Eurex Clearing, Eurex Group, Eurex
Eurex Clearing, one of the world’s leading Central Counterparties (CCP) and part of Deutsche Börse Group, cooperates with major execution platforms for OTC traded interest rate swaps to enhance its price transparency, price discovery and liquidity. BGC Partners, Bloomberg, i-Swap, a TP ICAP Group company, Tradeweb and Tradition’s Trad-X are each seeking to become an ‘Approved Platform’ as part of the Eurex Clearing Partnership Program framework. This program rewards interest rate swap price makers for providing competitive Eurex prices to both the interbank and end-user market via execution platforms.
“Price transparency and competitive prices are key to further strengthen our liquidity in interest rate swaps,” said Eurex Clearing’s Chief Strategy Officer, Matthias Graulich. “Therefore, cooperation with major execution venues is a key milestone in successfully rolling out our new Partnership Program to establish a liquid alternative for clearing interest rate swaps in Europe.”
The Approved Platforms will support various execution formats including Central Limit Order Book (CLOB), disclosed streaming and Request-for-Quote (RFQ). Utilizing existing infrastructure and relationships for price makers will maximize market efficiency and significantly improve price discovery for clients.
Dean Berry, Global Head of Electronic and Hybrid markets at BGC Partners stated, “We welcome the Eurex Clearing Partnership program. This market led initiative will enable BGC Partners to provide greater liquidity and transparency to its clients for Eurex cleared products.”
Don McClumpha, CEO i-Swap, said: “As a leading provider of electronic trading in interest rate derivatives, the i-Swap platform will support price makers in Eurex cleared swaps. Initiatives like this one from Eurex Clearing, which broadens the range of trading options available to the current participant group on the i-Swap platform, are something we are happy to be associated with.”
“We welcome this initiative by Eurex Clearing – we already have price makers providing Eurex quotes, but as an Approved Platform, we are ensuring high quality and choice of pricing for our clients on Tradeweb,” said Simon Maisey, MD and Global Head of Business Development at Tradeweb.
“Trad-X is supportive of access to its platforms for all clearing providers and welcomes pro-competitive initiatives, such as the Eurex Clearing Partnership. Accordingly, we are pleased to provide Eurex cleared interest rate swaps on our MiFID II compliant multilateral central limit order book, specifically designed for dealer to client execution,” said Trad-X CEO Daniel Marcus.