European derivatives exchange Eurex has released its volumes report for the month of December earlier this week. Clearing volumes continued their upward trend in the last month of 2019, recording triple digit growth in average daily cleared volumes. Significant increases in volumes were also seen at Eurex Repo and EEX.
Despite YoY volumes of traded derivatives contracts at Eurex being slightly down in December 2019, the year as a whole saw some very positive developments across a number of individual product segments.
2019 also saw Eurex roll out its ESG derivatives offering and the milestone of half a million traded contracts was reached on 12 December.
The OTC clearing space at Eurex saw significant gains. Notional outstanding volumes were up 62.85% in December to 12,886 billion EUR, while average daily cleared volumes more than doubled YoY, up 144% to 58 billion EUR in December. Across the whole of 2019, daily OTC interest rate derivative volumes averaged 110 billion EUR and daily long-dated OTC interest rate swap activity averaged 15 billion EUR – up 130% YoY.
At EEX, the European Energy Exchange based in Leipzig, strong growth was seen in both electricity and gas derivatives – up 3% and 21%, respectively. Contributing to this were solid performances in Spanish power futures (up 69% YoY to 23.8 TWh), French power futures (up 45% to 43.0 TWh), and German power futures (up 31% to 208.7 TWh).
Eurex Repo, Eurex’s electronic market for secured funding and financing, recorded a significant rise in GC Pooling volumes in December, up 37.7 percent to 48.2 billion EUR and following on from YoY rises of 45% and 42% in November and October, respectively. In 2019 as a whole, compared to 2018, average outstanding volumes rose 20.5% to 44.6 billion EUR in GC Pooling while Repo Market average volumes were up 1.8% to 57.1 billion EUR.
Business overview
| Dec 19 | Dec 18 | Change | |
| Financial derivatives: Traded contracts Eurex Exchange | |||
| European equity index derivatives (million) | 85.3 | 96.0 | -11% |
| European interest rate derivatives (million) | 42.8 | 47.3 | -9% |
| European equity derivatives (million) | 31.0 | 31.2 | -1% |
| Total (million)1) | 160.1 | 174.6 | -8% |
| OTC Clearing2) | |||
| Notional outstanding volumes (average value) (billion EUR) | 12,886 | 7,913 | +62.85% |
| Average daily cleared volumes (billion EUR) | 58 | 24 | +143.54% |
| Average daily cleared volumes from post trading events (billion EUR) | 26 | 18 | +41.39 |
| Commodities: Trading volumes EEX | |||
| Electricity (terawatt hours) | 536.1 | 407.1 | +32% |
| Gas (terawatt hours) | 190.6 | 158.1 | +21% |
| Emissions trading (million tons of CO2) | 64.5 | 114.5 | -44% |
| Repo business: Average monthly outstanding volume on Eurex Repo | |||
| GC Pooling3) (billion Euro) | 48.2 | 35.0 | +37.7% |
| Repo Market (billion Euro) | 51.4 | 64.3 | -20.1% |
1) The total number of contracts traded includes other asset classes such as commodities
2) Notional cleared volumes including post trading events such as compression
3) Includes all currencies
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