Eurex Agenda

BVI Fund Operation Conference

Held by the German Buyside Association
Find out more here: BVI Fund Operations Conference – BVI Fok

15:30 - 18:00

ISDA Derivatives Panel & Networking Reception

Further details and registration link to follow
Contact Conferences@isda.org for more information.

18:30

WIFM German Dinner Night (by invitation only)

2nd Annual German reception jointly hosted by Eurex & Women in Financial Markets

08:00 - 09:15

Registration & Networking Breakfast – open to everyone registered

Enjoy breakfast and catch up with your peers before the 8^th edition of Derivatives Forum kicks off

Networking Breakfast - Women In Financial Markets – open to everyone registered

09:15 - 09:20

Welcome & Housekeeping notes

Annette Weisbach, Correspondent Germany, CNBC

Online Stream Harmonie

09:20 - 09:30

Welcome Remarks

Robbert Booij, CEO, Eurex

Online Stream Harmonie

09:30 - 10:00

To kickstart the Derivatives Forum 2026, this fireside discussion explores what to expect from Eurex in 2026

Speakers	Robbert Booij, CEO, Eurex Matthias Graulich, Executive Board Member, Eurex
Moderator	Annette Weisbach, Correspondent Germany, CNBC

Fireside Chat Online Stream Harmonie

10:00 - 10:30

European economies have been buffeted by trade wars, tariffs and transatlantic restrictions over the past decade. In response, the EU has launched a strategic autonomy program that will see massive investment in a range of areas from renewable energy to financial services. This session explores what that means for markets across Europe.

What does the strategic autonomy program mean for European markets?
Where is capital being allocated?
How will the autonomy program change Europe?

Moderator

Annette Weisbach, Correspondent Germany, CNBC

Fireside Chat Online Stream Harmonie

10:30 - 10:50

Keynote Deutsche Bank

Keynote Online Stream Harmonie

10:50 - 11:50

In this traditional panel, leading market participants discuss political and macroeconomic developments within the EU and beyond, and their implications for financial markets. Amid ongoing geopolitical tension and rapid digitalization, the financial sector faces renewed opportunities and risks. Despite the potential for new investor capital ‘decoupling’ from US institutions, doubts remain over wider economic prospects and Europe's pace of innovation.

What are the implications of global trade disputes and tariff policies on European financial markets, cross-border investment flows and derivatives usage?
How is rapid technological change and geopolitical fragmentation reshaping risk management and investment strategies across Europe?
How do leading financial institutions plan for the future?
How can Europe attract more international investor capital?

Moderator	Annette Weisbach, Correspondent Germany, CNBC
Speakers	Thomas Book, Executive Board Member, Deutsche Börse

Panel Online Stream Harmonie

11:50 - 12:50

Networking Lunch - sponsored

Served in C02 and C03

12:50 - 13:30

This Fireside Chat offers a behind-the-scenes look at the most influential ideas and debates shaping strategic investment decisions for the year ahead.

How are global macro complexity and regional dynamics creating risk and opportunities?
Which geopolitical risks will drive long-term market trends, and which are overstated?
What is the impact of technology and AI on investment processes?

Speaker

Vincent Mortier, Group Chief Investment Office, Amundi
Michael Krautzberger, CIO Public Markets, Allianz Global Investors

Fireside Chat Online Stream Harmonie

13:30 - 13:40

Transition Break

13:40 - 14:25

This session will explore how the evolving role of market makers is reshaping liquidity dynamics. The panel will look at the role market makers play in providing liquidity to the buy-side, reducing systemic risk and how their approach to liquidity and direct execution is likely to evolve.

What does the future hold for liquidity in a changing landscape?
How have broker lists changed and evolved in recent years?
How will the liquidity landscape evolve in the coming years – more towards listed products or more complex OTC trades?

Moderator	Helen Bartholomew, Bureau Chief London, Risk.net
Speakers	Jan Boomaars, Global CEO, Optiver Robbert Booij, CEO, Eurex

Panel Online Stream Harmonie

The increased diversification of participants in European energy and power derivatives markets has been a key trend in the market over the past five years. At the same time, volatility and market structure changes have brought new opportunities. This panel will explore the changing dynamics of the market and the key trends shaping the future.

