A member of
About EurexOTC Clear
EMIR 3.0 - active account
CCP Switch
On-boarding
Compression Service
Product Scope
Interest Rate Swaps
Inflation Swaps
Settlement Prices
Service Offering for PSAs
Clearing Member
ISA Direct Member
ISA Direct Light Licence Holder
Clearing Agent
Client
Jurisdictions
Multiple Clearing Relationships
Segregation Set up
Cross-Project-Calendar
Readiness for projects
C7 Releases
C7 SCS Releases
C7 CAS Releases
EurexOTC Clear Releases
Prisma Releases
Member Section Releases
Simulation calendar
Archive
User ID Maintenance
Clearing Hours
Clearing Reports
Product Specifications
Clearing on behalf
Delivery Management
Transaction Management
Collateral Management
Collateral
Transparency Enabler Files
Segregation Models
Reports
Default Fund
Intraday Margin Calls
OTC Clear Procedures
OTC Clear Tutorials
Cross Margining Support
Supplementary Margins
Default Waterfall
Model Validation
Stress testing
Default Management Process
Client Asset Protection under EMIR
Client Asset Protection under LSOC
Credit, concentration & wrong way risk
System-based risk controls
Pioneering CCP Transparency
Haircut and adjusted exchange rates
Securities margin groups and classes
Prices Rolling Spot Future
File services
Bond Clusters
Listed derivatives
OTC derivatives
Listed securities
Cash management
Delivery management
CCP eligible instruments
Eurex Newsletter Subscription
Circulars & Newsflashes Subscription
Corporate Action Information Subscription
Circulars & Readiness Newsflashes
News
Videos
Webcasts on demand
Publications
Forms
Events
FAQs
Production Newsboard
Eurex | Eurex Clearing
For us at Eurex, MSCI is a major strategic focus point. That is why we constantly explore market developments and continuously expand our MSCI offering. To research MSCI exchange-traded derivatives (ETDs) in today’s market structure, we teamed up with AITE Group. The first part of the three-piece study focuses on MSCI ETDs and explains recent trends and changes in the market structure.
Part 1: MSCI exchange-traded derivatives
In recent years, regulatory challenges affecting the OTC derivatives market have shifted investment to ETDs. As a consequence, exchanges are quickly developing new products to address the changes to the derivatives market structure. The demand for plain-vanilla index products, driven by a strong preference for passive investing and benchmarking, has increased.
MSCI ETDs are presently licensed to seven exchanges globally. While this has addressed some customer demand, the fragmentation has also led to differences in liquidity and transparency for what is essentially the same contract transacted on multiple venues. As a result, the reliance on dealer relationships remains strong as investors look to gain exposure using ETDs. Market participants must also consider several exchange attributes when choosing the best spot to trade.
Please find the first part of the study below.