|WATCH: Customer Segregation: A Clear View on MarketsWiki.tv (November 2012)|
|Key People||Andreas Preuss, CEO; Jürg Spillmann, Deputy CEO|
Formed in 1998, Eurex is jointly operated by Deutsche Börse and the SIX Swiss Exchange, with the German group holding 50 percent of the voting rights and 85 percent of the share capital. The initial agreement was extended for 10 years in 2003. In December of 2007, Eurex expanded its options business with the acquisition of the International Securities Exchange.
Eurex ranked as the world's second-largest derivatives exchange by contract volume in 2009, according to the annual Futures Industry Association's survey of the world's leading derivatives exchanges.
The FIA report, published in early April, 2010, notes that the number of futures and options traded on Eurex fell 16.6 percent in 2009 to 2.647 billion, dropping it behind the Korea Exchange for the top spot. Eurex Euro-Bund Futures ranked the world's fourth-largest interest rate derivative contract and its EURO STOXX 50 Futures were also the fourth-largest equity-index derivative. Total trading volume at Eurex Group was at 2.64 billion contracts in 2010.
Eurex reported in August of 2011 that an extremely volatile market environment led to enormous increases in contract and quote volume on Eurex Exchange. New records were set in some benchmark products, such as futures and options on the EURO STOXX 50 and DAX. The total average daily trading volume (ADV) in August was at an annual high of almost 12 million contracts as of Aug. 15, compared to the yearly ADV of 8.4 million contracts.
In Germany, Eurex is regulated by BaFin (the Bundesanstalt für Finanzdienstleistungsaufsicht, or Federal Financial Supervisory Authority), while its U.S. operations are subject to the regulation of both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
Products and Related News
Eurex offers a wide range of proprietary exchange-traded financial futures and options products, as well over-the-counter (OTC) support services for exchange-traded derivatives and OTC services for cash products, such as bonds and repurchase agreements (repos).
- In 2000, Eurex beefed up its equities product range, adding futures and options on sector indexes of the pan-European EURO STOXX 50 Index and STOXX Europe 600 Index, as well as equity options on non-German components of both. In October, it launched Eurex Bonds and Eurex Repo for trading over-the-counter (OTC) government bonds trading and repurchase agreements (repos).
- In March 2007, Eurex launched its long-awaited credit derivative futures, based on three credit default indexes. The products attracted much fanfare, but little volume.
- In April 2007, Eurex announced it was launching a series of new emerging-market derivatives, led by cash-settled, dollar-denominated futures based on the RDX extended index (RDXxt), which is calculated by the Wiener Börse AG (Vienna Stock Exchange) and contains the 15 largest Russian depositary receipts (DRs) traded on the London Stock Exchange (LSE). That same month, it announced single-stock futures on all 15 index constituents, bringing its SSF offering to 370.
- On June 11, 2008, Eurex announced that single-stock futures continued to enjoy strong growth in 2008 at Eurex. In the first five months, 196 percent more SSFs were traded than in the same period last year. Up to the end of May 2008, a total of 95 million contracts changed hands in the segment (January to May 2007: 32 million). Compared to the overall European market, Eurex’s share in 2008 to this point was 55 percent, making Eurex the leading market for European single-stock futures.
- On June 30, 2008 Eurex announced that it expanded its sector index products segment by adding global sector futures denominated in the US dollar and said it would cover the European real estate industry in the future with futures and options as well. As of Aug. 18, 2008, futures would be available on the five global sector indices Dow Jones Banks Titans 30SM, Dow Jones Insurance Titans 30SM, Dow Jones Oil & Gas Titans 30SM, Dow Jones Telecommunication Titans 30SM and Dow Jones Utilities Titans 30SM. Furthermore, as of Aug. 18, a futures contract on the Dow Jones Global Titans 50SM Index in U.S. dollars would complement the existing futures contract in euros.
- In December of 2009, Eurex said it would launch new equity options based on 30 of the most liquid British stocks on Jan. 18, 2010. With the new product suite, Eurex for the first time would offer British pence-denominated equity options with home market settlement. The new UK equity options would be physically settled in the Crest system of Euroclear UK & Ireland.
- In February 2009, Eurex continued to expand its commodities segment with the launch of 100 oz. gold futures (FGFX), and options on futures (OGFX)., followed by the launch of a 5,000 oz silver futures (FSFX) based on the silver fixing of the London Bullion Market, and options on futures (OSFX) in June 2009.
