Derivatives exchange Eurex has for the first time exceeded the one million mark in open interest on its dividend product suite.

Dividend futures and options contracts outstanding as at 19 July stood at 1,010,417 which represent a nominal value in excess of EUR6.2bn of the dividend payments of European blue-chip companies.

Dividend based derivatives are a relatively new asset class and Eurex was the first exchange to launch equity index dividends in summer 2008.

Open interest of the dividend index derivatives stands above 636,000 contracts.

Dividend contracts on single stocks were introduced in January 2010 and they have already amassed 374,000 contracts in open interest in the first half year of trading.