EUREX REPO TRADING WORK SMART.

Size: px
Start display at page:

Download "EUREX REPO TRADING WORK SMART."

Transcription

1 EUREX REPO TRADING WORK SMART.

2 Content 03 Rely on success 03 Eurex Repo Markets 04 Impressive growth GC Pooling Market 05 Advantages at a glance 06 Participation 06 Market concept 07 GC Pooling ECB Basket 07 GC Pooling ECB EXTended Basket 07 GC Pooling Equity Basket Euro Repo Market 08 Advantages at a glance 09 Participation 09 Market concept 09 GC baskets 10 Special Repo OTC Spot Market 14 Advantages at a glance 14 Participation 15 Market concept SecLend Market 16 Advantages at a glance 16 Participation 16 Market concept 17 Baskets 17 COSI Collateral Secured Instruments Reference rates for the Secured Money Market 18 Reference rate of the GC Pooling Market 19 Reference rates of the Swiss franc Market Swiss Franc Repo Market 11 Advantages at a glance 11 Participation 12 Market concept 12 GC baskets

3 Rely on success Eurex Repo, a member of Eurex Group, ranks among the leading markets for electronic repo trading and operates five markets in secured funding and financing: The GC Pooling, Euro Repo, Swiss Franc Repo, OTC Spot and SecLend Market. More than 315 participants from ten countries are currently admitted to trading on Eurex Repo s markets. Eurex Repo Markets GC Pooling Market This market enables EUR and USD cash liquidity trading collateralized with baskets of ECB eligible securities or the top 50 selection 1 of the HDAX. Euro Repo Market The huge variety of different General Collateral (GC) baskets und the possibility to trade single bonds as Specials amends the GC Pooling Market. Swiss Franc Repo Market This market provides mainly CHF as well as multi-currency cash liquidity trading in EUR, USD and GBP collateralized with different baskets of the Swiss National Bank (SNB) or the European Central Bank (ECB) eligible securities and equities. OTC Spot Market This market offers efficient auctioning and trading of SNB Bills, denominated in CHF and USD, and money market debt register claims. In addition, it also provides auctioning of Swiss government bonds. SecLend Market This market provides efficient trading of securities lending and borrowing as well as collateralization of loans with debt securities, equities or ETFs. Furthermore, cash collateral in USD, EUR, GBP, CHF and JPY can be used to secure a loan. 1 Only for euro cash funding 3

4 Impressive growth Amongst the major electronic markets in Europe, Eurex Repo showed an impressive growth rate of almost 40 percent in With more than EUR 320 billion average outstanding volume in March 2011 Eurex Repo proves to be a highly liquid and reliable trading venue. Especially under turbulent market conditions, customers value the opportunity to gain liquidity in and out of the market in an efficient way. Furthermore, the direct access to central bank liquidity of the Swiss National Bank (SNB) within the Swiss Franc Repo Market or of the European Central Bank (ECB)/ Bundesbank within the GC Pooling Market provides the requested flexibility and safety. GC Pooling, GC & Specials: outstanding volume (20-day moving average/single counted) in EUR billions GC Pooling GC Special Swiss Franc Repo, OTC Spot Market and SecLend Market: outstanding volume (20-day moving average/single counted) in CHF billions Repo SNB CHF auctions Repo Interbank in CHF Repo SNB USD auctions OTC Spot SNB bills CHF OTC Spot SNB bills USD Repo Interbank and SecLend in EUR, USD, GBP 4

5 GC Pooling Market The European secured money market continues to expand rapidly. Especially since summer 2007, anonymous trading via a central counterparty (CCP) has become increasingly important. Market participants are in the need to limit credit exposures, market risks and the constraints resulting from capital adequacy requirement. Launched in March 2005, the GC Pooling Market is designed to support this growth through electronic trading with highly efficient post-trading processes and a real-time collateral management system. GC Pooling participants can trade various standardized baskets of fixed income securities and equities tradable in EUR and USD. Maturities are available starting from same day up to one year. The various collateral baskets can be selected by pre-defined terms per currency. Advantages at a glance Multicurrency funding in EUR and USD Fixed income securities and equities as basket collateral Flexible trading terms Full synchronization with the monetary operation processes of the European Central Bank/Bundesbank Re-use of collateral for open market operations 2 Reduced capital costs and market risks through the use of a central counterparty Netting on settlement day Balance sheet netting Automatic allocation of collateral Real-time substitution of collateral Minimized operational burden through easy basket trading and STP post trade processes 2 Offered with the GC Pooling ECB Basket 5

6 Participation All interested financial institutions, which fulfill the following requirements, can participate: Status of a credit institution or investment firm according to the Markets in Financial Instruments Directive 2004/39/EG (MIFID) Subject to a financial market supervisory authority Participation in the Eurex Clearing repo process Market concept It is easy to trade extremely large tickets even billions within seconds. Deals can be processed automatically without any issues over credit or security allocation. Eurex Repo Trading Eurex Clearing Clearing (CCP) Get more information Eurex Repo GmbH Frankfurt Office Gabriele Ristau T Ingo Deisenroth T GC Pooling participant Clearstream CmaX/Xemac Luxembourg/ Frankfurt Central Bank Collateral management/ Settlement custody Esen Eraslan T London Office Dale Fullilove T Bethany Harlock T Paris Office Alexandra Morelle T As soon as a GC Pooling trade has been concluded on Eurex Repo, Eurex Clearing steps in as a central counterparty. The clearing house ensures anonymous trading and offers an efficient centralized risk management margining process across all products with a continuous mark-to-market revaluation, and centralized delivery management with netting on settlement day. The high settlement efficiency of 99.8 percent corresponds with the collateral received. The collateral management system of Clearstream Banking delivers fully-automated allocation out of the combined securities pool thus collateralizing the traded cash amount. This process allows re-use and substitution of the collateral received. Customers can use their account relationship with either Clearstream Banking Luxembourg or Clearstream Banking Frankfurt. While Clearstream Banking offers settlement in central or in commercial bank money for GC Pooling baskets traded in EUR, baskets tradable in USD are settled in commercial bank money only. 6

7 GC Pooling ECB Basket Cash currencies EUR, USD Rating Minimum A- Basket standards Based on the Eligible Assets Database (EAD), the GC Pooling ECB basket covers approximately 8,000 ECB eligible securities. This basket enables the re-use of received collateral for refinancing within the framework of ECB/Bundesbank open market operations and the GC Pooling Market. Basket collateral Around 3,000 instruments of Central banks Central governments Regional/local governments Supranationals Around 5,000 traditional and Jumbo- Pfandbriefe-style instruments of Credit institutions Agency credit institutions Collateral currencies EUR Countries Austria, Belgium, France, Germany, Italy, Luxembourg, the Netherlands, Slovenia and Eurobonds Standard terms OverNight (ON),TomNext (TN), SpotNext (SN), SpotTerm, Tender, FlexTerm The OverNight term is currently not available for USD GC Pooling. ISIN DE000A0AE077 Trading hours 07:30 18:00 CET Cut-off time overnight: 16:00 CET GC Pooling ECB EXTended Basket Cash currencies EUR Rating Minimum BBB- Basket standards Based on the Eligible Assets Database (EAD) the GC Pooling ECB EXTended basket covers around 23,000 ECB eligible securities. This basket enables the re-use within the same basket. Basket collateral Around 3,000 instruments of Central banks Central governments Regional/local governments Supranationals Around 5,000 traditional and Jumbo- Pfandbriefe-style instruments of Credit institutions Agency credit institutions Around 15,000 instruments of Credit institutions Agency credit institutions Agency non-credit institutions Corporate and other issuers Collateral currencies EUR Countries Austria, Belgium, Cyprus, Finland, France, Germany, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, Spain and Eurobonds Standard terms OverNight (ON), TomNext (TN), SpotNext (SN), SpotTerm, Tender, FlexTerm ISIN DE000A0WKKX2 Trading hours 07:30 18:00 CET Cut-off time overnight: 16:00 CET GC Pooling Equity Basket Cash currencies EUR Rating Not applicable Basket standards The composition of the basket and the permitted number of shares per ISIN is updated every month depending on the monthly average trading volume at Xetra. In case of an insufficient number of equities, bonds eligible for the GC Pooling ECB basket can be used for collateralization as well. This basket enables the re-use within the same basket. Basket collateral Based on the HDAX, the basket covers 50 equities with the highest Xetra turnover. Collateral currencies EUR Countries Germany Standard terms OverNight (ON), TomNext (TN), SpotNext (SN), SpotTerm, Tender, FlexTerm ISIN DE000A1EZNP6 Trading hours 07:30 18:00 CET Cut-off time overnight: 15:00 CET The composition of the respective basket can be retrieved at > GC Pooling > Baskets. 7

