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September 11, 2023 - Deutsche Börse Group owned derivatives exchange Euruex has announced Goldman Sachs as a new member of its listed FX Futures business. Eurex states that, “As a leading participant in the global FX markets, Goldman Sachs is supporting an essential number of market players seeking to move their FX business to Eurex. This is another major milestone in Eurex’s ambition to build out its listed FX liquidity hub in Europe.”
Goldman Sachs is joining the FX business at Eurex both as a trading and clearing member and by offering liquidity for off-book transactions. The ability to maintain a bilateral trading relationship to access OTC liquidity whilst benefiting from a fully cleared FX contract is increasingly identified as a key instrument. This allows market participants to swap OTC trades into exchange-traded and centrally cleared contracts, thus removing uncleared exposure, and optimising capital allocation.
Jens Quiram, Global Head of FIC Derivatives & Repo Sales, Eurex commented, "We are delighted to see Goldman Sachs offering their global client base access to our listed FX derivatives suite. Goldman Sachs’ engagement both as clearing member and liquidity provider will enable even more clients to benefit from listed FX liquidity at Eurex. This is another major milestone on our way to expand Europe’s leading listed FX liquidity hub.”
Joseph Nehorai, Global Co-Head of Futures, Goldman Sachs also commented, “With block trades and EFPs, we can offer access to OTC liquidity while transacting in a listed instrument. Increasing funding and capital costs evolving in FX markets are leading to a growing appetite to move towards listed FX derivatives. This enables the buy-side community to enjoy the advantages of OTC trading and centrally cleared derivatives.”
