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AITE Group report (part I): MSCI exchange-traded derivatives and recent trends in the market structure

Release date: 16 Aug 2018 | Eurex Exchange, Eurex Clearing

AITE Group report (part I): MSCI exchange-traded derivatives and recent trends in the market structure

For us at Eurex, MSCI is a major strategic focus point. That is why we constantly explore market developments and continuously expand our MSCI offering. To research MSCI exchange-traded derivatives (ETDs) in today’s market structure, we teamed up with AITE Group. The first part of the three-piece study focuses on MSCI ETDs and explains recent trends and changes in the market structure.

Part 1: MSCI exchange-traded derivatives

In recent years, regulatory challenges affecting the OTC derivatives market have shifted investment to ETDs. As a consequence, exchanges are quickly developing new products to address the changes to the derivatives market structure. The demand for plain-vanilla index products, driven by a strong preference for passive investing and benchmarking, has increased.

MSCI ETDs are presently licensed to seven exchanges globally. While this has addressed some customer demand, the fragmentation has also led to differences in liquidity and transparency for what is essentially the same contract transacted on multiple venues. As a result, the reliance on dealer relationships remains strong as investors look to gain exposure using ETDs. Market participants must also consider several exchange attributes when choosing the best spot to trade.

Please find the first part of the study below.

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