8 Euro Repo Market Established in July 2001, the Euro Repo Market has developed tremendously and is now a highly liquid market for European securities. In June 2011 almost 90 international members benefit from anonymous trading through a central counterparty with low risk. In the General Collateral (GC) Repo segment, collateral can be turned into cash swiftly and directly, while the Special Repo segment offers a market for single securities financing. The manual allocation of single securities after the conclusion of a basket trade enables a selective collateralization directly via the trading screen. Euro Repo Market participants can actively trade repos with a wide range of around 3,000 fixed income securities divided into twelve different baskets to benefit from tailor-made financing. The market offers securities such as: European government bonds Jumbo-Pfandbriefe and Pfandbriefe KfW/Laender bonds (including SoFFin securities) European covered bonds Agency bonds (EIB, CADES, government guaranteed bonds from AT, BE, DE (XS-ISIN), ES, FI, IE, LU, NL, PT and UK) European corporate bonds Banks provide binding quotes for maturities ranging from overnight up to one year. In addition open, variable and open variable terms offer maximum flexibility. Advantages at a glance Anonymous and liquid market Flexible trading terms Fast execution through standardized baskets Reduced capital cost and market risks through the use of central counterparty Netting on settlement day Balance sheet netting Minimized operational burden through easy basket trading and STP post trade processes 8

9 Participation All interested financial institutions, which fulfill the following requirements, can participate: Status of a credit institution or investment firm according to the Markets in Financial Instruments Directive 2004/39/EG (MIFID) Subject to a financial market supervisory authority Participation in the Eurex Clearing repo process Market concept The Euro Repo Market ensures straight-through processing with automated connectivity to the settlement organizations Clearstream Banking and Euroclear. Eurex Repo Trading Euro Repo participant Eurex Clearing Clearing (CCP) Clearstream Luxembourg/ Frankfurt Euroclear Collateral management/ Settlement custody GC baskets German GC Basket Debt securities of the Federal Republic of Germany. German 10 Year GC Basket Debt securities of the Federal Republic of Germany with a remaining maturity up to 10 years. German Corporate Bond GC Basket Covered and uncovered securities of German companies with a minimum issue volume of EUR 100 million and a minimum rating of A- and A3. German Jumbo-Pfandbrief GC Basket Jumbo-Pfandbriefe, issued by a German institution, as well as Asset Covered Securities (ACS) issued by mortgage banks and credit institutions, with a minimum issue volume of EUR 1 billion and a minimum rating of AA and Aa2. German Pfandbrief GC Basket Pfandbriefe, issued by a German institution, by mortgage banks or credit institutions, with an issued size over EUR 100 million and below EUR 1 billion and a minimum credit rating requirement of single A and A2. 9

10 German KfW/Laender Bond GC Basket Bonds issued by KfW and by the German federal states with a minimum issue volume of EUR 500 million and all SoFFin bonds. EIB/KfW Bond GC Basket Bonds issued by KfW, European Investment Bank (EIB) and the European Financial Stability Facility/European Financial Stabilisation Mechanism. Agency Bond GC Basket Bonds issued by EIB and Caisse d Amortissement de la Dette Sociale (CADES) as well as Government guaranteed bonds from AT, BE, DE (XS-ISIN), ES, FI, IE, LU, NL, PT and UK (except SoFFin bonds) with a minimum issue volume of EUR 500 million and rating of AA and Aa2. European Corporate Bond GC Basket Covered and uncovered securities of European companies with a minimum issue volume of EUR 100 million and a minimum rating of A- and A3. European Government Bond GC Basket Government bonds of the following countries: AT, BE, ES, FI, FR, IE, LU, NL, PT and the European Community (EU-ISIN) with a minimum issue volume of EUR 100 million. Get more information Eurex Repo GmbH Frankfurt Office Gabriele Ristau T Ingo Deisenroth T Esen Eraslan T London Office Dale Fullilove T Bethany Harlock T Paris Office Alexandra Morelle T European Covered Bond GC Basket Cédulas Hipotecarias or Territoriales, Obligatión Foncière, Lettre de Gage and covered bonds from AT, FI, IE, NL, PT, UK with a minimum issue volume of EUR 500 million and a rating of AA or Aa2. French Covered Bond GC Basket Obligation Foncières with a minimum issue volume of EUR 500 million and a minimum rating of AA and Aa2. The composition of all baskets can be retrieved on > Euro Market > Baskets. Special Repo All bonds of the GC baskets can also be traded special. Standard terms OverNight (ON), TomNext (TN), TomOpen, SpotNext (SN), SpotOpen, CorporateNext (CN), T1W, C1W, 1W, 2W, 3W, 1M, 2M, 3M, 6M, 9M, 12M, MAR, JUN, SEP, DEC, Spot VAR 1 WE, Spot VAR 1M, VAR Flex, VAR OPEN, Non Standard Trading hours 07:30 18:00 CET Cut-off time for overnight: 15:30 CET Internal 3, 10:30 CET External 4 Contract Size Minimum EUR 1 million for GC Repo Minimum EUR 500,000 for Special Repo 3 Internal: Settlement either within Clearstream Banking or Euroclear 4 External: Settlement between Clearstream Banking and Euroclear 10

11 Swiss Franc Repo Market Currently more than 170 Swiss and foreign financial institutions are admitted for trading at the established and efficient Swiss Franc Repo Market. They carry out their funding and collateral management operations directly on the interbank market as well as at the daily auctions of the Swiss National Bank (SNB), thereby also facilitating their intraday liquidity management in CHF. The SNB now relies almost exclusively on repo auctions via the Eurex Repo marketplace to conduct its open market operations. It accepts a wide range of high quality fixed income securities (for example government bonds from Switzerland, Germany and other European countries as well as German Jumbo-Pfandbriefe). Our market participants organize their liquidity management in CHF via the unique intraday contracts as well as the usual bond and equity term contracts. In addition, liquidity in EUR, USD and GBP can be managed from intraday up to 12 months with General Collateral baskets on the same market. Advantages at a glance Unique access to interbank and central bank repo liquidity via the same marketplace Exclusive access to take part in central bank auctions to manage the intraday liquidity efficiently in CHF Multi-currency (EUR, GBP, USD) and multi-market capability in one market Participation All interested financial institutions, which fulfill the following requirements, can participate: Status of a credit institution or investment firm (e.g. banks, financial service providers, insurers or fund managers) Subject to a financial market supervisory authority Participation in the Eurex-recognized clearing and settlement organizations 11

