European Overnight Index futures
Coming Q4, 2022*
European Overnight Index futures based on the Euro Short-Term Rate (€STR) and RepoFunds Rate (RFR) Benchmarks will provide liquid, capital efficient, and off-balance sheet tools for hedging overnight money market and repo rates in Europe.
*Subject to regulatory review.
Futurized €STR liquidity
Outright €STR futures similar in design to 3-month SOFR futures will be complemented by €STR-Euribor spread futures for basis trading.
Efficient repo exposure
Accurately hedge term repo exposure or manage cash vs. futures basis positions in a balance sheet lite instrument.
Seamless spread trading
Manage cross currency basis spreads between U.S. and EU money market rates with inter-commodity spreads vs. SOFR futures.
About European Overnight Index futures
€STR futures will be cash-settled to the Euro Short-Term Rate, a measure of the wholesale euro unsecured overnight borrowing costs of banks located in the euro area.
RepoFunds Rate (RFR) futures will be cash-settled to RepoFunds Rates, EU BMR registered benchmarks which measure of overnight funding costs derived from centrally cleared repo trades executed on BrokerTec and MTS.
€STR-Euribor and RFR-Euribor single-contract spread futures will settle by assigning contract holders into the related Overnight Index futures at a price determined by the final closing price of the spread future and the prevailing 3-month Euribor benchmark rate.
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