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After a solid first quarter, equity derivatives desks have endured a difficult three months as volumes declined alongside a plunge in volatility, further denting hopes that the business will play a significant role in plugging the revenue gap left by the fixed income slump.
The futurisation trend is set to shift to Europe’s equity derivatives market as Eurex plans to launch listed variance futures based on the EuroStoxx 50 on September 22.
A shift away from the macro-driven world as central bank policies continue to diverge is driving greater dispersion between and within markets. And while it might not yet be time to see a return to stock picking, relative value trades between regional indices are gaining traction among equity derivatives traders.