12 Market concept The Swiss financial center is synonymous with safety, stability, reliability and is at the leading edge of technology with fully integrated three stages of a securities transaction. Trading (Eurex Zürich AG), settlement and safekeeping (SIX SIS AG) and payments (SIX Interbank Clearing AG) are transacted online on a real-time basis. 5 Eurex Repo Trading SIX SIS AG Clearing and settlement/ collateral management Swiss Franc Repo participant SIX Interbank Clearing AG Cash clearing Swiss National Bank GC baskets Fixed income baskets SNB GC Basket Defined by Swiss National Bank, is equivalent to the sum of all the other sub-baskets: CHF GC Basket Bonds issued in Switzerland with a minimum rating of A/A2 and a minimum issue size of CHF 100 million. GOV GC Basket Government bond issues with a minimum rating of AA-/Aa3 and a minimum issue size of CHF 1 billion of the following countries: Austria, Belgium, Denmark, Finland, France, Germany, the Netherlands, Norway, Spain, Sweden, Switzerland and United Kingdom. International GC Basket Covered bonds, international organizations, agencies and country issues with a minimum rating of AA-/Aa3 and a minimum issue size of CHF 1 billion. For more detailed information, please visit the SNB webpage at EEA FI GC Basket Defined by Eurex Repo. ECB (European Central Bank) eligible securities with a minimum rating of A-/A3 and a minimum issue size of EUR 200 million. 5 SIX SIS AG is a legal entity of SIX Securities Services. 12

13 Equity baskets SMI GC Equity Basket All 20 SMI components DAX GC Equity Basket All 30 DAX components Trading hours 07:00 18:00 CET (supported 07:15 18:00 CET) Cut-off times Currency Intraday Overnight Time zone CHF 14:45 15:55 CET EUR 15:55 15:55 CET USD Not available 17:55 CET GBP Not available 15:30 CET Terms fixed income baskets IN (Intraday), TIN (TomIntraday), OverNight (ON), TomNext (TN), SpotNext (SN), 1W (1Week), 2W (2Weeks), 3W (3Weeks), 1M (1Month), 2M (2Months), 3M (3Months), 6M (6Months), 9M (9Months), 12M (12Months), Non Standard, Special Terms equity baskets OverNight (ON), TomNext (TN), SpotNext (SN), 1W, 2W, 3W, 1M, 2M, 3M, 6M, Non Standard, Special Contract size Minimum CHF 1 million for GC Repo Minimum CHF 10,000 for Special Repo Get more information Eurex Zürich AG Eurex Repo Daniel Hartmann T Frank Gast T Michael Bührer T

14 OTC Spot Market 1 Auctioneer (SNB/banks) Participants (banks) 2 Participant (bank A) Participant (bank B) Sale Confirmation Confirmation Purchase Settlement report SIX SIS Status report Credit Payment instructions Eurex Repo Status report SIX Interbank Clearing The introduction of the OTC Spot Market represents a further milestone in a fully electronic marketplace. Auctions of new issues and increases of existing issues 6 as well as Status efficient report trading of SNB Bills, denominated in CHF and USD, and money market debt register claims can be executed in the same market. Payment confirmation Debit 1 Primary/auction segment 2 OTC trading segment The marketplace supports trading for auctions as well as OTC trading with a direct link to cash clearing and settlement. This service is offered in conjunction with SIX SIS AG (custodian) and SIX Interbank Clearing AG (cash clearing) as a fully automated value chain. Uniquely, auctions of new issues and increases are carried out by the issuers themselves. Allocations are in accordance with Dutch or American allocation rules. In order to satisfy trading strategies, pre-trading activities may also be conducted anonymously. SNB Bills and money market debt register claims can easily be traded OTC via the same well established value chain. Advantages at a glance Combination of bilateral trading and access to the auctions of the SNB Direct, fully automated access using the same infrastructure as the Swiss Franc Repo Market No buyer transaction fees are charged for new issues or increases of existing issues offered through the auction process Participation All interested financial institutions, which fulfill the following requirements, can participate: Status of a credit institution or investment firm (e.g. banks, financial service providers, insurers or fund managers) Subject to a financial market supervisory authority Participation in the Eurex-recognized clearing and settlement organizations 6 Money market debt register claims of the Swiss Confederation and federal bond issues 14

15 Market concept The market concept ensures straight-through-processing. Fully integrated trading, settlement and safekeeping (SIX SIS AG) and payments (SIX Interbank Clearing AG) will be made online on a realtime basis. Eurex Repo Trading Auctioneer SIX SIS AG Participant Clearing and settlement/ collateral management 1 SIX Interbank 2 Clearing AG Cash clearing 1 Primary/auction segment 2 OTC trading segment Trading hours 07:00 18:00 CET (supported 07:15 18:00 CET) Standard settlement cycle days Bonds SNB Bills, denominated in CHF and USD Money market debt register claims T+3 T+2 T+2 Get more information Eurex Zürich AG Eurex Repo Daniel Hartmann T Frank Gast T Michael Bührer T

16 SecLend Market SecLend Market is a unique securities lending & borrowing (SLB) market with straight-through processing (STP) from trading to settlement. Traders can monitor and manage the loan in real-time at all times without any manual intervention need. The market is based on the proven trading technology of Eurex Repo, which is firmly established in the international collateralized money market. The high degree of availability and the volume capacity of the system ensure efficient securities lending & borrowing in all market situations. Advantages at a glance Discretionary market visibility, increased trading speed, reduced operational and systemic risk, reduced reconciliation effort, corporate action service included More time for market screening and focussing on high margin business Loan and collateral is linked throughout lifetime of a loan (Basle II). Access to all other Eurex Repo securities funding and financing markets within the same infrastructure Participation All interested financial institutions, which fulfill the following requirements, can participate: Status of a credit institution or investment firm Subject to a financial market supervisory authority Participation in the Eurex-recognized clearing and settlement organizations Market concept SecLend Market Trading SecLend participant SIX SIS AG Clearing and settlement/ collateral management Custody network 16

17 Baskets Securities from the most major markets and segments can be executed for a fixed or open term in accordance with international money market standards. Individual terms of up to twelve months as well as forward/forward are possible. Specific securities or a wide range of standardized baskets (U.S. government, German government, G7 government, FTSE equity, S&P500 equity, Hang Seng equity, and much more) are available for lending purposes or for use as collateral. Countries G7 and the major industrialized countries Emerging economies (South America, Eastern Europe, Asia, China, Russia, etc.) Equities Equities included in the world s major indexes (FTSE, DAX, STOXX, S&P500, Nikkei225, etc.) Customary ETFs (exchange traded funds) as well as other equities Government bonds Bonds of the key industrialized nations Corporate debt instruments Corporate bonds included in the major indexes Various special bonds (supranationals, Pfandbrief bonds, international bonds, etc.) Collateralization of the lending transaction takes the form of either the securities listed in the table above or in the form of cash in USD, EUR, GBP, CHF or JPY. Arrangement is via a cash correspondent. COSI Collateral Secured Instruments The SecLend Market offers a collateralization service with end-to-end processing for collateral secured instruments (COSI ) primary listed on Scoach Switzerland or secondary listed on Scoach Germany. The investor who purchases a certificate assumes a default risk that varies according to the creditworthiness of the issuer. The insolvency of the issuer could result in a total loss for the investor. In order to minimize this risk, SecLend Market offers a service for the collateralization of certificates in collaboration with SIX Swiss Exchange and SIX SIS AG. The innovative COSI service received international recognition as a winner of the Swiss Derivative Awards 2010 and has also been awarded by the Futures and Options World (FOW) in 2010 as the most innovative product of an exchange in Western Europe. Fully integrated value chain The collateralization service is build upon the tried-and-trusted securities lending infrastructure of Eurex Repo (collateralization and SecLend Market) and SIX SIS AG. Straight-through processing (STP) from trading to settlement where traders can monitor the collateralization of positions is offered in real-time at all times, with no manual intervention required. Get more information More information can be found on our website at Trading hours 07:30 18:00 CET Eurex Zürich AG SecLend Market Frank Gast T Settlement cycle days Standard Non-standard T+2 T+ 0 or T+1 Michael Bührer T

