Eurex Adds Santander Derivatives To FX List

According to the Eurex press release, this is part of the Spanish financial institution’s expansion of its FX futures trade and highlights current trends toward listed FX business. Banco Santander (SAN) underpins this expansion as the clearing member and Deutsche Bank (DB) as the liquidity provider.

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Market players are increasingly using FX derivatives to “hedge their portfolio performance.” Eurex claims cleared FX futures and options ease counterparty credit risks, manage uncleared margin rules, and maximise capital expenses. The exchange’s Global Head of FIC Derivatives and Repo Sales, Jens Quiram, added:

We are proud to welcome Santander Asset Management. This is a great addition on our way to becoming the leading FX liquidity hub in Europe. By now trading and clearing listed FX derivatives on Eurex, Santander Asset Management benefits from low exchange fees and regulatory certainty within the EU.

Eurex said Santander may also run FX options via Eurex and trade the first FX options block at the exchange. Imanol Urquizu, Head of Derivatives at Santander Asset Management, stated:

We look forward to working with Eurex to expand our listed FX business in Europe. In addition to our engagement in FX futures we actively collaborate with multiple FX dealers to explore the trading of FX options at Eurex. Integrating FX futures and FX options within the Eurex ecosystem unlocks operational efficiencies and enhances our risk netting capabilities.

As a liquidity provider, Deutsche Bank indicated it is “proud to partner with Santander Asset Management to deliver this important initiative.”