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Eurex has just recently started a new annual initiative to recognize Independent Software Vendors (ISVs) that support non-mandatory release items, e.g. new products or new functionality. We spoke to Randolf Roth, Member of the Executive Board of Eurex, about the background of the Eurex PRIME ISV Program and the benefits for the participants.
What is the reason for starting this initiative now?
The program enables Independent Software Vendors to qualify on an annual basis as a Prime ISV by supporting an optional feature or service that is offered by Eurex Exchange. With new features, we often have the chicken-and-egg problem that trading participants do not make use of them until they are implemented in their ISV software, and ISVs do not implement the features until implementation is explicitly requested by the trading participants, their clients.
The ISV Prime Program is addressing this issue. Additionally, once the feature is implemented in the ISV software and available to trading participants, we have a much bigger community that has access to the feature, which helps the whole market – we achieve a much faster adoption by trading participants, which supports the growth of the community and our business.
Who can become a Prime ISV, and what are the requirements?
It is an open program — every ISV is welcome to qualify with no limitations to certain ISVs. The only requirement is that the ISV provides a proof of evidence that he has implemented our EnLight service. The EnLight implementation is not too complex from our perspective, and we really do not want to load too much burden on ISVs to qualify. Therefore, EnLight makes perfect sense from the implementation efforts perspective.
We think it also makes sense to further support the availability of EnLight solutions for our trading participants as it is our conviction that the usage of EnLight is definitely in favor of Eurex trading participants.
What are the benefits of being awarded?
Eurex Prime ISVs are rewarded for their efforts implementing optional features or services, which has not been done so far. It is time to change this. There is a whole bunch of benefits: we publicly announce the names of qualified ISVs on our website and provide very early involvement in our implementation plans. We also provide free access to our T7 Cloud Simulation as well as “Prime” badges that they can use for their communication towards their clients. And last but not least, we try to provide extremely fast response in case they have questions about implementations or in case of issues.
What team was behind this initiative?
The initiative was proposed by Frank Horneff and further developed with the support of his Market Readiness Trading team. His team was responsible for ISV relations on the trading side, so they know very well about the way ISVs are treated in the market.
The initiative just started, but are there already reactions from clients?
The initial idea with the link to EnLight was already discussed with some ISVs to get their opinion on the program. As the feedback was very positive and some ISVs immediately signalized that they would like to qualify, we finally made it public and look forward to announcing the qualified ISVs within the next weeks.