18 Reference rates for the Secured Money Market Based on the transactions of Eurex Repo several indexes are calculated to serve the Secured Money Market. The transparency of the electronic trading system and the number of connected participants enables the calculation of reference rates which reflect real market developments. Reference rate of the GC Pooling Market Deutsche Börse AG Market Data & Analytics have developed the GC Pooling EUR Overnight Index (GCPI) in cooperation with Eurex Repo. Get more information Eurex Repo GmbH Frankfurt Office Gabriele Ristau T Ingo Deisenroth T Esen Eraslan T The GCPI is the measure of the overnight interest rates in the secured money market denominated in euro. It represents a volume-weighted average of all interest rates from overnight transactions in GC Pooling baskets concluded on the effective day. It is reported on an act/360 day count convention and it is published to three decimal places (financial rounding). In 2009 Deutsche Börse AG Market Data & Analytics started to calculate the GCPI once a day at 18:00 CET for the current business day. The data go back to It is distributed to the main data vendors (e.g. Bloomberg: GCPION (rates), GCPIONV (volume); Reuters: GCPION (rates), GCPIONV (volume)). In addition the GCPI is published on the Deutsche Börse website. London Office Dale Fullilove T It is planned to develop further reference rates based on the transactions of GC Pooling. Bethany Harlock T Paris Office Alexandra Morelle T

19 Comparison: GCPI EONIA Jan 09 Apr 09 Jul 09 Oct 09 Jan 10 Apr 10 Jul 10 Oct 10 GCPI volume (traded volume in EUR millions) GC Pooling EUR Overnight Index (GCPI) rate spread in b.p. Reference rates of the Swiss franc Market SIX Swiss Exchange has developed 32 benchmark Swiss franc rates (Swiss Average Rate and Swiss Current Rates) in cooperation with the Swiss National Bank (SNB). These Swiss franc rates cover a term spectrum from OverNight (ON) to 12 months (12M) plus two indexes for the ON term. The relevant calculations for the reference rates are based on Secured Money Market transactions as well as on indicative quotes of the Swiss franc repo interbank market provided by Eurex Repo. Going forward, the point of departure for the Swiss franc yield curve is based on the Swiss Average Rate Overnight (SARON ). Terms Overnight ON Tom/Next TN Spot/Next SN 1 Week 1W 2 Weeks 2W 3 Weeks 3W 1 Month 1M 2 Months 2M 3 Months 3M 6 Months 6M 9 Months 9M 12 Months 12M IMM March Contract IMM June Contract IMM September Contract IMM December Contract Average rates SARON SARTN SARSN SAR1W SAR2W SAR3W SAR1M SAR2M SAR3M SAR6M SAR9M SAR12M SARMAR SARJUN SARSEP SARDEC Swiss reference rates Current Average rates indexes SCRON SCRTN SCRSN SCR1W SCR2W SCR3W SCR1M SCR2M SCR3M SCR6M SCR9M SCR12M SCRMAR SCRJUN SCRSEP SCRDEC SAION Average indexes SCION 19

20 Swiss Average Rate (SAR) The average rate is a continually calculated, real-time, volume-weighted reading based and published every ten minutes. In addition, a fixing is conducted three times a day at 12:00 CET, 16:00 CET and at the close of the trading day (18:00 CET at the earliest). Swiss Current Rate (SCR) The current rate is based on the price of a transaction or specific quotes (not volumeweighted). The calculation of the current rate is made every three minutes. Swiss Average Index (SAION )/Swiss Current Index (SCION ) The indexes are calculated and published once a day at the end of the trading day. They are based on the daily yields as indicated in SARON and SCRON, respectively, and take into account interest payments received on overnight transactions. SIX Swiss Exchange calculates and publishes the reference rates. The first publication takes place at 8:30 CET and the last at the end of trading day (18:00 CET at the earliest). Comparison: TOIS fixing versus SARON 12:00 CET fixing Get more information Values in percent SARON 12:00 CET fixing TOIS fixing Eurex Zürich AG Eurex Repo Daniel Hartmann T Frank Gast T Michael Bührer T

EU Short Selling Regulation

EU Short Selling Regulation EU Short Selling Regulation Overview and Implementation Concept 1 September, 2012 EU Short Selling Regulation - Article 15 Extract of the Regulation Buy-in procedures 1. A central counterparty in a Member

More information

Futures Trading with EURO STOXX 50 & DAX Electronic Contracts

Futures Trading with EURO STOXX 50 & DAX Electronic Contracts Futures Trading with EURO STOXX 50 & DAX Electronic Contracts John F. Carter www.tradethemarkets.com in conjunction with Eurex Futures Exchange & Infinity Brokerage www.tradethemarkets.com 1 Disclaimer

More information

Trading Opportunities in European Products. March 2010

Trading Opportunities in European Products. March 2010 Trading Opportunities in European Products March 2010 Eurex The International Derivatives Exchange Risk Statement Risk Statement This presentation is for information purposes only and does not constitute

More information

FX Futures & Options. FX derivatives at Eurex Exchange. June 2014

FX Futures & Options. FX derivatives at Eurex Exchange. June 2014 FX Futures & Options FX derivatives at Eurex Exchange June 2014 Agenda Introduction of FX Futures and Options Liquidity provision at Eurex Exchange Contract specifications Fees and margining Further information

More information

The International Derivatives Exchange. February 2009

The International Derivatives Exchange. February 2009 The International Derivatives Exchange February 2009 Eurex The International Derivatives Exchange Risk Statement Risk Statement This presentation is for information purposes only and shall not constitute

More information

Variance Futures on Eurex Exchange. Product description & clearing concept

Variance Futures on Eurex Exchange. Product description & clearing concept Product description & clearing concept Content Product description Clearing concept Appendix 2 Outline Challenge: Swap products difficult to capture via futures transaction based settlement required Product

More information

EurexOTC Clear. Member Guide Approved Trade Source: December 2015

EurexOTC Clear. Member Guide Approved Trade Source: December 2015 EurexOTC Clear Member Guide Approved Trade Source: December 2015 Agenda Overview OTC Client Clearing workflow Supported Functionality/ Flow Product Scope Trade Flow Novation Flow Interface for Trade Entry

More information

Hedging and Discounting Euro swaps with a secured benchmark. October 2015

Hedging and Discounting Euro swaps with a secured benchmark. October 2015 Hedging and Discounting Euro swaps with a secured benchmark October 2015 Agenda Developments in European Interbank Funding ECB selects STOXX GC Pooling indices Volatility, drivers and impact of unsecured

More information

Eurex Repo s New Trading System F7

Eurex Repo s New Trading System F7 Release 1.0 Participant Simulation Guide Version 1.0 Date 18 September 2014 Abstract This document describes the timeline, features as well as simulation focus days for the s F7 Simulation. participants

More information

Eurex Exchange s T7 Product and Instrument File Descriptions

Eurex Exchange s T7 Product and Instrument File Descriptions Product and Instrument File Descriptions Version 3.0 Date 23 November 2015 Eurex 2015 Deutsche Börse AG (DBAG), Clearstream Banking AG (Clearstream),, Eurex Clearing AG (Eurex Clearing) as well as Eurex

More information

eurex circular 218/13

eurex circular 218/13 eurex circular 218/13 Date: 8 October 2013 Recipients: All Trading Participants of Eurex Deutschland and Eurex Zürich and Vendors Authorized by: Jürg Spillmann Eurex Exchange s T7 disaster recovery test

More information

Registered country information Vanguard Investment Series plc and Vanguard Funds plc

Registered country information Vanguard Investment Series plc and Vanguard Funds plc Registered country information Vanguard Investment Series plc and Vanguard Funds plc The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.

More information

FTSE Global Bond Index Series

FTSE Global Bond Index Series FTSE Global Bond Index Series FTSE GLOBAL BOND INDEX SERIES The FTSE Global Bond Index Series is a series of fixed income indices covering the principal government bond markets and selected corporate markets.

