Eurex sets up fixed income committee 20 June 2018Frankfurt Reporter: Brian Bollen
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Eurex Group has set up a fixed income and currency (FIC) board advisory committee.
The purpose of the committee is to consult with, and make recommendations to, the executive boards of Eurex Clearing on general FIC strategy, as well as product and service expansions.
The new committee will consist of 10 members, nominated for a two-year term based on their performance in the Eurex Clearing partnership programme.
Eurex Clearing added that the five most active participants of the partnership programme will be represented on its supervisory board.
Eurex has also been recognised as a foreign central counterparty by the Swiss Financial Market Supervisory Authority.
The Swiss National Bank has classified Eurex Clearing as a systemically important financial market infrastructure for the stability of the Swiss financial system.
Eurex Clearing said the new set-up enables it to continue to serve its clients in the Swiss markets, where central clearing of standardised interest rate swap contracts is required by law.
Markus-Alexander Flesch, global head of equity and index sales at Eurex, said: “The Swiss market is of special importance to Eurex. We have a long-standing, successful partnership model with both the large Swiss banks and the cantonal banks. Also, our product suite is tightly connected to the development of the Swiss market.”
Eurex said it has extended its electronic price discovery service Eurex EnLight to cover Swiss equity underlyings and Swiss equity index derivatives.
This marks the start of further extension beyond fixed income products, Eurex explained.
Eurex Enlight allows banks and brokers to selectively contact market-makers with requests for quotes in order to find a trading counterparty.
Orders are then automatically transmitted to the Eurex T7 Entry Service for exchange trade confirmation and post-trade processing.
According to Eurex, the fully automated solution replicates the core aspects of the voice business, while affording users all the advantages of automatic electronic data collection and timely retrieval of this information to meet best execution requirements.
Further electronification of the off-book business improves overall market liquidity and increases structural diversity, it added.
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