Eurex EnLight Liquidity. Discovered.

Eurex EnLight: the selective RFQ platform

Eurex EnLight is a fully integrated exchange RFQ platform. The fully automated solution replicates the core aspects of voice trading while providing its users all the advantages of automatic electronic price formation, data collection and timely information retrieval to meet MiFID II Best Execution requirements.

Eurex EnLight is available for all equity, equity index and fixed income options and corresponding futures traded on Eurex as well as for all FX derivatives.

Eurex EnLight: Staging of RFQs

Staging of RFQs, the enhanced GUI and auto-pulling of quotes

Eurex EnLight: roadmap 2022

Andre Eue on the new functionalities of the selective RFQ platform and the core theme in 2022
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Key Benefits

  • Increase process efficiency
    Enhances the process around coping with large and complex orders while reducing the time-to-market of price discovery from multiple participants.​​​​​
  • Your source to new liquidity pools
    Easy access to a large number of participants
  • Easily accessible
    Access Eurex EnLight via the Eurex GUI or T7 API. No separate agreements or special setup required
  • Comply with Best Execution obligations
    Eurex EnLight is compliant with MiFID II/ MiFIR obligations around Best Execution.
  • Automated compliance control and reporting
    Fully electronic platform with comprehensive audit trail functionality facilitating in-house compliance.


Enlightened improvements to Eurex EnLight

Through listening to our users, we continue to improve Eurex EnLight, making it the off-book price-discovery venue of choice for European equity, equity index and fixed income derivatives.

With the T7 Release 10.0, Eurex EnLight provides new functionalities which offer additional flexibility and enhanced access for our Members: Staging of RFQs, our enhanced GUI, and auto-pulling of quotes.

Staging of RFQS

Staging of RFQs facilitates a new streamlined integration of the Members’ Order Book Management System (OMS) into Eurex EnLight:

Orders entered into the OMS can be submitted seamlessly into the Eurex EnLight platform with status “suspended”. Certain optional fields can be locked ensuring that client instructions are adhered to during the execution phase. After the “suspended” RFQ is released in the Eurex EnLight GUI, the request will be sent to selected responders. Quotes received, trades executed, the ending of the negotiation, as well as all deal confirmations, are automatically fed back into the OMS.

Staging of RFQs provides for easy OMS integration, contributes to further workflow electronification and significantly reduces implementation efforts.

Enhanced Eurex EnLight GUI

With our more intuitive GUI we switched floating screens to a fully integrated view, allowing users to combine them with other already integrated screens into one single holistic desktop, or simply use our provided template to get started.
As part of the GUI enhancements, the requester can now more easily see previous quotes within the negotiation session that are no longer live in their quote table. The process to request a re-quote has also been streamlined – making it considerably easier for requesters to ask for a re-quote by simply clicking the re-quote button next to the responder’s name.

Auto-pulling of quotes

A new timer functionality for Eurex EnLight quotes lets responders define a pull-in timer at the point of entry of a Eurex EnLight quote which will automatically pull the quote once the timer has run. The responder will see the initial pull-in time and remaining countdown on their GUI. The timer is not not disclosed to the requesters and can be defined or disabled for each quote. 

Further outstanding functionalities include:

Basis Trading for Eurex EnLight

This functionality allows a negotiation workflow for outright futures trading on an agreed basis with full Straight-Through-Processing and best execution reporting of all agreed steps within the negotiation workflow. The goal is to reduce the underlying delta risk of the responder as the negotiation is only around the basis between the underlying and the future. The execution of the underlying by the responder (outside of the T7 system) proceeds after a deal of the basis has been agreed. The final trade price is dependent on the execution price reached in the underlying by the responder as the futures price will be newly calculated using the execution price and the basis.

Eurex EnLight Anonymous Negotiation

Eurex provides the possibility to negotiate deals and trade via Eurex EnLight without disclosing the identities of the requester and respondents. The Eurex EnLight Anonymous Negotiation offers a new type of negotiation for requesters who are sensitive to inventory tracking or simply wish to remain anonymous. Anonymous Negotiation is not a fixed setting, requesters can opt for anonymity on a case by case basis.

Eurex EnLight SMART RFQ

Eurex EnLight SMART Request for Quote (RFQ) allows customers to use exchange data to assist brokers and traders in targeting those trading participants who are most likely to have an interest in a specific RFQ. This increases the probability of tighter spreads and better pricing outcomes for the end-client or risk desk.

Eurex EnLight participants who want to be included as potential Eurex EnLight SMART respondents need to be assigned by their Admin user in the Admin GUI to the Eurex EnLight SMART Respondent Assignment list. Respondents who want to be included in these calculations have to sign up and consent to the use of their data. 

Eurex EnLight Tutorials

Initiate RFQ

Respond to RFQ

Negotiate RFQ

Strike a deal

Working Delta Requester

Working Delta Responder

Contacts

Thomas Martin
Product Manager

11 Westferry Circus, 2nd Floor, Canary Wharf
London E14 4HE

T +4420 7862 7246

thomas.martin@eurex.com

Philipp Schultze
Eurex Global Derivatives AG
Equity & Index Sales EMEA

Theilerstrasse 1a
6300 Zug

T +41-43-430-71 26

philipp.schultze@eurex.com

Vassily Pascalis
London Representative Office
Fixed Income Sales Europe

11 Westferry Circus, 2nd Floor, Canary Wharf
London E14 4HE

T +44 207 8 62-72 11

vassily.pascalis@eurex.com

Maximilian Dannheimer
Eurex Clearing AG | Head of FX Sales
FX Derivatives

Mergenthalerallee 61
65760 Eschborn

T +49-69-211-1 21 55

maximilian.dannheimer@eurex.com