ICE Trades First Exchange-Listed ESTR Option but EURIBOR remains dominant benchmark

In August, ICE traded the first exchange-listed ESTR option.

ESTR futures have been available for trading for some time with ICE, CME, and EUREX, all competing to be the leading player.

Futures trading volumes in ESTR have increased since the start of 2024, with record months reported in July and August, and September appears poised to extend this trend. ESTR futures now account for approximately 14% of all short-term EUR trading (source: Clarusft.com). However, despite this rise in activity, EURIBOR remains the dominant benchmark for quoting OTC EUR options. “The initiation of options trading could signify a significant step towards greater liquidity in the OTC ESTR options market.” Ian Sams, Head of Product – EMEA.

TraditionData offers a well-established EURIBOR-based Swaptions and Cap/Floor surface, along with an ESTR equivalent since 2021. Both products deliver comprehensive coverage of at-the-money and out-of-the-money pricing, spanning over 20,000 price points.