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Multilateral Trade Registration

Multilateral Trade Registration

The Multilateral Trade Registration (MTR) Service allows processing of multilateral Block Trades by authorized Trading Participants of Eurex Exchange (Non-Clearing Members) as well as Members of Eurex Clearing.

Block Trades can also be submitted to the authorized Trading Participants by third party information providers (generically referred to as "Third Party Information Providers" or TPIPs). As the TPIPs are not authorized participants, these entities will not act as counterparties in the Eurex system.

The TPIPs connected via the MTR Service are: BrokerHub,Vectalis and LDX.

The MTR Service provides an efficient way for registration of Block Trades with several counterparties (e.g. one buyer vs. three sellers), instead of entering separate bilateral Block Trades. The MTR Service alleviates the administrative effort as the trade details do not necessarily have to be entered by the actual counterparties, but rather by a single participant acting in the Eurex system as an entering "broker".

The Block Trade Registration via the MTR Service entails the following:

  • Two-step processing: Trade entry by the entering broker and trade approval by the counterparties
  • Anonymous counterparties: As counterparties, participants may see only the member ID of the entering broker and not the actual counterparties of the trade

The multilateral Block Trades are cleared by Eurex Clearing after all involved counterparties have approved the trade in the Eurex system.

Connectivity via Trade Capture Platforms

The connectivity of TPIPs facilitates the STP registration of Block Trades and further enhances the audit trail throughout the trade lifecycle (i.e. from preliminary negotiation to the final confirmation by the counterparties and acceptance for clearing by Eurex Clearing).

The details of the Block Trades are first acknowledged ("captured") in the TPIP system and subsequently submitted automatically in order to be confirmed by the Eurex Exchange Trading Participants in the Eurex system. The involved counterparties can only see the identity of the TPIP which has entered the pending Block Trade as an entering "technical" broker. After all involved counterparties have approved their trade leg, the Block Trade is confirmed in the Eurex system and admitted for clearing by Eurex Clearing.

Product scope

The product scope of the MTR Service offers derivatives listed at Eurex Exchange (including option strategies and volatility strategies) as follows:

  • Equity Options, Options on Fixed Income Futures, Options on Xetra-Gold®, ETF Options
  • MSCI Index Futures
  • Eurex KOSPI/TAIEX products
  • FX Derivatives
 

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