8 to 12 years, in line with typical EU issuance schedules.
These contracts will fall within Eurex’s portfolio margining system, allowing them to be offset against other short- and long-term interest rate derivatives, including swaps and options. This will offer participants enhanced capital and margin efficiency, as well as improved risk management capabilities.
A Strategic Commitment to European Financial Sovereignty
Matthias Graulich, Eurex’s Global Head of Products & Markets, framed the launch as a strategic move aligned with Europe’s broader ambitions for financial autonomy.
“The introduction of Euro-EU Bond Futures is not merely a product innovation—it is a strategic commitment to supporting Europe’s path toward greater economic sovereignty,” Graulich said. “At a time when the continent is increasing debt issuance and investors are seeking precise tools for risk management, this product reinforces our role as the Home of the Euro Yield Curve.”
The launch is the result of close collaboration between Eurex, market participants, and the European Commission, reflecting the strong institutional support behind the initiative. As global economic dynamics evolve, Eurex’s new offering is poised to play a central role in shaping the EU’s fixed income landscape.
