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02 Sep 2020

Eurex | Eurex Clearing | Eurex Group

Eurex strengthens its Eurex EnLight offering with two new functionalities

Eurex EnLight, our fully integrated off-book, on-exchange Request for Quotes (RFQ) platform is a completely automated solution that replicates the core aspects of voice trading in an electronic fashion. It provides its users all the advantages of automatic electronic price formation, data collection and timely information retrieval to meet MiFID II Best Execution requirements. Since its launch in March 2018, the platform has developed rapidly.

Now Eurex has greatly enhanced its platform by adding two new major functionalities. Requested by our clients, these two additions to Eurex EnLight – Smart RFQ and Anonymous Negotiation – will further strengthen the platform’s functionality and deliver even greater benefits to users.

Eurex EnLight Smart RFQ – bringing our members together in the off-book market  Smart RFQ is the first time Eurex has leveraged its data to bring together and benefit our members in the off-book market. The concept is simple:  provide users a list of members that are most likely to respond to an RFQ in a way that best suits their needs.

Eurex EnLight Smart RFQ three-step process: 

Step 1: Eurex ranks all opted-in responders against four criteria for the product or product group being requested: Eurex volumes, Eurex EnLight average response time, Eurex EnLight average response rate, and Trade to Quote Ratio (TQR). Step 2: These rankings are then weighed according to the importance that the requester wishes to place on them: high, medium or low. Step 3: A ‘wildcard’ responder is added to the final list to allow new responders to participate in the flow. This is the most improved responder in the weighted rankings.

As a result, any requester using the platform will have the ability to immediately see – based on Eurex data – an indication on which member firms are most likely to best deliver what they require in the off-book market. The list generated does not produce any obligation, but is rather a form of market intelligence allowing requesters to facilitate best execution however they see fit.  

“Eurex EnLight Smart RFQ is ultimately assisting requesters to source – for themselves or their clients – the tightest prices with the least amount of leakage possible.”

Simon Brown, Product Manager, Eurex Market Models

Eurex EnLight Anonymous Negotiation – using large data sets for the good of our members and their clients
Eurex EnLight Anonymous Negotiation enables a requester to select whether their RFQ will be anonymous. In other words, it does not disclose requester identity or responder quote-specific identity at any point during or after the normal negotiation process. It is, of course, entirely up to the requester whether they wish to be anonymous or not.  

However, anonymous RFQs present several challenges. The most significant is how the responder can judge the quality of the request – how can responders limit or eliminate RFQs from poor quality flow? After intensive discussions with its members, Eurex designed the Trade to Request Ratio (TRR).  

High quality flow typically has a high TRR. Responders can therefore limit anonymous RFQs by setting their TRR threshold. The result is that high quality flow is much more likely to not only get a response, but to get a good response with tight prices. 

Eurex EnLight RFQ platform – combining off-book liquidity with on-exchange efficiency
Since the launch of Eurex EnLight in March 2018, the platform has developed rapidly with over 3 million contracts dealt by end of July 2020. Eurex will continue to offer a member design led off-book price formation RFQ platform; run and managed by a regulated exchange. Providing a transparent, secure and trusted medium for the price formation of our off-book products that complements our existing electronic order book. Eurex EnLight is part of the Eurex roadmap to enhance market structure according to changing investment behavior and evolving regulation. 

Benefit from our fee waiver
To further incentivise the usage of Eurex EnLight we will support Requesters for Eurex EnLight trades with a transaction fee waiver until 31 December 2020. As a sellside-participant you will continue to get the fee waiver by placing a request from the P and M account, reducing your overall cost of trading. 

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