In the first instance, futures contracts will be introduced on the Euronext Derivatives Milan market – with contracts focused on European government bonds including: Italy’s 10-year and 30-year BTPs, France’s OAT, Germany’s Bund, and Spain’s Bono. 

Specifically, the offering introduces the first mini futures cash-settled on European government bonds – specially designed with retail investors in mind. 

The move provides both asset managers and private investors increased granularity for hedging as well as taking exposure to government bonds. 

Anthony Attia, global head of derivatives and post-trade, Euronext, said: “The launch of our fixed income derivatives is a pioneering step that highlights Euronext’s commitment to innovation and client-centric growth. By entering this critical market segment, we respond to the needs of investors who seek diversified opportunities and competitive solutions.

“[…] This is a significant step forward in our strategy to expand our derivatives franchise, realising our vision of driving growth and efficiency across Europe’s financial ecosystem.”

Read more: Fireside Friday with… Euronext’s Anthony Attia

The new derivatives products are set to go live in September 2025 and trades are set to be cleared by Euronext Clearing.

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Meaghan Dugan

Dugan brings over 20 years’ experience in listed options trading and market making to the role. 

She previously served as head of options at the New York Stock Exchange, overseeing NYSE Amex options and NYSE Arca options markets.  

Before joining NYSE, she spent 11 years at Bank of America, most recently as head of product for US electronic options and global futures algorithms.  

Elsewhere in her career, Dugan worked at Morgan Stanley as a lead market maker in its automated market making business, and then later in MSET, an electronic trading team delivering trading algorithms and solutions to institutional and buy-side trading. 

As part of her new role, Dugan will be responsible for overseeing the business strategy, competitive positioning, market structure and market development for Cboe’s US options business. 

“I have long admired Cboe for not only its remarkable success in US options, but also its ongoing expansion into a truly global derivatives powerhouse,” said Meaghan Dugan, head of US options at Cboe.  

“[…] I am incredibly excited to join a team that shares my spirit of innovation and commitment to excellence, and I look forward to helping propel Cboe’s US options business into its next phase of growth.” 

Dugan’s appointment comes as part of Cboe’s latest expansion of its global derivatives team to strengthen its business development, market intelligence and sales capabilities across the US, Europe and APAC. 

Other recent appointments include Steven Jorgensen as head of derivatives sales for Europe and the Middle East, and Jason Beck as senior director of derivatives sales, head of Florida and US sell-side.  

Cboe’s APAC derivatives sales team has also expanded with the appointment of Hiroshi Okitsu, James Paik and Lydia Stringer as sales directors, and Vincent Wang as sales manager.  

Elsewhere, Cboe expanded its derivatives market intelligence team with the appointment of Henry Schwartz as vice president, market intelligence, and Ed Tom as senior director, market intelligence. 

“This is an incredibly exciting time for Cboe’s global derivatives business as we continue to unlock new opportunities for growth by scaling up globally across every critical function,” said Catherine Clay, global head of derivatives at Cboe.  

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MIAX Bloomberg 500 Index futures will be listed on MIAX Futures, pending certain filings with the Commodity Futures Trading Commission (CFTC).  

Elsewhere, MIAX Bloomberg 500 Index options will be listed on MIAX Options, subject to certain filings with and subject to approval from the Securities and Exchange Commission (SEC). 

The new MIAX Bloomberg 500 futures and options products aim to provide competitive fees, increased product choice and more granular contract sizes, offering retail and institutional investors an alternative way to manage US equity market exposure. 

“Our collaboration with MIH to list Bloomberg 500 Index futures and options on its MIAX exchanges reinforces our strategy of expanding the use of Bloomberg equity indices across the financial investment community,” said Umesh Gajria, global head of index-linked product at Bloomberg Index Services Limited.  

“The introduction of these products answers significant pent-up demand for access to an alternative way of managing long and short exposure in the world’s most liquid equity market.” 