- In June of 2009, Eurex announced it would introduce an Italian bond futures contract on Sept. 14, 2009. The contract would be based on notional long-term debt instruments issued by the Republic of Italy (Buoni del Tesoro Poliennali - BTP), offering investors an instrument to hedge their holdings of bonds that have credit ratings below the top AAA grade.
- On July 7, 2009, Eurex announced that Wiener Börse plans to migrate Austrian derivatives market to Eurex system/ Implementation planned for March 2010. The international derivatives exchange Eurex and Wiener Börse AG announced today that they plan to enter into a technical cooperation which entails Wiener Börse operating its derivatives market on the Eurex system with effect from March 2010, thereby replacing the current OMex system. The Austrian market will remain autonomous with its own market surveillance and supervision.
- On Sept. 7, 2009, Deutsche Börse and Eurex published a White Paper entitled "The Global Derivatives Market – A Blueprint for Market Safety and Integrity". The current political and regulatory debate in both the U.S. and Europe is an intensive discussion on how to better safeguard financial market stability as one of the necessary consequences of the financial crisis. The aim of the paper is to contribute to this debate by laying out a market structure blueprint that effectively reduces systemic risk. 
- On July 14, 2010, Eurex and Bombay Stock Exchange announced that they will launch futures and options on the BSE's blue-chip SENSEX on Eurex beginning Oct. 4, 2010. The SENSEX Index tracks the daily performance of 30 of the largest and most actively traded companies listed on the Bombay Stock Exchange. The new contracts will be denominated in U.S. dollars and settled in cash. The futures will have maturity dates of the three nearest months, and the following March, June, September and December. Two market-making schemes will be in effect until the end of December 2011 – one to support liquidity during the overlap of Indian and European trading hours and one for European market hours. The expiration dates of the options will be in the three nearest calendar months, the next three quarters and two next semi-annual expiries.
- On July 15, 2010, Eurex and the Korea Exchange (KRX), announced commitment and support from major market participants for the launch of their joint Eurex/KRX Link on August 30. The two exchanges will cooperate on trading and clearing options on Korea’s blue-chip index KOSPI 200 on Eurex during European and North American trading hours. Fifteen KRX members have indicated that they will be ready to trade the Eurex KOSPI Product during the course of 2010; eight from day one. On the Eurex side, another 16 members expressed interest to execute business for KRX members. Among the interested Eurex and KRX member firms are: Daewoo Securities Co., Ltd; Deutsche Bank AG; Deutsche Securities Korea Co.; Goldman Sachs International; Hana Daetoo Securites, Ltd.; Hyundai Securities Co., Ltd.; Interactive Brokers; Korea Investment & Securities Co., Ltd.; MF Global; Morgan Stanley; Newedge Financial Hong Kong Limited, Seoul Branch; Newedge Group; RBS Global Banking & Markets; Samsung Futures Inc.; Tong Yang Securities Inc.; ABN AMRO Clearing (formerly known as Fortis Clearing). Additionally, IMC and Archelon have signaled their interest to actively quote as market makers from day one.
- On Feb. 14, 2011, Eurex announced that they will launch new dividend futures based on the dividends of 13 UK equities including; Anglo American, AstraZeneca, Barclays, BHP Billiton, BP, BT Group, Diageo, GlaxoSmithkline, HSBC Holdings, Rio Tinto, Royal Dutch Shell, Tesco and Vodafone. The news came after it was announced that the entire dividend derivative segment grew year-on-year by 36 percent in terms of average trading volume.
Eurex's flagship product has long been and remains the Euro-Bund futures contract, but volume in the EURO STOXX 50 stock index futures contract now often beats that of the Euro-Bund on a monthly basis. The exchange has also beefed up its product mix by diversifying into credit derivatives and single-stock futures (SSFs), as well as by expanding its clearing of OTC instruments.
Eurex dealt exclusively in financial products, although it does have an ownership stake in the European Energy Exchange (EEX), and EEX members have been able to trade EEX-listed carbon emission reduction products via existing Eurex infrastructure connections since December 2007.
Eurex co-parent company Deutsche Boerse (DB) began listing Exchange-Traded Commodities (ETCs) in November, 2006. These are securities based on commodity baskets, not futures contracts. Therefore, they are listed on DB’s Xetra securities platform rather than on the Eurex derivatives platform.
