Eurex to Launch FX Contracts in July
Eurex's FX products, covering EUR/USD, EUR/CHF, EUR/GBP, GBP/USD, GBP/CHF, and USD/CHF, will be physically delivered through the multi-currency settlement system Continuous Linked Settlement (CLS).
This new product announcement comes just weeks after the Chicago Mercantile Exchange Group (CME) launched its European derivatives exchange, CME Europe, which began trading in commodity derivatives and FX futures last month.
Eurex Clearing as central counterparty of all trades is said to remain the counterparty until the final settlement of trades, providing full security for both sides of the transaction
According to the exchange, the global foreign exchange market turnover witness a significant growth in the last years with an average daily turnover volume reaching $5.3 trillion in April 2013. Exchange-traded FX derivatives are said to represent 3 percent, or $160 billion, of the daily average global FX market turnover.
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