More information

Single Stock Futures at Eurex Exchange

Single Stock Futures at Eurex Exchange Single Stock Futures at Eurex Exchange +900 opportunities in equity trading February 2014 Agenda +900 Single Stock Futures are tradable at Eurex Exchange Majority of SSF volume is executed via EurexOTC

More information

Eurex Repo s New Trading System F7

Eurex Repo s New Trading System F7 Release 1.0 Release Notes Production Version Version 1.0.8 Date 28 May 2015 Contents 1. Introduction 5 1.1 New features and enhancements 5 1.2 Further reading 6 2. Functional enhancements 7 2.1 7 2.2 Markets

More information

Capital Market Linkages: How to facilitate cross border trading?

Capital Market Linkages: How to facilitate cross border trading? Capital Market Linkages: How to facilitate cross border trading? OIC Member States Stock Exchanges Forum Dr. Jochen Biedermann Istanbul, 02 October 2010 Agenda 1. About Deutsche Börse 2. Capital Market

More information

TradeCycle. Delivering integrated solutions for OTC derivatives

TradeCycle. Delivering integrated solutions for OTC derivatives TradeCycle Delivering integrated solutions for OTC derivatives TradeCycle 3 Innovation is key in a fast-moving world. Discover the first end-to-end OTC derivatives solution which combines the local experience

More information

U.S. FIXED INCOME TRADING SOLUTIONS FOR INSTITUTIONAL INVESTORS

U.S. FIXED INCOME TRADING SOLUTIONS FOR INSTITUTIONAL INVESTORS U.S. FIXED INCOME TRADING SOLUTIONS FOR INSTITUTIONAL INVESTORS Direct trading access to European bonds MTS will provide U.S. institutional investors with real-time pricing and the ability to trade electronically

More information

eurex circular 187/08

eurex circular 187/08 eurex circular 7/ Date: Frankfurt, July, Recipients: All Trading Members of Eurex Deutschland and Eurex Zürich, all Clearing Members of Eurex Clearing AG and Vendors Authorized by: Peter Reitz Action required

More information

Single Stock Futures at Eurex Exchange. February 2016

Single Stock Futures at Eurex Exchange. February 2016 Single Stock Futures at Eurex Exchange February 216 Agenda 1, + Single Stock Futures (SSFs) are tradable at Eurex Exchange Majority of SSF volume is executed via Eurex Trade Entry Services Extensive usage

More information

Mini-DAX. Maximum Opportunity.

Mini-DAX. Maximum Opportunity. Mini-DAX. Maximum Opportunity. Webinar - Interactive Brokers Thursday, 3 December 2015, 12:00 EST Agenda Summary Market analysis of the DAX Futures Contract details DAX highlights About Eurex Exchange

More information

Summary Suitability of the STOXX GC Pooling EUR Deferred Funding Rate as an alternative benchmark for the money market

Summary Suitability of the STOXX GC Pooling EUR Deferred Funding Rate as an alternative benchmark for the money market Summary Suitability of the STOXX GC Pooling EUR Deferred Funding Rate as an alternative benchmark for the money market An abridged version of a thesis by Jennifer Ertel (June 17,214) Sperrvermerk Die vorliegende

More information

Qualified Clearing Staff

Qualified Clearing Staff Qualified Clearing Staff Market Module Eurex Clearing AG Eurex 2015 Deutsche Börse AG (DBAG), Clearstream Banking AG (Clearstream), Eurex Frankfurt AG, Eurex Clearing AG (Eurex Clearing) as well as Eurex

More information

The Future of Central Clearing Maximizing capital and cost efficiency through an integrated cross-product CCP clearing service

The Future of Central Clearing Maximizing capital and cost efficiency through an integrated cross-product CCP clearing service The Future of Central Clearing Maximizing capital and cost efficiency through an integrated cross-product CCP clearing service Analysis commissioned to and conducted by Table of contents 03 Introduction

More information

Eurex in Asia: Diversity, flexibility and 100 percent commitment.

Eurex in Asia: Diversity, flexibility and 100 percent commitment. Eurex in Asia: Diversity, flexibility and 100 percent commitment. www.eurexasia.com Partner with one of the world s leading derivatives exchanges Eurex Group is comprised of Eurex Exchange, Eurex Clearing,

More information

3 Year Note Linked To WTI Crude Oil Simplified Prospectus, 15 August 2013

3 Year Note Linked To WTI Crude Oil Simplified Prospectus, 15 August 2013 1 PRODUCT DESCRIPTION This 3 Year Note / is a USD denominated Note linked to WTI Crude Oil (the Underlying ) (the Note ). The Note offers the investor quarterly Coupons linked to the 3M USD Libor rate

More information

Discover MTS BondVision. Multi-dealer-to-client trading

Discover MTS BondVision. Multi-dealer-to-client trading Discover MTS BondVision Multi-dealer-to-client trading MTS BondVision connects users directly to one of the largest networks of liquidity providers available on one online trading platform. Why choose

More information

62 BANQUE CENTRALE DU LUXEMBOURG ANNUAL REPORT 2002 III

62 BANQUE CENTRALE DU LUXEMBOURG ANNUAL REPORT 2002 III 62 BANQUE CENTRALE DU LUXEMBOURG ANNUAL REPORT 2002 I II III Iv annual report 2002 IV PART iv PAYMENT AND SECURITIES SETTLEMENT SYSTEMS 63 Payment and securities settlement systems iv Payment and securities

More information

Market Making for Exchange Traded Funds. Corporates & Markets

Market Making for Exchange Traded Funds. Corporates & Markets Market Making for Exchange Traded Funds Corporates & Markets Commerzbank your trusted partner in the ETF market Since the start of the new millennium, exchange traded funds (ETFs) have experienced phenomenal

More information

ETFs at SIX Swiss Exchange. Lugano, 23 November 2015

ETFs at SIX Swiss Exchange. Lugano, 23 November 2015 ETPD Stream 2015 ETFs at SIX Swiss Exchange Lugano, 23 November 2015 European ETF asset growth is ongoing Source: ETFGI, industry insights, October 2015 3 Market Status ETF Segment 1 118 listed ETFs (1

More information

GBV-Kolloquium "IT in Banken und Börsen" - WS 02/03. Trading, listing, membership network. Clearinghouse/Central counterparty (CCP) EurexClearinghouse

GBV-Kolloquium IT in Banken und Börsen - WS 02/03. Trading, listing, membership network. Clearinghouse/Central counterparty (CCP) EurexClearinghouse Deutsche Börse Kolloquiumstag der Univesität Gießen December 6, 22 Deutsche Börse - the Markets Company Deutsche Börse Trading, listing, membership network Cash market Derivatives market Other markets

More information

Deutsche Bank Global Transaction Banking. Securities Services. Overview

Deutsche Bank Global Transaction Banking. Securities Services. Overview Deutsche Bank Global Transaction Banking Direct Securities Services Securities Services Overview Finding the right custodian with a long-term commitment to supporting its clients business is critical for

More information

EURO STOXX 50 Index Quanto Futures. March 2016

EURO STOXX 50 Index Quanto Futures. March 2016 EURO STOXX 50 Index Quanto Futures March 2016 Your benefits trading EURO STOXX 50 Quanto Futures Separate underlying Index performance from FX risk An alternative to the OTC market Broad interest from

More information

EurexOTC Clear: Clearing of interest rate swaps and forward rate agreements with highest safety and efficiency

EurexOTC Clear: Clearing of interest rate swaps and forward rate agreements with highest safety and efficiency June 2015 EurexOTC Clear: Clearing of interest rate swaps and forward rate agreements with highest safety and efficiency Although the clearing obligation for OTC derivatives has been pushed, and firms

More information

Eurex Clearing C7 C7 Release 3.0 Overall Report Changes

Eurex Clearing C7 C7 Release 3.0 Overall Report Changes Eurex Clearing C7 C7 Release 3.0 Overall Report Changes External Version Date 13 May 2016 Eurex 2016 Deutsche Börse AG (DBAG), Clearstream Banking AG (Clearstream), Eurex Frankfurt AG, Eurex Clearing AG