How has the diversification of participants changed European markets?
How to access European and global energy markets?
What are the key trends in the European power markets?

Speakers

Tobias Paulun, CEO, European Commodity Clearing
Enrico Piccin, Director Derivatives Business Development, S&P Global Market Intelligence

Panel Illusion 1+2

Retail investors are increasingly using sophisticated financial instruments, including listed derivatives. This panel brings together leading experts to analyze the current state of retail listed derivatives trading in Europe, exploring opportunities and challenges for growth.

How do retail investors currently interact with European derivatives?
How can Europe stimulate more retail participation?
Is regulation fit for purpose with respect to retail investors trading listed derivatives?

Moderator	Will Mitting, Founder, Acuiti
Speakers	Jan Heyder, Senior Sales Manager, CapTrader Doeko Doets, EU Head of Prime Client Relationships, ABN AMRO Clearing Bank

Panel Fantasie

The regulatory reporting landscape is undergoing significant transformation, with firms expected to manage evolving requirements while maintaining high-quality, accurate submissions. This session will examine ESMA’s latest updates to EMIR and MiFIR reporting, focusing on both the practical challenges and the opportunities arising from these changes. In this session, speakers will:

Break down the latest ESMA updates, including key changes to EMIR and MiFIR reporting requirements.
Explore the wider regulatory reporting landscape, focusing on implementation challenges, supervisory expectations, and data-quality considerations.
Share practical and actionable insights to help firms prepare effectively for the upcoming changes and strengthen their reporting frameworks.

Speakers

Matthew Vincent, Managing Director, Kaizen
Tim Hartley, EMIR Reporting Director, Kaizen
John Graham, Senior Director of Regulation, FIA

Deep Dive Session Illusion 3

14:25 - 14:30

Transition Break

14:30 - 14:55

Speakers

Klaus Löber, Chair of the CCP Supervisory Committee, European Securities and Markets Authority (ESMA)

Fireside Chat Online Stream Harmonie

14:55 - 15:05

Transition Break

15:05 - 15:50

European clearing markets are undergoing a structural shift as investors seek to take advantage of capital efficiencies and the attractiveness of trading in a cleared environment. This panel discusses the state of clearing from OTC IRD to STIRs , FX and Repo.

Beyond EMIR 3.0 - what’s next in the European Clearing space?
What defines quality liquidity in today’s markets — and how are buy-side participants rethinking execution strategies?
Understanding clearing and connectivity – what is the infrastructure behind the liquidity?

Speakers

Jens Quiram, Global Head of Sales & Marketing, Eurex
Elke Wenzler, Head of Trading, MEAG
Scott O'Malia, CEO, ISDA

Panel Online Stream Harmonie

This session explores three of 2025’s most influential thematic trends: European defense, artificial intelligence (AI), and the emerging role of quantum computing. Defense spending and AI have already delivered exceptional performance, driven by structural shifts and transformative innovation. Quantum computing, while still early-stage, is increasingly seen as a strategic enabler - without requiring a complete overhaul of existing systems. The discussion shall highlight strategies, valuation frameworks, and long-term growth drivers for these themes.

How is European defense investment impacting European markets?
Is there an AI bubble and how are valuations likely to evolve in 2026 and beyond?
How are firms thinking about capital allocations in 2026 considering the key trends?

Moderator

Matthias Knab, CEO, Opalesque

Panel Illusion 1+2

Credit is among the world’s largest asset classes, yet derivatives trading remains largely OTC. That is beginning to change following the launch of Credit Index Futures on Eurex. This panel will discuss listed alternatives to improve market access, how these contracts work, and ways to seize opportunities within the broader credit market.

How do listed credit index futures fit into the current OTC offering?
How are firms navigating credit volatility and what is the role of futures in their strategies?
What are the relative value opportunities in volatile credit markets?

Moderator	Radi Khasawneh, Derivatives Editor, FOW
Speakers	Manuel Tremml, Portfolio Manager, XAIA investment

Panel Fantasie

By addressing regulatory controls earlier in the trade lifecycle, or a “shift left” in controls, firms can achieve a significant reduction in downstream remediations and reconciliations. This deep dive will challenge the status quo of siloed processes and disparate controls, encouraging attendees to consider:

How can firms focus attention away from better reconciliation and remediation to preventing errors entirely?
How can shifting regulatory controls upstream improve downstream efficiency, including reporting?
How can firms avoid fixing the same issues repeatedly across several regulations?
What other benefits can firms experience from bringing controls to the forefront?

