A member of
Eurex Group
Global Markets Exchange Group Limited (GMEX), a wholly owned subsidiary of Global Markets Exchange Group International LLP (GMEX Group), and the international derivatives market Eurex today announced the signing of a license agreement. Eurex will license GMEX’s Euro-denominated Constant Maturity Future (CMF) for trading via Eurex’s Multilateral Trade Registration (MTR) service and clearing on Eurex Clearing.
The CMF is based on the Interest Rate Swap Index Average (IRSIA) and accurately tracks the interest rate exposure at each point on the yield curve by removing the expiry date and marking the contract to market against an IRSIA Constant Maturity Index on a daily basis. Thereby the contract facilitates the management of interest rate exposure without a constant need to re-adjust and maintains the liquidity of a given maturity from 2 to 30 years.
Under the terms of the arrangement, transactions in CMF contracts will be arranged on GMEX’s trading platform and executed at Eurex Exchange with clearing taking place at Eurex Clearing. This licensing model will also enable Eurex Exchange members to trade GMEX’s Euro-denominated CMF under their current membership and benefit from existing clearing agreements and infrastructure.
GMEX has been granted regulatory approval from the UK Financial Conduct Authority (FCA). The planned product launch is subject to regulatory approval needed for Eurex Clearing. The GMEX execution platform is already operational for user acceptance testing, with a growing number of vendors and clients connecting for end-to-end testing.
“We continue to make very good progress with our launch and this new licensing arrangement with Eurex provides firms with a well-established mechanism to trade and clear our CMF contracts. We are getting very strong support from the trading community particularly the buy-side,” said Hirander Misra, CEO of GMEX Group.
“We are pleased to enter into this licensing agreement with GMEX, who are taking a highly innovative approach to the market. Our members will benefit from access to a new type of interest rate swap futures contract via our proven and efficient exchange environment,” commented Brendan Bradley, Chief Innovation Officer and member of the Eurex Executive Board.
About Eurex Group
Eurex Group turns ideas into opportunities – in trading and clearing, technology and risk management. Each of our six businesses is a leader and innovator in their own area. Eurex Exchange was the world’s first electronic cross-border exchange, now offering around 2,000 products across a growing range of asset classes. Eurex Clearing is one of the leading central counterparties globally and a pioneer in risk management and post-trade technology, offering clearing services for derivatives, equities, bonds and secured funding & financing transactions.In the U.S., the International Securities Exchange (ISE) transformed the options industry as the first all-electronic exchange and is now one of the world’s largest equity options exchanges.
The European Energy Exchange (EEX) is Europe’s largest market for trading in energy and related commodities.Eurex Repo is the leading market for secured funding & financing in Europe. And Eurex Bonds is one of the most liquid markets for European bonds on an electronic trading platform.
Partnering with other industry leaders, investors and regulators around the world, our people are shaping an environment where all participants can get more from the market.
Eurex Group is owned by Deutsche Börse AG (Xetra: DB1).
About GMEX
Global Markets Exchange Group Limited (“GMEX”) is a wholly-owned subsidiary of GMEX Group. GMEX is authorised and regulated by the UK Financial Conduct Authority (FCA).
About GMEX Group
Global Markets Exchange Group International LLP (“GMEX Group”) is a group of companies that offer sustainable and innovative solutions for the new era of global financial markets, encompassing:
GMEX Group stakeholders include Deutsche Börse AG and Forum Trading Solutions Limited through its investment vehicle.
For more information, visit www.gmex-group.com.
Media contact GMEX Group:
Melanie Budden, The Realization Group, ph: +44 (0) 7974 937 970, pr@gmex-group.com
Media contact:
Market Status ⓘ
XEUR
The market status window is an indication regarding the current technical availability of the trading system. It indicates whether news board messages regarding current technical issues of the trading system have been published or will be published shortly.
Please find further information about incident handling in the Emergency Playbook published on the Eurex webpage under Support --> Emergencies and safeguards. Detailed information about incident communication, market re-opening procedures and best practices for order and trade reconciliation can be found in the chapters 4.2, 4.3 and 4.5, respectively. Concrete information for the respective incident will be published during the incident via newsboard message.
We strongly recommend not to take any decisions based on the indications in the market status window but to always check the production news board for comprehensive information on an incident.
An instant update of the Market Status requires an enabled up-to date Java™ version within the browser.