Goldman Sachs Joins Eurex FX

Goldman Sachs has joined Eurex’ listed FX business as a trading and clearing member as well as a liquidity provider for off-book transactions, Eurex says the bank is “supporting an essential number of market players seeking to move their FX business to Eurex”.

The Deutsche Börse-owned exchange adds that 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.

“Goldman Sachs’ engagement both as clearing member and liquidity provider will enable even more clients to benefit from listed FX liquidity at Eurex,” says Jens Quiram, global head of FIC derivatives and repo sales, 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 at Goldman Sachs, adds, “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.”