Speakers

Craig Butterworth, Chief Commercial Officer, Droit
Jean-Marie Mamodesen, Regional Sales Director, Droit

Deep Dive Session Illusion 3

15:50 - 16:25

Networking Break & Coffee
Meet our sponsors, network with your peers, and enjoy freshly brewed coffee varieties

Sponsored by FIA Tech

16:25 - 17:10

This keynote session will bring together senior buy-side leaders to discuss how automation, analytics, and connectivity are reshaping trading, liquidity access, and risk management across Europe — and where human judgement still matters most. The goal is a candid, practitioner-led conversation on the balance between machine efficiency and trader instinct; how firms are using data and workflow automation to handle regulatory and margin pressures; and why the next competitive edge will come not from replacing people with algorithms, but combining the two. In short, we’ll explore what the next-generation buy-side derivatives desk looks like — faster, smarter, greener… yet still unmistakably human.

How automation, analytics, and connectivity are reshaping trading, liquidity, and risk management
Where human judgment still matters alongside growing machine efficiency
Why the edge comes from blending trader instinct with technology for a smarter, greener desk.

Moderator	Henry Wallis, Head of Strategy Financial Markets, WBR
Speakers	Elke Wenzler, Head of Trading, MEAG

Panel Online Stream Harmonie

The rise of Quantitative Investment Strategies has been one of the defining themes of buy-side investment. Now, for the first time, investors can trade QIS in a futures format with the launch of QIS Index Futures at Eurex. This panel will explore how the contracts provide new access to the buy-side to trade these innovative strategies.

How to generate market neutral or defensive strategies to target portfolio diversification?
How does the futurization of QIS strategies improve access for institutional investors?
How to invest in Custom Indices and QIS through listed derivatives?

Speakers

James Horrex, Head of Index Solutions, Schroders

Panel Illusion 1+2

ETFs and index derivatives are among the fastest growing instruments across the globe. As volumes grow, so too does innovation in the market with the launch of innovative structures and new underlyings. This panel will discuss the use of index and ETF derivatives to express views on niche markets and how to source liquidity – both on and off-screen.

What are the trade-offs between on- and off-screen liquidity?
How do liquidity providers source cash market liquidity to provide derivatives to clients?
How are buy-side use-cases evolving?

Moderator	Will Mitting, Founder, Acuiti
Speakers	Philipp Schultze, Head of Sales Western & Southern Europe, Eurex

Panel Fantasie

17:10 - 17:15

Transition Break

17:15 - 18:00

This panel will explore how ETF derivatives and buffer ETFs are used to implement overlay strategies that improve portfolio efficiency, manage downside risk, and optimize capital. The conversation will highlight practical applications across asset classes, with insights from institutional investors and product specialists.

How are ETF derivatives used to create tactical overlays in equity and fixed income portfolios?
What role do buffer ETFs play in mitigating downside risk while maintaining upside participation?
How do overlay strategies using ETF options and futures support liquidity and capital efficiency?

Moderator

Radi Khasawneh, Derivatives Editor, FOW

Panel Online Stream Harmonie

With trading and clearing of euro-denominated derivatives readily available on one platform, what are the implications for the market? This panel will delve into the various instruments available and discuss why visible liquidity isn’t the only metric.

What are the developments at the end of the curve?
How can investors leverage Euro-EU Bond Futures to manage risk and potentially enhance returns within their portfolios?
What is next for fixed income market structure in Europe?

Panel Illusion 1+2

This panel will explore the strategic role of FX options at Eurex, focusing on their growth, relevance in volatile markets and integration into broader trading strategies. The discussion will also explore how listed FX derivatives are evolving as a competitive alternative to OTC products.

How are FX options at Eurex positioning themselves against OTC markets?
What role do FX options play in managing macroeconomic volatility?
How are FX options being used within multi-asset trading strategies?

