Eurex Adds FX Derivatives on EnLight

The Eurex Group has extended its features on Eurex EnLight, the fully integrated RFQ platform, by adding FX derivatives, the company announced on Friday.

FX products will be migrated onto the Eurex T7 platform at the end of this month, and the platform will expand its integrated T7 RFQ mechanism to cover its growing FX market.

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“Since the FX market continues to grow, we want to make sure that clients are able to source the most competitive liquidity and benefit from the full suite of execution models,” Andre Eue, Head of Market Development at Eurex, and Joshua Hurley, FX Sales and Business Development, said in a joint statement.

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Eurex EnLight is the company’s solution for large-scale business off-book trade conclusions. The aim of this function is to move its over-the-counter (OTC) business in Eurex products to on-exchange and into the central clearing.

“Request for Quotes (RFQ) is a common execution protocol in wider FX markets, and clients are also trading in large sizes so it makes complete sense to also offer this for FX and provide execution options that complement the orderbook,” the duo added.

“We see greater volumes coming from this enhancement since liquidity providers are also keen to expand their avenues to face clients.”

They stressed that the liquidity providers on the platform will continue to benefit from rebates for their activities. Despite the additional FX support, all Eurex members have direct access to Eurex EnLight via the existing user interface.

Now, the platform is aiming to introduce a range of fixed income futures and options by next year.

“With the second T7 release towards the end of 2021, we will include the staging of RFQs,” Eue and Hurley said. “This will greatly reduce the implementation effort for EMS and OMS systems.”

Earlier this month, Eurex reported a solid jump in the trading activities with a 78 percent year-over-year rise in daily clearing volume.

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