Exchange-traded credit futures disappoint

The world’s first exchange-traded credit futures, which were listed by Frankfurt-based Eurex on March 27, have posted lacklustre trading volumes, with only one major dealer making markets in them.

The three futures contracts are referenced to the iTraxx Europe, Crossover and HiVol five-year credit default swap indices. The contracts, which are cash-settled, trade in increments of €100,000. They pay a fixed coupon and have semiannual maturity dates in March and September.

Société Générale is the

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