Speakers

Alexander Ross, FX Trader, IMC Trading

Panel Fantasie

18:00 - 20:00

Networking Reception – Open to All Attendees
Join us for drinks & food and enjoy networking with your peers

19:30 - 01:00

Derivatives Night @ Palmengarten - By Invitation Only
Join us for the afterparty at the beautiful Gesellschaftshaus Palmengarten for drinks and flying dinner.

Sponsored by: Deutsche Bank, Goldman Sachs and STOXX

09:00 - 09:30

Derivatives Forum Networking Breakfast – open to everyone registered
Catch up with peers before the 2^nd day starts and share your thoughts on the Derivatives Forum!

09:30 - 10:15

From Themes to Trends: How Indices are Shaping Tomorrow’s Markets

Indices have long been the backbone of financial markets, shaping investment strategies and driving liquidity in derivatives. As markets evolve, indices evolve too, becoming more innovative, thematic and technology-driven. This panel brings together leading index providers to explore how index innovation is fueling the next wave of growth in derivatives. Uncover how index evolution is not just responding to market trends but actively impacting the future of derivatives trading, risk management and investment strategies.

How are sector-specific and trend-driven indices redefining investor engagement?
What does the rise of artificial intelligence mean for index construction and derivatives markets?
How are crypto indices influencing structured products and futures?
What comes next for index providers?

Moderator

Annette Weisbach, Correspondent Germany, CNBC

Panel Online Stream Harmonie

Short-Dated Options: Liquidity, Innovation, and Regional Dynamics

This panel will explore the rapid evolution of short-dated options - including dailies, weeklies and even hourlies - and their growing role in tactical trading, hedging, and volatility management. The discussion will cover liquidity trends, product innovation and differences between US and European markets.

What's driving demand for ultra-short-dated options like dailies and hourlies?
How do liquidity and trading behaviors differ between US and European markets?
What role do short-dated options play in institutional overlay and risk strategies?

Panel Illusion 1+2

10:15 - 10:25

Transition Break

10:25 - 11:10

Tokenization, the Future of Collateral and Liquidity Management?

Tokenization has the potential to redefine how collateral is mobilized, managed and optimized across derivatives markets. This panel will explore the transformative potential of distributed ledger technologies, smart contracts and stablecoins in enhancing liquidity, reducing settlement risks and enabling real-time collateral mobility. Experts will discuss regulatory implications, interoperability challenges, and the role of central and commercial banks in supporting tokenized ecosystems.

Where are we today with tokenization?
How does the process of moving real-world assets onto the blockchain for collateral purposes work?
What will be the impact on the overall clearing and settlement infrastructure?

Moderator	Marcel Hörauf, Partner, Mayer Brown
Speakers	Efthimia Kefalea, Head of Derivatives Clearing Development, Eurex Alexandra Hachmeister, Director General Digital Euro, Bundesbank

Panel Online Stream Harmonie

Hedge Funds Reimagined: Liquidity, Leverage, and Efficiencies

This panel explores how hedge funds are taking more control over their margining, collateral and clearing operations, trading listed derivatives and looking to improve capital efficiency in the wake of increased volatility.

What impact has higher collateral requirements had on hedge funds?
What role do portfolio margining and cross-product offsets play in optimizing capital and collateral usage?
What do hedge funds think about direct access to clearing?

Moderator	Hamlin Lovell, Contributing Editor, The Hedge Fund Journal
Speakers	Catherine Zanatta, Regional Sales Manager, Eurex

Panel Illusion 1+2

Global Index Trading with MSCI: Liquidity, Trends, and Strategic Applications

This deep-dive session explores the growing ecosystem of derivatives linked to MSCI indexes on Eurex. The discussion will highlight liquidity developments, market trends, and how different participants leverage derivative instruments to manage risk and optimize portfolio performance. Products in scope include derivatives linked to single-country indexes, factor indexes and the MSCI World Index.

Explore trading applications of derivatives linked to MSCI indexes on Eurex
Review liquidity developments and key market trends
Discuss strategic use cases for asset managers, hedge funds, and banks

Deep Dive Session Illusion 3

11:10 - 11:40

Networking Break & Coffee
Meet our sponsors, network with your peers, and enjoy freshly brewed coffee varieties.