Read more: MIAX receives $100 million capital injection from Warburg Pincus  

MIAX Bloomberg 500 Index futures and options are being developed to reach both retail and institutional investor preferences, with a H2 2025 target for trading.  

In addition, Bloomberg 500 Index futures are expected to be the first financial future to be traded on the new MIAX Futures Onyx trading platform, pending filing with the CFTC. 

“We are pleased to provide the industry with a suite of new futures and options products offering a competitive alternative to manage exposure to the 500 largest publicly traded US corporations,” said Thomas Gallagher, chair and chief executive at MIH.  

“I believe our technology, support from strategic exchange members and Bloomberg’s distribution capabilities create a powerful combination to help answer industry demand for alternative ways to hedge and manage risk in US equities and options markets.” 

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“The agreement we have established with Delta Capita opens up new opportunities for us to enhance our derivative post-trade services for our valued clients,” said Karen Everingham, head of markets and securities services operations at HSBC.

Delta Capita has also expanded its operational footprint through the establishment of hubs in Kuala Lumpur and Manila, helping to allow for 24/7 support for its clients worldwide.

In addition, Delta Capita stated that by standardising post-trade processes and helping to reduce industry costs, this approach also seeks to address complex regulatory requirements. 

“We are delighted to have been appointed by HSBC to provide operational services,” said Joe Channer, chief executive at Delta Capita.

“This collaboration reflects our expertise in delivering cost-efficient, scalable post-trade solutions and reaffirms our commitment to driving innovation in financial services.”

The move follows previous developments from Delta Capita, including the acquisition of LSEG’s CLM technology, as well as the launch of its MACH Distributed Ledger product suite, which offers capital markets blockchain software.

The post Delta Capita to deliver post-trade OTC derivative services for HSBC appeared first on The TRADE.

The collaboration will bridge Kepler Cheuvreux’s expertise as an independent European equity broker and Centile Partners’ listed derivatives capabilities.

Based in London, Centile Partners is a newly developed listed derivatives agency broker headed by John Ruskin.

Ruskin hold decades worth of experience in the financial industry and specifically, listed derivatives.

The partnership aims to provide clients improved execution services on an agency basis across listed derivatives and related financial instruments.

“This expanded service offering will allow both firms to cater to the evolving needs of institutional clients, particularly hedge funds, which require high quality trading ideas and flawless execution in increasingly complex markets,” said the firms in an official announcement.

“Working together, Kepler Cheuvreux and Centile Partners will be able to offer clients a seamless experience by providing them with access to an enhanced suite of execution services.”

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Paul Johnson

Most recently, he served as APAC co-head of equity derivatives and head of exotics equity derivatives trading at Goldman Sachs in Hong Kong. 

Specifically, Johnson will oversee e-trading, equity derivatives, and equity-linked financing, as well as having oversight for the firm’s ‘Prime’ offering. 

He is set to report regionally to Jaideep Khanna, chief executive of Barclays, Asia Pacific and Head of Markets, Asia Pacific, and to Scott McDavid, global head of equities functionally. 

Read more: Barclays names new global head of equities and new global head of equities distribution

Speaking about Johnson’s appointment, McDavid said: “[Johnson’s] appointment reflects our continued investment in APAC as one of the key regions for our global equities franchise. His focus on driving collaboration and building capabilities will help us unlock new opportunities and further strengthen our presence.

“We are confident that his leadership will further enhance our ability to deliver exceptional solutions for our clients.” 

Johnson has more than 20 years’ experience in equities and derivatives, having previously served in a range of roles across Europe and Asia. 

Past roles include stints as head of CEEMEA and Latam FXO trading at Bank of America in London – focused on the MENA region, and as a trader at Goldman Sachs working on CEEMEA FXO. 

“His extensive industry expertise and client-first approach will be instrumental in accelerating our growth ambitions across Asia Pacific,” added Khanna.

The post Goldman Sachs’ APAC derivatives co-head joins Barclays as head of equities, Asia Pacific appeared first on The TRADE.

