We would like to amend the EnLight Building Block (EBB) fulfilment criteria and add further details for existing measurement in order to support more competitive pricing and better liquidity provisioning on the platform through the EnLight Building Block (EBB).
The EnLight Building Block (EBB) is a set of requirements for responders on the platform, which, upon fulfilment, make responders on Eurex EnLight eligible to receive Liquidity Provider (LP) rebates on their transaction fees.
Production start: 1 April 2021
2. Action required
Liquidity Providers on Eurex EnLight are required to adapt their quotation behaviour.
3. Details of the initiative
Our goal is to create an environment in which Liquidity Providers on Eurex EnLight are able to offer their best competitive pricing and further support liquidity on the platform. For this purpose, we will amend the EnLight Building Block (EBB) requirements by incorporating the “Working” response into our LP measurement for the purpose of the EnLight Building Block (EBB).
Currently, when an Eurex EnLight RFQ is sent to responders on Eurex EnLight, they have several options:
In the future, the "Working" response will be incorporated into our LP measurement for the Eurex EnLight RFQ response time of the EnLight Building Block (EBB). The updated requirement for fulfilment of the EnLight Building Block (EBB) with respect to the Eurex EnLight RFQ response time will be that once an Eurex EnLight RFQ is submitted to a Liquidity Provider, the Liquidity Provider has 60 seconds to, either:
All Trading Participants of Eurex Deutschland and Vendors
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