More information

Tensions in the money market: Measures taken by the SNB

Tensions in the money market: Measures taken by the SNB Tensions in the money market:, Money Market & Foreign Exchange Tensions in the money market: Money Market & Foreign Exchange Sixth Annual NBP-SNB Joint Seminar 2 The SNB s monetary policy framework Price

More information

www.deutsche-boerse.com From trading floor to electronic marketplace Deutsche Börse Group

www.deutsche-boerse.com From trading floor to electronic marketplace Deutsche Börse Group www.deutsche-boerse.com From trading floor to electronic marketplace Deutsche Börse Group Deutsche Börse Group Deutsche Börse Group We make markets work Contents Deutsche Börse Group What is an exchange

More information

Central Securities Depository Regulation

Central Securities Depository Regulation Central Securities Depository Regulation Alignment of T+2 Settlement Period Central Securities Depository Regulation Alignment of T+2 Settlement Period The European Commission has proposed new legislation

More information

The following subpart contains contract specifications for Futures contracts on stock index ( Index Futures Contracts ).

The following subpart contains contract specifications for Futures contracts on stock index ( Index Futures Contracts ). Zürich Page 1 1 Part: Contract Specifications for Futures Contracts 1.3 Subpart: Contract Specifications for Index Futures Contracts The following subpart contains contract specifications for Futures contracts

More information

Discover MTS Cash. Interdealer electronic market for fixed income rates products

Discover MTS Cash. Interdealer electronic market for fixed income rates products Discover MTS Cash Interdealer electronic market for fixed income rates products MTS Cash, our comprehensive & professional cash securities trading environment for the interdealer marketplace, delivers

More information

RISK MANAGEMENT IN NETTING SCHEMES FOR SETTLEMENT OF SECURITIES TRANSACTIONS

RISK MANAGEMENT IN NETTING SCHEMES FOR SETTLEMENT OF SECURITIES TRANSACTIONS RISK MANAGEMENT IN NETTING SCHEMES FOR SETTLEMENT OF SECURITIES TRANSACTIONS A background paper for the 4th OECD/World Bank Bond Market Workshop 7-8 March 02 by Jan Woltjer 1 1 Introduction Settlement

More information

Price List for Eurex Clearing AG As of 11.01.2016

Price List for Eurex Clearing AG As of 11.01.2016 Page 1 Preamble 5 Basic Principles... 5 1. Fees for Clearing Licenses... 5 2. [Cancelled]... 6 3. Transaction Fees for Derivatives Transactions (Order Book Transactions and Off-Book-Transactions on the

More information

DAXplus Covered Call Index. Deutsche Börse AG Frankfurt am Main January 2006

DAXplus Covered Call Index. Deutsche Börse AG Frankfurt am Main January 2006 DAXplus Covered Call Index Deutsche Börse AG Frankfurt am Main January 2006 Index-option strategies generate excess return with lower risk as well as performance benchmarks Possible use cases for index-option

More information

FINAL TERMS DATED 15 JUNE 2011

FINAL TERMS DATED 15 JUNE 2011 FINAL TERMS DATED 15 JUNE 2011 EUR 10,000,000 EURO STOXX 50 INDEX COUPON NOTES (BARRIER LEVEL 2250) DUE 23 JUNE 2016 100% CAPITAL PROTECTION ISSUE PRICE: 100% THE SECURITIES HAVE NOT BEEN AND WILL NOT

More information

FINAL TERMS DATED 24 JANUARY 2011 ABN AMRO BANK N.V. EUR 200,000,000 INDEX BASKET CAPITAL PROTECTED QUANTO NOTES DUE 29 FEBRUARY 2016

FINAL TERMS DATED 24 JANUARY 2011 ABN AMRO BANK N.V. EUR 200,000,000 INDEX BASKET CAPITAL PROTECTED QUANTO NOTES DUE 29 FEBRUARY 2016 FINAL TERMS DATED 24 JANUARY 2011 ABN AMRO BANK N.V. EUR 200,000,000 INDEX BASKET CAPITAL PROTECTED QUANTO NOTES DUE 29 FEBRUARY 2016 90% CAPITAL PROTECTION ISSUE PRICE: 100% THE SECURITIES HAVE NOT BEEN

More information

Q&A Implementation of T+2 standard settlement cylce on Swiss market. of 2 September 2014

Q&A Implementation of T+2 standard settlement cylce on Swiss market. of 2 September 2014 Implementation of T+2 standard settlement cylce on Swiss market of 2 September 2014 Table of Content 1. Introduction... 5 1.1. Purpose and Scope... 5 1.2. Definitions and Abbreviations... 5 1.3. References...

More information

Xetra. The market. Xetra: Europe s largest trading platform for ETFs. ETF. One transaction is all you need.

Xetra. The market. Xetra: Europe s largest trading platform for ETFs. ETF. One transaction is all you need. Xetra. The market. Xetra: Europe s largest trading platform for ETFs ETF. One transaction is all you need. Deutsche Börse Group is the leading global service provider to the securities industry. Its cutting-edge

More information

Trading at SIX Repo AG

Trading at SIX Repo AG Guidelines for participation in the CH repo market and OTC spot market January 2015 [Type text] Table of contents 1.0 Swiss Value Chain from a single source 4 2.0 Connection to the Swiss Value Chain 5

More information

Interest Rate Derivatives Complete Your Picture in Fixed Income Investment Management. eurex

Interest Rate Derivatives Complete Your Picture in Fixed Income Investment Management. eurex Interest Rate Derivatives Complete Your Picture in Fixed Income Investment Management eurex Contents Introduction 02 Fixed Income Futures 04 Delivery and Deliverable Basket Options on Fixed Income Futures

More information

Equity Options at Eurex Exchange. July 2014

Equity Options at Eurex Exchange. July 2014 Equity Options at Eurex Exchange July 2014 Eurex Exchange Offers a Wide Range of Equity Options Eurex market participants are now able to trade equity options on over 500 stocks, from 13 countries.* The

More information

Euroclear UK & Ireland. Becoming a client. What you need to know about the CREST system and how to become a member

Euroclear UK & Ireland. Becoming a client. What you need to know about the CREST system and how to become a member What you need to know about the CREST system and how to become a member Why become a client of? 1 Who can become a client of? 2 How to become a client of 3 How does the CREST system work? 5 Tariff 9 Further

More information

WELCOME! Introduction. Celebrating. &PrimeRevenue. PrimeRevenue Hong Kong. 2012 PrimeRevenue, Inc.

WELCOME! Introduction. Celebrating. &PrimeRevenue. PrimeRevenue Hong Kong. 2012 PrimeRevenue, Inc. WELCOME! Introduction Celebrating Ethe Factor Network establishment of &PrimeRevenue PrimeRevenue Hong Kong 2012 PrimeRevenue, Inc. Global Reach Today, we transact business in 50 countries Our platform

More information

ONIA Swap Index. The derivatives market reference rate for the Euro

ONIA Swap Index. The derivatives market reference rate for the Euro ONIA Swap Index The derivatives market reference rate for the Euro Contents Introduction 2 What is an EONIA Swap? 3-4 EONIA Swap Index The new benchmark 5-8 EONIA 9-10 Basis Swaps 10 IRS vs. EONIA Swap

More information

Xetra-Gold Precious. Always. And forever. An investor s guide

Xetra-Gold Precious. Always. And forever. An investor s guide Xetra-Gold Precious. Always. And forever. An investor s guide 3 Why Xetra-Gold Investors have wide investment possibilities when it comes to participating in the development of the gold price. They can

More information

MTS INDICES. Transparent, tradable, real-time, independent the benchmark for European fixed income.

