06:11 AM EDT, 05/23/2024 (MT Newswires) -- Santander Asset Management has started trading its FX derivatives business at Eurex with plans to add FX options business as well, the German derivatives exchange said on Wednesday.

Banco Santander is acting as clearing member and Deutsche Bank serves as liquidity provider, according to a Eurex statement.

Santander and Deutsche Bank have also traded the first FX options block trade ever at Eurex.

More market participants are using FX derivatives as "a tool to hedge their portfolio performance," using the instruments to mitigate counterparty credit risk, navigate uncleared margin rules and optimize capital costs through centrally cleared FX futures and options. Eurex said.