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“It’s keeping us all busy”

Release date: 21 Nov 2017 | Eurex Exchange

“It’s keeping us all busy”

An interview with Randolf Roth, Member of the Eurex Executive Board and responsible for the Market Design

Not much longer and the biggest market reform in decades will fundamentally redesign Europe’s derivatives markets: on 3 January 2018, the Markets in Financial Instruments Regulation (MiFIR) and Directive II (short: MiFID II) will kick off.


We spoke to Randolf Roth, Member of the Eurex Executive Board, about the challenges ahead and the support Eurex offers its customers.


Randolf Roth,

Member of the Eurex Executive Board

Randolf, only a few more weeks until MiFID II kicks off.

Yes, and it’s keeping us all busy. However, it is definitely worth the effort as MiFID II provides major strategic opportunities for Eurex. We firmly believe in a new world where our exchange expertise will play a vital role. Next to working on becoming compliant, we spent a lot of time and effort on innovating.

What does that mean?

Well, along with the market structure changes, market participants face new challenges. It is our role to mitigate structural disruptions with new models, services and innovative products. Let me give a few examples: We introduced a new Market Maker scheme, a request-for-quote platform as well as new reporting services. In combination with new products like our Total Return Futures (TRF) and other new instruments like Eurex’ corporate bond index futures, they support our clients navigate regulatory change.

Where does Eurex stand now? Are you ready for 3 January?

We are ready and working hard on ensuring the best support for our clients on their way to achieve readiness as well. Currently, they have the possibility of getting to grips with the new technical world in our simulation environment, which will be available until 4 December 2017 when the new release will go live.

How is that going?

So far, until early November this year, market participants representing almost 70 percent of the traded market share have actively participated in these simulations. From 4 December onwards, market participants will also be able to practice the new world in a production environment, to ensure readiness for 3 January 2018. So far we are well on track.

MiFID II is a massive undertaking that restructures Europe’s markets. What are the most important aspects?

Well, if you look at the main components of a well-functioning derivatives market, these are transparency, liquidity and resilience. We took a deep dive and looked at all these aspects in our recent paper "MiFID II – redesigning Europe’s markets”. It is crucial to get all three right. MiFID II can only unfold its potential if it increases transparency without impairing liquidity while at the same time providing support to resilient markets. We think, overall, the regulator did a very good job and we will continue supporting market participants and regulators to further improve European financial markets. 


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