The exchange now lists SSFs on roughly 500 of the 600 equities in the STOXX Europe 600 Index, comprising all shares denominated in euro and Swiss Franc. It also lists options on roughly 280 of the STOXX Europe 600 components.
Eurex exchange-traded financial products fall into eight categories:
1. Eurex Fixed-Income Derivatives, which accounted for 731 million contracts in 2006 and 771 million in 2007. The Euro-Bund future remains the highest-turnover product, with volume of 338 million contracts in 2007, up from 320 million in 2006.
- Euro-Schatz Futures and Options
- Euro-Bobl Futures and Options
- Euro-Bund Futures and Options
- Euro-Buxl Futures
- CONF Futures
Eurex extended their interest rate derivatives contracts with the announcement, on June 18, of a new futures contract based on the notional long-term debt instruments issued by the Republic of Italy. The contract which is similar in design to the Euro-Bund will be available for trading on Sept. 14.
2. Volume in Eurex Equity Index Derivatives grew 55 percent in 2007, from 487 million contracts in 2006 to 754 million contracts in 2007. Volume in futures on the Euro STOXX 50 grew 53 percent, to 327 million contracts.
- DAX Futures and Options
- DAX Weekly Options
- EURO STOXX 50 Index Futures and Options
- EURO STOXX 50 Index Weekly Options
- EURO STOXX Sector Index Futures and Options
- EURO STOXX Select Dividend 30 Index Futures and Options
- DJ Global Titans 50 Index Futures and Options
- STOXX Europe 50 Index Futures and Options
- STOXX Europe 600 Index Futures and Options
- STOXX Europe 600 Sector Index Futures and Options
- STOXX Europe Large 200 Index Futures and Options
- STOXX Europe Mid 200 Index Futures and Options
- STOXX Europe Small 200 Index Futures and Options
- MDAX Futures and Options
- OMXH25 Futures and Options
- RDXxt USD Futures
- SMIM Futures and Options
- SMI Futures and Options
- SMI Weekly Options
- TecDAX Futures and Options
3. Volume in Eurex equity derivatives (Single-Stock Futures and Options) grew 22 percent in 2007, from 308 million in 2006 to more than 374 million contracts in 2007. Of that, single stock futures accounted for 52.4 million contracts in 2007, up from 35.6 million contracts in 2006.
4. Eurex Exchange-Traded Funds (ETF) Derivatives
5. Eurex Volatility Index Derivatives
6. Eurex Money Market Derivatives
7. Eurex launched the world's first-ever Credit Default Futures on March 27, 2007. These products are designed to act as hedging vehicles against credit events such as corporate defaults, but have so far failed to attract significant volume.
- iTraxx Europe 5-year Index series
- iTraxx Europe HiVol 5-year Index series
- an equally weighted portfolio of the 30 entities with the highest spread from the iTraxx Europe 5-year Index
- iTraxx Europe Crossover 5-year Index series.
- an equally-weighted portfolio of 50 European sub-investment grade entities. All iTraxx indexes are provided by International Index Company Ltd. (IIC).
8. Euro Inflation Derivatives based on the Harmonized Index of Consumer Prices (HIPC) are scheduled for launch on January 21, 2008. The HIPC measures Eurozone inflation.
Eurex OTC Products and volume
Distribution and Connectivity
Eurex has screens in 19 countries, among 389 participants.
The system can be accessed primarily via two access plans:
- Standard Connections, which are used by all Eurex participants and
- Socket-Based Services, which are targeted at the automated trading community and stripped down for speed. Users have the option of taking either the Enhanced Broadcast Solution, which enables direct input into algorithmic trading models, or the Enhanced Transaction Solution, which enables direct output from the trading models to the Eurex trade-matching engine, or both.
Eurex is a joint venture between German exchange operator Deutsche Boerse (DB) and Swiss exchange operator SIX Swiss Exchange. Ownership is split 50/50, but DB receives 85 percent of Eurex revenues, which amounted to nearly €600 million in 2006. The 85 percent share of revenues delivered to DB in 2006 amounted 32 percent of the group's total – second among DB’s five operating structures to the 100 percent share of revenues delivered by clearing and settlement house Clearstream, which delivered 38 percent of group revenues.
Eurex, despite its affiliation with DB and Clearstream, clears its exchange-traded derivatives business through its own clearing entity, Eurex Clearing AG, which was formed to act as a central counterparty (CCP) for derivatives participants and later expanded to include equities.
