Eurex — Europe’s leading derivatives exchange and, together with Eurex Clearing, one of the world’s leading central counterparties — reported lower trading volumes in September as market activity cooled. The exchange handled 188.3 million contracts during the month, down 4 percent from the 196.0 million contracts recorded a year earlier. Interest rate derivatives stood out, rising 10 percent year-on-year to 104.2 million contracts. By contrast, equity derivatives fell 14 percent to 23.5 million contracts, while index derivatives dropped 16 percent to 60.2 million contracts.  OTC Clearing posted strong growth in September, with notional outstanding volumes up 37 percent year-on-year to EUR 46,699 billion, compared with EUR 34,115 billion in the same month of 2024. The surge was driven largely by overnight index swaps, which leapt 52 percent to EUR 6,084 billion. Interest rate swaps also contributed significantly, rising 29 percent to EUR 19,814 billion.  Eurex Repo, Eurex’s leading electronic market for secured funding and financing, posted another strong month in September 2025, with average term-adjusted volumes climbing 52 percent year-on-year to EUR 462.2 billion. Growth was led by the GC Pooling segment, which jumped 56 percent, while the Repo Market segment also advanced, rising 48 percent. The results underline Eurex Repo’s continued upward momentum in secured funding and financing.  Business overview – September 2025  September 2025 September 2024 Change Financial derivatives: Traded contracts Eurex Exchange     Index derivatives (million)  60.2 71.7 -16% Interest rate derivatives (million)  104.2 95.0 +10% Equity derivatives (million)  23.5 27.3 -14% Total (million)1 188.3 196.0 -4% OTC Clearing2 Notional outstanding volumes (billion EUR) 46,699 34,115 +37% - of which interest rate swaps (billion EUR)  19,814 15,374 +29% - of which overnight index swaps (billion EUR)  6,084 4,002 +52% Average daily cleared volumes (billion EUR)  354 196 +81% - of which interest rate swaps (billion EUR)  50 24 +107% - of which overnight index swaps (billion EUR)  56 21 +160% Compression volumes (billion EUR)  207 131 +58% Repo: Average daily term adjusted volume on Eurex Repo  GC Pooling3 (billion EUR)  218.3 139.6 +56% Repo Market (billion EUR)  243.9 165.4 +48%  Total (billion EUR)  462.2 305.0 +52% 1 The total number of contracts traded includes other asset classes such as commodities. 2 Notional cleared volumes including post trading events such as compression. 3 Includes all currencies. Media contact:   Irmgard Thiessen   +49 69 211-1 59 11   irmgard.thiessen@deutsche-boerse.com Fabian Vichtl    +49 69 211-1 65 95    fabian.vichtl@deutsche-boerse.com   

Norton Rose Fulbright advised three Brazil financial institutions.

Following the introduction of the regulatory framework by HMT in 2024, the Financial Conduct Authority (FCA) is set to introduce a new Composite Consumer Investments regime (the CCI Regime), which is aiming to streamline and strengthen the regulatory framework for retail investment products in the UK.

Norton Rose Fulbright South Africa, acting on behalf of the Commission for Gender Equality (CGE), has secured a landmark victory in the Constitutional Court.

On 3 September 2025, we hosted Global Investigations Live in Singapore, a dedicated client event designed to explore the shifting landscape of cross-border regulatory investigations and enforcement trends.

Twenty-seven Norton Rose Fulbright lawyers globally have been recognized as IP STARS, notable practitioners or rising stars by Managing Intellectual Property Magazine.

United Kingdom: This is the first of two articles examining what has happened since the FCA's Consumer Duty came into force on 31 July 2023 and what firms can expect from the FCA's programme of work announced in their update on 30 September 2025. In this article we look at what has happened in the past two years and how understanding of the Duty is being embedded in the industry.

Vietnam: In the context of Vietnam entering an era of "mega construction" with numerous key infrastructure projects, establishing an effective dispute resolution mechanism has become a crucial factor determining the success of investment projects.

United Kingdom: A recent European ruling has found that parents of children with disabilities are entitled to protection under disability discrimination legislation. We analyse what it means for multinational employers and potential implications for UK employers.

Poland: Product safety regulations are tightening across Europe, and many businesses are asking practical questions about product instructions and safety information. Must instructions and safety information always be included? What language should they be in? Can a QR code be used instead of paper instructions?

Hungary: To increase biogas and biomethane production in Hungary, the Ministry of Energy has launched a support scheme as part of the Jedlik Ányos Energy Program. We have summarized the main terms and conditions of the new biogas support scheme.

New Zealand: In this edition of the Echo, we consider the risks of informal employment in Wei v Lanquan Ltd and the approach to managing employee mental health challenges as highlighted in Chief of New Zealand Defence Force v YFX. We also consider the first claims filed under the new pay equity legislation. Finally, we provide a brief overview of the recent application of the new Employment Relations (Pay Deductions for Partial Strikes) Amendment Act 2025 and the Holidays Act reform. 

03.10.2025 Sechste Verordnung zur Änderung der Versorgungsmedizin-Verordnung
V. v. 29.09.2025 BGBl. 2025 I Nr. 228

ändert
- Versorgungsmedizin-Verordnung (VersMedV)

Erklärt ein Soldat, sich an seinen Treueeid nicht mehr gebunden zu fühlen und einem etwaigen Marschbefehl im Rahmen einer NATO-Verpflichtung nicht Folge leisten zu wollen, so ist er aus dem Dienst zu entfernen. Das bestätigt das BVerwG.

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Gesetzliche Krankenkassen müssen erst ab Juli 2021 die Kosten für eine Kryokonservierung von Eizellen übernehmen. Auf das frühere Inkrafttreten der Kryo-Richtlinie des Gemeinsamen Bundesausschusses ist nicht abzustellen, wie das LSG Nordrhein-Westfalen klarstellt.

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