MTS INDICES. Transparent, tradable, real-time, independent the benchmark for European fixed income. MTS INDICES Transparent, tradable, real-time, independent the benchmark for European fixed income. Transparent, tradable, real-time, independent MTS Indices MTS Indices (EuroMTS) are the first independent

More information

eurex circular 177/14

eurex circular 177/14 eurex circular 177/14 Date: 8 August 2014 Recipients: All Trading Participants of Eurex Deutschland and Eurex Zürich and Vendors Authorized by: Michael Peters High priority Money Market Derivatives: Amendment

More information

Monthly European ETF Market Trends AUGUST 2015 in brief

Monthly European ETF Market Trends AUGUST 2015 in brief LYXOR ETF BAROMETER SEPTEMBRE 215 1 THIS DOCUMENT IS FOR THE E XCLUSIVE USE OF INVESTORS ACTING ON THEIR OWN ACCOUNT AND CATEGORIZED EITHER AS ELIGIBLE COUNTERPARTIES OR PROFESSIONAL CLIENTS WITHIN THE

More information

Volatility derivatives at Eurex Exchange. November 2014

Volatility derivatives at Eurex Exchange. November 2014 Volatility derivatives at Eurex Exchange November 2014 Agenda What volatility derivatives can do for you Eurex Exchange s volatility derivatives VSTOXX Advanced Services Liquidity and volume Trading strategies

More information

Factsheet Phoenix Autocallable Notes April 2012

Factsheet Phoenix Autocallable Notes April 2012 This information is intended for investment professionals only and should not be provided to or relied upon by retail investors in any circumstances. Investment Guide for Income Builder December 2011 www.gilliat.co.uk

More information

****************************************************************** ******************************************************************

****************************************************************** ****************************************************************** Zürich Page 1 ****************************************************************** CHANGES ARE MARKED AS FOLLOWS: AMENDMENTS ARE UNDERLINED DELETIONS ARE CROSSED OUT ******************************************************************

More information

Derivatives on RDX USD Index

Derivatives on RDX USD Index Derivatives on RDX USD Index Russian DR Equity Index Derivatives February 2016 Agenda Introduction RDX USD Index Contracts specifications Market-Making Fees and pricing Further information Appendix 2 Introduction

More information

Trading at SIX Repo AG

Trading at SIX Repo AG Guidelines for participation in the CH repo market and OTC spot market May 2014 Table of contents 1.0 Swiss Value Chain from a single source 4 2.0 Connection to the Swiss Value Chain 5 3.0 Basic legal

More information

No. 1 BANK OF RUSSIA FOREIGN EXCHANGE ASSET MANAGEMENT REPORT. Moscow

No. 1 BANK OF RUSSIA FOREIGN EXCHANGE ASSET MANAGEMENT REPORT. Moscow No. 1 2015 FOREIGN EXCHANGE ASSET MANAGEMENT REPORT Moscow Bank of Russia Foreign Exchange Asset Management Report No. 1 (33) 2015 Reference to the Central Bank of the Russian Federation is mandatory in

More information

How a thoughtful FX strategy can give Fund Managers a competitive edge

How a thoughtful FX strategy can give Fund Managers a competitive edge How a thoughtful FX strategy can give Fund Managers a competitive edge Executive summary Each alternative investment fund takes a different approach to its investment strategy, but the ultimate goals are

More information

Update on HKEx Equity Derivatives Market. Derivatives Trading Global Markets Division 24 April 2015

Update on HKEx Equity Derivatives Market. Derivatives Trading Global Markets Division 24 April 2015 Update on HKEx Equity Derivatives Market Derivatives Trading Global Markets Division 24 April 215 Exchange Participants Global Distribution Distribution of the Origins of HKFE Exchange Participants America

More information

An easy way of investing offshore

An easy way of investing offshore A JSE / Deutsche Bank initiative An easy way of investing offshore Exchange Traded Funds ETFs Itrix DJ EURO STOXX 50 Itrix FTSE 100 Itrix ETFs allow you to Diversify your investment portfolio offshore

More information

Specifications for Futures Contracts on the German Stock Index (DAX Futures)

Specifications for Futures Contracts on the German Stock Index (DAX Futures) Trading Conditions 2 Part Contract Specifications 2.1.3 Sub-Subpart Specifications for Futures Contracts on the German Stock Index (DAX Futures) 2.1.3.1 Subject Matter of Contract (1) A DAX Future is a

More information

Volatility products at Eurex Exchange. February 7, 2012

Volatility products at Eurex Exchange. February 7, 2012 Volatility products at Eurex Exchange Volatility Products at Eurex Exchange Agenda Introduction Properties of volatility Eurex products, liquidity and volume VSTOXX strategies at a glance Further information

More information

T2S Direct: The Swiss solution to an international challenge

T2S Direct: The Swiss solution to an international challenge T2S Direct: The Swiss solution to an international challenge The content of this presentation is prepared for general information purposes only and intended for the confidential use of the person addressed.

More information

The Central Bank from the Viewpoint of Law and Economics

The Central Bank from the Viewpoint of Law and Economics The Central Bank from the Viewpoint of Law and Economics Handout for Special Lecture, Financial Law at the Faculty of Law, the University of Tokyo Masaaki Shirakawa Governor of the Bank of Japan October

More information

Exchange Traded Funds. An Introductory Guide. For professional clients only

Exchange Traded Funds. An Introductory Guide. For professional clients only Exchange Traded Funds An Introductory Guide For professional clients only Exchange-Traded Funds (ETFs) started to be used in Europe in the early 2000s but over the past few years they have grown their

More information

Tracker Certificate on Solactive Cloud Computing Performance-Index

Tracker Certificate on Solactive Cloud Computing Performance-Index BRANDSCHENKESTRASSE 90, CH-8002 ZÜRICH +41 58 800 1111 TERMSHEET@EFGFP.COM WWW.EFGFP.COM Final Termsheet Participation-Products SSPA Product Type: 1300 Tracker Certificate on Solactive Cloud Computing

More information

OPTIMTRADER COMMISSIONS

OPTIMTRADER COMMISSIONS OPTIMTRADER COMMISSIONS OptimTrader offers three different accounts of commissions. and commissionable accounts shall be determined on the basis of the initial deposit, while the Premium account is determined

More information

REGULATION FEES AND PENALTIES

REGULATION FEES AND PENALTIES REGULATION pursuant to articles 2.2.1, 2.2.3, 3.13.3 and 3.14.1 of the Clearing Rule Book FEES AND PENALTIES Capitalised terms used in this Regulation, and not otherwise defined, shall have the meaning

More information

CITIFIRST PRODUCT PROGRAMME. Citibank International plc. Arranger

CITIFIRST PRODUCT PROGRAMME. Citibank International plc. Arranger CITIFIRST PRODUCT PROGRAMME Citibank International plc Arranger Citigroup Global Markets Limited BASE PROSPECTUS FOR THE ISSUANCE OF SECURITIES THIS DOCUMENT COMPRISES A BASE PROSPECTUS FOR THE PURPOSES

More information

INDEX RULES ECPI GLOBAL ETHICAL GOVERNMENT BOND INDEX

INDEX RULES ECPI GLOBAL ETHICAL GOVERNMENT BOND INDEX INDEX RULES ECPI GLOBAL ETHICAL GOVERNMENT BOND INDEX JANUARY 2014 2 TABLE OF CONTENT INTRODUCTION SELECTION CRITERIA PERIODIC REVIEW INDEX CALCULATION CONTACTS 3 INTRODUCTION The present document describes

More information

SECOM, the securities settlement system

SECOM, the securities settlement system SECOM, the securities settlement system May 2009 By Philipp Haene 1 SECOM is the Swiss securities settlement system operated by SIX SIS Ltd and stands for Settlement Communication System. It provides custody

More information

Xetra. The market. Xetra: Europe s largest trading. ETF. One transaction is all you need.

