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Block trades or central limit order book? EnLight-ment and Improve-ment may be the solution

Release date: 02 Jul 2018 | Eurex Exchange

Block trades or central limit order book? EnLight-ment and Improve-ment may be the solution

There seems to be a trend that clients appear to be using block trades in ever greater frequency, while exchanges appear to want to push everything into a central limit order book. A classic contradiction that needs urgent resolution?

Wait a minute! We at Eurex cannot confirm this trend. Yes, to a certain degree there is a need for alternative means to arrange trades besides the central limit order book, as there will always be a need for the option to execute large and complex orders with minimal market impact.

That is why we at Eurex spend a lot of our innovative power on creating new market models under the MiFID II framework that meet both the regulator‘s need for transparency and the industry‘s need for discrete execution of large orders. We are creating an ecosystem that delivers many execution options in a fully regulated environment.

One part of this ecosystem is Eurex EnLight, our selective RfQ based service. This allows banks and brokers to selectively contact Market Makers with requests for quotes in order to find a trading counterparty. Matched orders are then automatically transmitted to Eurex’ T7 Entry Service for execution and post-trade processing.

This increased electronification of the off-book business ultimately improves overall market liquidity and increases structural diversity. Discover a new way to source liquidity, with Eurex EnLight.

We are also working on another new service that we named Eurex Improve. To the benefit of the end-client, this market driven solution is meant to increase facilitation of customer flow to interact with the price improvement competition in the order book. There is more news on this to come soon.

 

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