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Eurex Improve

Eurex Improve

Eurex Improve is a new matching functionality that provides our members with a tool to guarantee their end-customers full execution of any trading quantity at the best available price in the market.

Eurex Improve aims to attract additional customer flow to the exchange. 

Functioning

In line with Eurex’s principle of the order book being the most relevant and best suited execution mechanism to ensure fair and orderly markets, Eurex Improve is fully integrated in the order book. Matching events will be executed in a 3-step process:

Step 1: Initiation

Any trading member can submit a Eurex Improve request, comprising of a client side and an opposing bank/ broker side, an agreed product, a quantity and a price. 
Full execution of the client side is ensured at the pre-discussed price level, or better.  
The bank/ broker can also commit to trade at less favorable prices for themselves, to match prices offered by other market participants during the price improvement period (tolerable price concept).

Step 2: Price improvement period

Once a submitted Eurex Improve request has been successfully validated in T7, Eurex informs all members of the imminent execution.
Directly after this announcement the price improvement period starts.
During the price improvement period, all members (except for the trader, who submitted the Improve request) can (try to) participate in the Eurex Improve execution, by submitting additional orders or quotes to the order book. 

Step 3: Execution

After the price improvement period, opposing client and bank/ broker orders are derived from the Eurex Improve request and executed in the order book in line with predefined matching rules. 
If no additional orders or quotes are provided during the price improvement period, the bank/ broker order automatically ensures full execution of the client order. 
Partial executions of the client or the bank/ broker order at different price levels are possible. 
 

Benefits


Eurex Improve adds value to the overall market structure, by providing advantages to all involved stakeholders:

  • The end-customer is guaranteed full execution of their order at a pre-discussed price or better.
  • Banks and brokers are rewarded for bringing additional customer flow to the exchange by receiving preferential participation rights in the execution of such customer flow.
  • Liquidity providers have the opportunity to engage with order-flow that otherwise would have been executed without their participation.   


Timeline


Eurex Improve is planned to be launched in February 2020 for all equity and equity index derivatives and is already available in the T7 simulation environment. 

Contacts

Kirstin Meissner

T +44 207 8 62-72 55

Markus Schiller

T +49 69 2 11-1 41 31

Andrei Jitariu

T +44 207 8 62-72 14

 

Market Status

XEUR

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Parts of the trading system are currently experiencing technical issues

The trading system is currently experiencing technical issues

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