Xetra. The market. Xetra: Europe s largest trading. ETF. One transaction is all you need. Xetra. The market. Xetra: Europe s largest trading platform for ETFs ETF. One transaction is all you need. 2 3 Deutsche Börse Group is the leading global service provider to the securities industry. Its

More information

www.deutsche-boerse.com Half-yearly financial report

www.deutsche-boerse.com Half-yearly financial report www.deutsche-boerse.com Half-yearly financial report Quarter 2/2015 Deutsche Börse Group: key figures Consolidated income statement Quarter Six months 30 Jun 2015 30 Jun 2014 30 Jun 2015 30 Jun 2014 Net

More information

Introduction to London Stock Exchange Capital Markets

Introduction to London Stock Exchange Capital Markets Introduction to London Stock Exchange Capital Markets Contents Background 02 Equity primary markets 03 Main Market 03 AIM 04 Trading services for equity securities 05 SETS 05 SETSqx 05 SEAQ 05 International

More information

SIX Swiss Exchange FaQ s

SIX Swiss Exchange FaQ s SIX Swiss Exchange FaQ s SCOPE & BACKGROUND SB1. What is the go-live date? The additional ISIN s made available by Liquidnet is expect to commence from April 2011 SB2. What does the flow look like? Who

More information

STANDARD TARIFF SCALE STOCK, ADR, ETF

STANDARD TARIFF SCALE STOCK, ADR, ETF ANNEX 1 TO BROKERAGE SERVICE AGREEMENT USA Canada Mexico Austria Belgium France NORTH AMERICA Fee EUROPE Germany SWB FWB (1) Chi-X/NURO/Turqoise DE Xetra ETFs Xetra - Stocks Italy Netherlands Spain Sweden

More information

Transfers of securities to RBS plc pursuant to Part VII of the UK Financial Services and Markets Act 2000 RBS plc Part VII Scheme Effective Date

Transfers of securities to RBS plc pursuant to Part VII of the UK Financial Services and Markets Act 2000 RBS plc Part VII Scheme Effective Date Transfers of securities to RBS plc pursuant to Part VII of the UK Financial Services and Markets Act 2000 On 6 February 2010 ABN AMRO Bank N.V. (registered with the Dutch Chamber of Commerce under number

More information

Roche Finance Europe B.V. - Financial Statements 2013

Roche Finance Europe B.V. - Financial Statements 2013 Roche Finance Europe B.V. - Financial Statements 2013 0 Financial Statements 2011 Roche Finance Europe B.V. Management Report 1. Review of the year ended 31 December 2013 General Roche Finance Europe B.V.,

More information

Julius Baer Actively Managed Certificate on JB Markets Equity Trading Ideas Basket

Julius Baer Actively Managed Certificate on JB Markets Equity Trading Ideas Basket 30 January 2008 Structured Products Phone: +41 (0) 58 888 8181 E-Mail: derivatives@juliusbaer.com Internet: derivatives.juliusbaer.com Term Sheet and Simplified Prospectus { Bank Julius Baer & Co. Ltd.

More information

LuxeMbOurG Trading CenTre LisT Annex 1 to the s pecial terms and conditions for securities transactions Valid as from 1 January 2011

LuxeMbOurG Trading CenTre LisT Annex 1 to the s pecial terms and conditions for securities transactions Valid as from 1 January 2011 Luxembourg Annex 1 to the Special terms and conditions for securities transactions Valid as from 1 January 2011 In order to achieve the best possible result in executing security orders, the bank has selected

More information

COSI Collateral Secured Instruments

COSI Collateral Secured Instruments Swiss Exchange COSI Collateral Secured Instruments Investing with Minimum Issuer Risk Unique Collateral In principle, structured products are only available in the legal form of a bearer debenture. The

More information

Service Overview 1 June 2012

Service Overview 1 June 2012 Service Overview 1 June 2012 Contents 1.0 Preface 3 1.1 About European Central Counterparty Limited 3 2.0 Introduction 4 2.1 About European Central Counterparty Limited 4 2.2 Benefits of participation

More information

Xetra. The market. The leading trading platform. A simple investment in commodities, volatility or currencies

Xetra. The market. The leading trading platform. A simple investment in commodities, volatility or currencies Xetra. The market. The leading trading platform for ETCs & ETNs A simple investment in commodities, volatility or currencies 2 3 Commodities can be used to reduce the volatility of a portfolio or increase

More information

Monthly European ETF Market Trends SEPTEMBER 2015 in brief

Monthly European ETF Market Trends SEPTEMBER 2015 in brief LYXOR ETF BAROMETER OCTOBER 215 1 THIS DOCUMENT IS FOR THE E XCLUSIVE USE OF INVESTORS ACTING ON THEIR OWN ACCOUNT AND CATEGORIZED EITHER AS ELIGIBLE COUNTERPARTIES OR PROFESSIONAL CLIENTS WITHIN THE ME

More information

PROSPECTUS Hypo Real Estate Bank International AG, Stuttgart ESTATE US-1

PROSPECTUS Hypo Real Estate Bank International AG, Stuttgart ESTATE US-1 PROSPECTUS Hypo Real Estate Bank International AG, Stuttgart ESTATE US-1 USD 700,000 Class A1+ Floating Rate Amortising Credit-Linked Notes Issue Price: 100% USD 14,300,000 Class A2 Floating Rate Amortising

More information

Best Practice framework EGB Market

Best Practice framework EGB Market Best Practice framework EGB Market Mathieu Gaveau ECB Bond Market Contact Group, 21 October 2014 EGBs: Primary Dealership Secure System The system of Primary Dealerships supports security, stability and

More information

Eurex Bonds. Pricing Model (Change Version) Release: 11.2

Eurex Bonds. Pricing Model (Change Version) Release: 11.2 Pricing Model (Change Version) Release: 11.2 Release date: 01 September 2015 Page 2 of 16 Index 1 INTRODUCTION... 3 2 PRICING MODEL... 4 2.1 ANNUAL FEES... 4 2.2 TRANSACTION FEES... 4 2.2.1 Factor 1: Shareholder

More information

Rules and Regulations SIX x-clear Ltd

Rules and Regulations SIX x-clear Ltd Valid as of 1 June 2015 June 2015 Table of contents 1.0 Basis for the pricing model and invoicing 3 1.1 General 3 1.2 Rebate models (individual service level) 3 1.3 Cross-rebate (additional rebate) 4 2.0

More information

Managing liquidity in a post crisis world

Managing liquidity in a post crisis world Managing liquidity in a post crisis world Goldman Sachs European Financials Conference Money market current environment and expected development Market observation Euribor-Eonia Spread Credit spreads /

More information

The FTSE China Onshore Bond Index Series

The FTSE China Onshore Bond Index Series Research The FTSE China Onshore Bond Index Series ftserussell.com May 2015 China is now the world s largest economy (when measured by purchasing power parity (PPP) 1 ) and the largest trading nation 2.

More information

Multi Express Certificate with Fix Coupon Linked to WTI Crude Oil & Gold Issued by UBS AG, London Branch

Multi Express Certificate with Fix Coupon Linked to WTI Crude Oil & Gold Issued by UBS AG, London Branch Multi Express Certificate with Fix Coupon Linked to WTI Crude Oil & Gold Issued by UBS AG, London Branch Cash settled EUSIPA Product Type: Express Certificate (1260) / ISIN: DE000UBS6DT2 Information on

More information

Monthly European ETF Market Trends MAR 2015 in brief

Monthly European ETF Market Trends MAR 2015 in brief LYXOR ETF BAROMETER APR 215 1 THIS DOCUMENT IS FOR THE EXCLUSIVE USE OF INVESTORS ACTING ON THEIR OWN ACCOUNT AND CATEGORIZED EITHER AS ELIGIBLE COUNTERPARTIES OR PROFESSIONAL CLIENTS WITHIN THE MEANING

More information