Robbert Booij

US market participants can now more efficiently manage their exposure in European equity markets through these additional instruments, said Eurex. 

Specifically, EURO STOXX 50 Index Dividend Options and EURO STOXX Banks Index Dividend Options can now be directly traded from the US. 

With dividends increasingly recognised as an asset class in their own right, the market is ripe for further scope in this space when it comes to listed dividend derivatives.

Robbert Booij, chief executive of Eurex Frankfurt, highlighted that this is a milestone as Eurex seeks to expand its global reach. 

“Removing access barriers and making our products available to global investors is a top priority for us. With dividend options on key indices such as the EURO STOXX 50 Index and the EURO STOXX Banks Index, US investors have another efficient tool to manage their exposure to the European market.” 

The move follows Eurex’s launch of mid-curve options on EURO STOXX 50 Index Dividend Futures last year, which are also tradable in the US. 

Speaking at a closed Deutsche Boerse roundtable last November, Erik Müller, chief executive of Eurex Clearing, highlighted exchange traded derivatives (ETD), interest rate swaps (IRS) and repo as the three key pillars for the business.

The post CFTC approves Eurex dividend options for US trading appeared first on The TRADE.

As we look ahead to 2025, we see it as a transformative year in how and what we trade. A convergence of trends is set to disrupt traditional norms and create opportunities for those that are thinking ahead. 

Our members tell us their industry is adapting to the pressures from indexation, prompting strategic mergers to achieve scale, and diversification into asset classes such as fixed income, derivatives, interest rate products, energy and commodities. This evolution demands agility from dealers who are being asked to adapt, creating opportunities to diversify skills and foster the exchange of specialist knowledge. 

The liquidity and market structure landscape across asset classes is also shifting. New entrants are reshaping traditional markets like equities and creating new ones like crypto. The dominant delivery mechanism for this liquidity will be electronic and automated. For our members, the challenge will be navigating these new sources of liquidity while applying common best execution principles to the process. For asset managers, maintaining quality execution expertise in this changing landscape will be critical for sustained fund performance. 

Andy Mahoney, managing director, EMEA, FlexTrade  

Market structure across asset classes has started to cross-pollinate increasingly, with workflows widespread in one asset class now cropping up as “innovations” in others. The overriding theme that will develop significantly in 2025 is the desire to connect liquidity providers with consumers in as direct a manner as possible.  

We’ve already seen the first signs emerging in 2024 with the rise of direct-to-buy-side connectivity, where liquidity providers of various types create private, curated price streams for the buy-side, who can then engage at their discretion. For some providers, notably those born in the deeply interconnected world of FX, this is nothing new, and they come with the native ability to widen spreads in response to various factors. For others, disclosing closely held liquidity is a more uncomfortable proposition, which is where technology providers will need to step up in 2025.  Reducing the information asymmetry between liquidity provider and consumer will be critical to enabling both sides to engage willingly.  

As this trend evolves, having a single entry point to the market – regardless of asset class – will become crucial. Lessons learned from one asset class can be ported to others without reinventing the (algo!) wheel. A flexible automation framework capable of operating across asset classes while observing the nuances of each will enable firms to transition to the long-anticipated model of a “true” multi-asset trader.  

Chris Bruner, chief product officer, Tradeweb  

The end of 2024 finds markets more interconnected than ever, as technology continues to shape multi-asset class execution in response to increasing demand for a unified, one-stop approach to trading across different products, geographies and client channels. This development has helped prime financial markets for the advent of a distributed ecosystem that democratises global financial markets and facilitates seamless, efficient and scalable interoperability for market participants.    

As investors continue to seek greater exposure to digital assets, emerging technologies such as blockchain could further drive electronification across newer adjacent markets. We will, therefore, be focused on exploring how these technology solutions could be harnessed in different regulatory environments to meet growing market demand.   

