Finance
German Bond Future Trading Interrupted for First Time Since 2023, Eurex Says
Published by Global Banking & Finance Review®
Posted on March 24, 2026
2 min readLast updated: March 24, 2026
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Quick Summary
Two-year German government bond futures trading saw two volatility interruptions on March 23, 2026 — the first such event since March 16, 2023 — triggered by sharp market swings after President Trump postponed military strikes on Iran, according to Eurex.
Eurex Halts German Bond Futures Trading Amid Volatility for First Time Since 2023
Volatility Interruptions Impact German Bond Futures Market
By Yoruk Bahceli
Details of the Trading Interruption
LONDON, March 24 (Reuters) - Trading in two-year German government bond futures was interrupted on Monday for the first time since 2023, Deutsche Boerse's derivatives arm Eurex told Reuters, as markets swung sharply after U.S. President Donald Trump postponed military strikes against Iranian power plants and energy infrastructure.
Timing and Triggers of the Interruptions
Two so-called volatility interruptions took place at 11:05:42 GMT and 11:17:04 GMT, the spokesperson said on Tuesday, as a selloff in government bonds reversed sharply after the news.
Mechanism of Volatility Interruptions
The volatility interruption, which is different than a trading halt, is a safeguarding tool and triggered automatically by Eurex's trading system, the spokesperson said, to ensure trading runs smoothly even in extreme market conditions.
Historical Context and Previous Interruptions
This was the first interruption on short-dated German bond futures since March 16, 2023, Eurex said.
Previous Incident Linked to ECB Rate Hike
That had taken place on a day the European Central Bank raised interest rates by 50 basis points against the backdrop of banking turmoil on both sides of the Atlantic that eventually led to the UBS's takeover of Credit Suisse.
(Reporting by Yoruk Bahceli; editing by Dhara Ranasinghe)
Key Takeaways
- •Eurex’s automatic volatility interruptions are safeguarding tools — not full trading halts — that pause continuous trading when prices move sharply beyond predefined dynamic or static thresholds (eurex.com).
- •The last volatility interruption on short-dated German bond futures occurred on March 16, 2023, when the ECB raised interest rates by 50 basis points amid banking sector turmoil, including Credit Suisse’s takeover by UBS (eurex.com).
- •This week’s interruptions coincided with extreme bond market volatility triggered by geopolitical news—specifically, Trump’s decision to delay strikes on Iranian infrastructure—underscoring the sensitivity of European bond futures to global political events (reddit.com).
References
Frequently Asked Questions about German bond future trading interrupted for first time since 2023, Eurex says
1Why was German bond future trading interrupted at Eurex?
Trading was interrupted due to sharp market swings after news of US President Trump postponing military strikes against Iran, triggering volatility interruptions.
2What is a volatility interruption at Eurex?
A volatility interruption is an automated safeguarding tool used by Eurex to ensure smooth trading during extreme market conditions, different from a trading halt.
3When was the last interruption in German bond futures before this?
The last interruption on short-dated German bond futures occurred on March 16, 2023, when the ECB raised interest rates amid banking turmoil.
4What triggered the selloff and reversal in government bonds?
The selloff and subsequent reversal were triggered by the postponement of US military strikes against Iran, leading to sharp market movements.
5How many interruptions occurred during the trading session?
Two volatility interruptions occurred, at 11:05:42 GMT and 11:17:04 GMT.
