Removing access barriers, the growing need for risk‑management derivatives to support asset‑class growth such as ETFs, and a push for transparency, digitalisation and DLT that could revolutionise market‑infrastructure rails set the tone at Eurex’s Derivatives Forum. The exchange’s leadership outlined where things stand and what to expect from it in 2026.

Eurex opened its Derivatives Forum to a record 1,800 registered attendees, with representation from 47 countries – a scale CEO Robbert Booij said reflects both the diversity of the industry and Frankfurt’s rising international weight. “We need stable, resilient and trustworthy markets… and as an industry, we need to lead the transformation,” he told delegates. Booij, who cycled to the event, drew a parallel between the precision and adaptability required in Winter Olympic skiing and the resilience and agility financial services must demonstrate in meeting today’s challenges.

Fixed income: building out the euro yield curve ecosystem

Executive Board Member Matthias Graulich said the fixed income franchise continues to expand on the back of rising issuance, balance‑sheet runoff and persistent rate uncertainty. “This market has grown quite substantially… and I see no signs that this is not continuing,” he said.

A major 2026 milestone will be the Q2 migration that brings derivatives and repo into the same margin pool, a long‑planned integration Graulich described as foundational for the next stage of efficiency gains.

He also highlighted the continued build‑out of EU bond futures, record OTC clearing activity, and a repo market that has doubled to €1.1 trillion in outstanding notional. Political momentum around European financial sovereignty, he said, reinforces the strategic relevance of Eurex’s “Home of the Euro Yield Curve”.

Equity derivatives: headwinds turning into tailwinds

Graulich acknowledged the challenges of recent years: “Equity investments have been centred on the US such as ETFs” – but argued the cycle is shifting. “Asset values are increasing but that increases the need for risk‑management products. Headwinds mean tailwinds.”

He pointed to: renewed allocations into European equities; a rotation from passive to active strategies; €2 billion in margin efficiencies delivered to a major global dealer; and a strategic push to develop ETF‑based derivatives, an area where Europe lags the US.

Access: removing friction and widening participation

Booij framed access as a strategic priority: “We need to identify any barriers for our clients and take them away.” Recent and upcoming measures include: sponsored access, enabling buy‑side firms to connect directly using their own infrastructure; and a cloud access point launching in H2 2026, removing the need for data‑centre connectivity

On liquidity, Eurex’s overhaul of its Euro STOXX 50 options framework has delivered a 50% reduction in spreads and broader series coverage. Graulich added that 2026 will bring a push for greater transparency in the off‑book market, where significant liquidity remains opaque.

Digitalisation and DLT: reshaping the rails

Digital transformation sat at the centre of both leaders’ remarks. Booij noted that Eurex now offers the full suite of crypto derivatives, while Clearstream provides bitcoin custody and 360X supports tokenised securities. The next step, he said, is integration: “We want to combine these offerings for an integrated liquidity experience for clients.”

A new partnership with Kraken will see 360T’s FX platform integrated into the crypto exchange’s backend – part of a broader convergence between digital and traditional finance. “The world of digital and traditional is converging more, and we have a role to play in establishing the right rails,” Booij said.

Graulich was even more direct: “I’m convinced DLT will revolutionise our rails going forward.”  

He pointed to a live DLT collateral‑delivery rail built with Clearstream and HQLAx, and said the next steps include accepting digitally issued securities, e‑money, and central bank digital money as the market moves toward a hybrid—and eventually fully digital—market‑infrastructure environment.

Retail: Europe’s untapped derivatives opportunity

Booij noted that European retail investors have historically favoured equities, ETFs and structured products, but behaviour is shifting. “There’s a shift from savings and more into investments. As part of the SIU, it’s important this is made available to the economy via equity and equity derivatives. Manage risks and gain exposure.”

Eurex is seeing a surge of retail brokers seeking connectivity, and both executives framed retail as a long‑term growth engine. Graulich pointed to Germany’s rise from 10 million to 14 million retail accounts, yet only one‑fifth of adults participate—leaving “an 80% potential” for first‑time investors who may eventually adopt derivatives.