Bianca Gould, head of fixed income and equities EMEA at BNY  

Consolidation within the industry has increased the focus on operational efficiencies and we see this trend continuing into 2025. Clients are looking to reduce the overall number of partnerships they need to maintain. BNY’s multi-asset execution offering, with an execution-to-custody proposition and middle office support, is well-positioned to solve for many of our clients’ challenges across the trade lifecycle by utilising our trade execution solutions.  

BNY is working across the enterprise globally to enhance our ecosystem to be more for our clients. As the industry continues to focus on this topic, BNY is innovating to ensure that in addition to providing our core trade execution function, we can offer various operational efficiency solutions. 

Kevin O’Connor, global head of sales, portfolio solutions, State Street Global Markets   

State Street’s industry research in 2024 revealed that outsourced trading is an emerging trend that is providing users with a distinct advantage over the rest of the market. Those research findings provide proof of the many benefits of outsourced trading including efficiency gains, cost reductions, and improved investment performance. It’s no wonder then that we found from our survey of 300 global institutional investors that the vast majority of current users are “satisfied” or “very satisfied” with their experience and plan to expand usage.     

As we move into 2025, State Street expects to see greater adoption and global expansion of outsourced trading especially by larger firms in search of higher investment returns and cost efficiencies.  While we expect adoption across regions, expansion plans are particularly prevalent in EMEA, and according to our research, funds of all sizes are planning to expand their use of outsourced trading in that region.  We also expect to see more firms expand their usage across asset classes, outsourcing more complex asset classes such as derivatives, foreign exchange, and swaps.

The post The TRADE predictions series 2025: The cross-asset perspective appeared first on The TRADE.

GFO-X is the UK’s first regulated and centrally cleared trading venue dedicated to digital asset derivatives.

The trading venue stated that it has been working closely with these partners to deliver the requirements necessary to grow the institutional digital asset index futures and options market. 

Read more: LCH SA to launch UK’s first centrally cleared trading venue for digital asset derivatives with GFO-X

“We are delighted to announce our strategic partners as we drive towards launch in Q1 next year. Their support is a clear and strong endorsement of our vision of the market structure required to deliver digital asset derivatives to large institutional clients,” said Arnab Sen, chief executive and co-founder at GFO-X.

“It demonstrates the need for a highly regulated venue to bring additional depth, breadth, and diversification to the current limited choices in centrally cleared digital asset index derivatives. We believe the digital asset derivatives market will grow exponentially over the coming years.”

GFO-X offers a trading platform built for institutions, providing investors with a secure and efficient trading environment to manage digital asset exposure.  

“As a market maker, our strategic connection with GFO-X underscores our commitment to the institutional digital asset futures and options market – a rapidly evolving space we believe holds significant potential for continued growth and opportunity,” said Osi Lilian, IMC Strategic Investments co-lead.

The venue added that it looks forward to announcing additional partnerships with leading financial institutions in the immediate future.

Read more: M&G Investments leads $30 million Series B funding round for GFO-X

“We are excited to partner with GFO-X, the UKs first regulated and centrally cleared trading venue dedicated to digital asset derivatives,” said Barry Polak, lead product commerce at ABN ARO Clearing.

“This strategic collaboration underscores our shared commitment to advancing the institutional digital asset futures and options market.”

The post GFO-X names ABN AMRO Clearing, IMC, Standard Chartered Bank and Virtu Financial as strategic partners ahead of launch appeared first on The TRADE.

Across the market, participants are keen for a term rate anchored in €STR markets, said the firm.

The rates will be published in tenors of one, three, six, and 12 months and are based on CME Group’s liquid €STR futures and OTC swap market data. 

“We are introducing €STR term rates in response to client demand for a more robust and transparent term rate for the growing €STR ecosystem,” said Max Ruscher, head of benchmark services, CME Group. 

“Building on the increasing liquidity in our €STR futures market and OTC trade data, our term rate is based on comprehensive derivatives transactions data that will help clients build lending and fixed income products.” 

Read more: CME Group set to launch €STR options in Q1 2024

Since the launch in October 2022, more than 5 million €STR futures contracts have been, said the firm.

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