Gmex, a European derivatives start-up backed by Deutsche Börse, has agreed to license its swap futures product to the German exchange's Eurex market, becoming the latest operator to eschew launching its own venue in this fast-emerging corner of the swaps market.

The London-based group, which won approval from the UK's Financial Conduct Authority last week, is one of a number of derivatives initiatives that have emerged as a result of regulatory reforms that will push more swap trading onto exchanges and through clearing houses.