Served in C02

11:40 - 12:25

Volatility has been a perennial feature of capital markets over the past five years. This session examines the evolving volatility landscape across equities, FX, and fixed income, with a focus on trading strategies, product innovation, and the growth of algorithmic trading in volatility markets.

How have approaches to volatility trading changed after the experiences of the past five years?
What product innovation is required to further the evolution of vol trading?
What is the outlook for volatility in 2026 and how can firms get ahead of the curve?

Moderator	Georgia Reynolds, Editor, EQDerivatives
Speakers	Sophie Granchi, Regional Sales Manager, Eurex

Panel Online Stream Harmonie

This panel explores how evolving liquidity dynamics, cross-currency flows and structural innovations are reshaping the OTC interest rate derivatives market, with a focus on optimizing margin, collateral, and capital efficiency across global strategies.

How are shifting liquidity dynamics and cross-currency flows reshaping the OTC IRD market?
How can market participants optimize margin, collateral, and capital efficiency across their derivatives strategies in today's environment?
What innovations and structural shifts are likely to shape the next phase of OTC interest rate derivatives trading across currencies and regions?

Speaker

Michel Everaert, Global Head E-Commerce & Digitalisation, Tradition

Panel Illusion 1+2

Our panelists will look at how clearing and bilateral trading have evolved and what this means for the German market. It will touch on regulatory changes, buy-side behavior, and the broader outlook for OTC derivatives. Emerging topics such as T+1 settlement and digital assets will also be considered.

How CCP clearing has developed since EMIR and why bilateral trading still matters.
Why the buy-side approaches clearing differently and what drives voluntary adoption.
What EMIR 3.0 and new asset classes could mean for the future of clearing

Moderator	Rudolf Siebel, Managing Director, BVI
Speakers	Max Dannheimer, Head of Sales Central & Eastern Europe, Eurex

Panel Fantasie

12:25 - 12:35

Transition Break

12:35 - 13:05

Deutsche Bundesbank

Moderator	Annette Weisbach, Correspondent Germany, CNBC
Speakers	Fritzi Köhler-Geib, Member of the Executive Board, Deutsche Bundesbank

Fireside Chat Online Stream Harmonie

13:05 - 14:00

Networking Lunch – sponsored by
Served on C02 and C03

14:00 - 14:45

This panel brings together leading portfolio managers to explore how liquidity dynamics and the ongoing futurization of derivatives markets are reshaping investment strategies, risk management and capital efficiency. The discussion will highlight how institutional investors are adapting to structural shifts while seeking alpha in increasingly electronic and transparent markets.

How are changing liquidity conditions impacting portfolio construction and execution strategies?
What does the shift from OTC to exchange-traded instruments mean for flexibility, cost, and risk?
How are managers integrating futurized products into their strategies to optimize margin and collateral usage?

Moderator	Radi Khasawneh, Derivatives Editor, FOW
Speakers	Mezhgan Qabool, Head of Sales EMEA, Eurex

Panel Online Stream Harmonie

Repo markets serve as a foundational layer for broader financial markets. As excess liquidity is removed from the system through reductions in the Central Bank's balance sheet provision, Repo markets are becoming more central to buy-side investment strategies. Our panelists will discuss the impact of macro trends, the challenge of electronification and how margin efficiencies boost volumes and transparency.

How have the dynamics of the repo market shifted over the past three years?
Sponsored clearing in Europe is on the rise. What are the challenges and opportunities?
What's next for the repo market in Europe?

Speakers

Katja Renner, Regional Sales Manager, Eurex

Panel Illusion 1+2

14:45 - 14:55

Transition Break

14:55 - 15:40

Managing risk in volatile markets is challenging. As global uncertainty becomes a perennial feature of global capital markets, the challenge that CCPs and risk managers face is heightened. This panel will explore how executives meet these challenges, adapt to regulatory changes, and mitigate global risk.

How has recent volatility impacted margin requirements?
What are the top risks in the market today, and how are firms dealing with them?
How do new technologies change how firms approach risk management?

Speakers

Dmitrij Senko, Chief Risk Officer, Eurex Clearing
Timothy Cuddihy, Group Chief Risk Officer, DTCC
Teo Floor, CEO, CCP Global

Panel Online Stream Harmonie

15:40 - 17:00

Closing Networking Reception

Served in C02