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Fixed Income Highlights - July 2018 edition

Release date: 10 Jul 2018 | Eurex Exchange

Fixed Income Highlights - July 2018 edition

Market Briefing

 

Lee Bartholomew, Head of Fixed Income & FX Product R&D

Facts & figures


News section

In June, we expanded our Clearing Member network to the U.S.: INTL FC Stone US, a provider of customized financial services, has become our first admitted U.S.-based General Clearing Member (GCM) for Exchange Traded Derivatives.

  • The launch of clearing memberships from the U.S. permits eligible firms to clear own and client accounts for CFTC-certified instruments.
  • This allows them to better serve their regional clients, reduce costs by improving process efficiency and more flexibly leverage their domestic capital base.

First buy-side client executes trade using Eurex Clearing’s Securities Lending CCP

  • We are proud to announce that the Dutch pension fund service provider PGGM has successfully executed the first directly cleared securities lending trade using Eurex Clearing’s Securities Lending central counterparty (CCP).
  • We continue to receive broad market support for our program. So far, 29 market participants from the U.S., the U.K., Asia and Continental Europe have joined to back the joint objective of building a liquid alternative to clear EUR-denominated OTC interest rate derivatives in the EU27.
  • In June 2018, average daily cleared volume in Interest Rate Derivatives increased to EUR 67 billion from EUR 8 billion last June. Notional outstanding stood at EUR 7.2 trillion compared to EUR 1.5 trillion end of June 2017. This means that Eurex Clearing now holds a market share of roughly 8 percent in the global EUR-denominated interest rate derivatives market.
  • There is no evidence for the concern of market participants that a fragmentation of the existing liquidity pool would lead to significant cost increases in particular for EU27 buy-side firms. For almost all relevant tenors, 19 banks supply quotes on request via Tradeweb and/or Bloomberg, and eleven banks currently actively stream live prices on the platforms largely at the same bid/offer spread and size as LCH.
 

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