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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. In the third part of the three-piece study, the importance of margin cost in choosing an exchange is outlined.
Part 3: some thoughts looking forward
Several key themes will continue to motivate investors to trade ETDs. Regulatory changes designed to increase uncleared swap margins and place stringent capital rules and additional segregation requirements on derivative instruments have adversely affected bespoke structures. As regulatory challenges impacting the OTC derivatives market continue to steer investors towards listed products, other factors will also influence this trend in various ways in the future.
Passive trading and factor investing preferences have provided strong headwinds which favor ETDs. MSCI reports US$3.774 trillion of MSCI index-based futures and options were transacted during 2017, marking a 45% increase compared to 2016. However, market-wide developments such as the return of volatility and concentration in trading and clearing should be watched closely, as these trends influence trading and investing decisions. When it comes to exchange choice, liquidity and margin efficiency will continue to be the difference-makers.
Please find the first, second and the third part of the study below.