Eurex does, however, use Clearstream for settlement of Eurex OTC products, such as government bonds and repurchase agreements (repos), which are matched via Eurex subsidiaries Eurex Bonds and Eurex Repo.
Eurex itself owns 100 percent of the U.S.-based International Securities Exchange (ISE), which was sealed on Dec. 20, 2007, as well as an interest in both the US Futures Exchange (USFE) and the European Energy Exchange (EEX).
John Lothian News Videos
Restoring Customer Confidence -- Customer Segregation: A Clear View
Moving excess customer funds to a clearing house is one way to reduce the amount of capital at risk. Byron Baldwin, SVP, Buyside Relations at Eurex, says his exchange developed segregated account services that can be as wide or granular as needed. Published Nov. 27, 2012. Watch at MarketsWiki.tv
Byron Baldwin of Eurex Discusses OTC Clearing, Portfolio Margining and Individual Segregation
Byron Baldwin is senior vice president of buyside relations for Eurex. He moved to New York from Eurex’s London office to in February 2011 in order to promote the firm’s listed products, connectivity for high frequency trading firms, and to promote Eurex’s move into OTC clearing. Baldwin spoke with John Lothian News Editor-at-Large Doug Ashburn about regulatory changes across jurisdictions, mandatory clearing of OTC derivatives, margin and collateral efficiency and Eurex’s individual segregation model. Published Oct. 18, 2012. Watch at MarketsWiki.tv
History and People
- Thomas Book, Head of Eurex Clearing
- Michael Peters, Global Head of Sales and Marketing
- Peter Reitz, General Manager, Global Product Strategy
- Jürg Spillmann, Deputy Chief Executive Officer
- Gary Katz, President and Chief Executive Officer of ISE
Eurex was formed in 1998 through the merger of the DTB (Deutsche Terminbörse, German Derivatives Exchange) and SOFFEX (the Swiss Options and Financial Futures Exchange), after nearly a decade of close cooperation between the two entities and their parent companies, Deutsche Börse AG and SIX Swiss Exchange. DTB’s trade-matching engine was built on the SOFFEX model, and the parent exchanges had a memorandum of understanding (MOU) to create a joint trading and clearing system dating back to 1996.
The formation of Eurex had been announced by DTB Chief Executive Joerg Franke on Sept. 4, 1997, at the Bürgenstock Conference near Luzerne, Switzerland, in the midst of a truly historic period in exchange development.
Battle of the Bund
The DTB was one of the world's first electronic exchanges, and by 1997 had distributed its screens across Europe and into the United States. As the merger with SOFFEX was being announced, DTB was in the midst of a battle to wrench liquidity in the Bund contract away from its chief cross-continental rival, the open outcry London International Financial Futures Exchange (LIFFE). On Oct. 22, 1997, the DTB captured 52 percent of Bund futures liquidity, and never looked back. The incident represented the first time that an existing, established liquidity pool had ever been wrestled away from its home platform, and signaled the beginning of the end of open outcry trading.
That led to a stunning announcement in March 1998, that Eurex and the Chicago Board of Trade (CBOT) would form a linkage between Eurex and the CBOT's electronic platform, Project A, by the end of the year, with the aim of creating an electronic trading platform for the leading benchmark derivatives products of Europe and the United States.
The project, however, ran into resistance from the CBOT’s old guard, who saw it as a threat to the trading floor. Although never delivering on its potential, it eventually led to the launch of a/c/e (alliance/cbot/eurex) in August of 2000.
By May 1998, the first release of the new Eurex software was up and running, and by September, all trading, clearing and settlement mechanisms of DTB and SOFFEX had been completely merged.
Eurex Release 1.0 included a multi-currency clearing facility to accommodate the impending introduction of the euro. In addition to existing DTB and SOFFEX products, Eurex listed futures on the EURO STOXX 50 Index, which had been developed jointly between Deutsche Boerse, SIX, and Dow Jones as part of a failed cooperative venture between DTB, SOFFEX, and the French futures exchange MATIF, which eventually folded into Euronext. Indeed, MATIF and DTB launched virtually identical Stoxx derivatives products at the same time, but Eurex captured the volume while Euronext was concentrating on assimilating new exchanges and consolidating its trading platforms.
In 1999, Eurex began an offset program with Helsinki Exchange Group Ltd. (HEX, today part of OMX), that made Scandinavian indexes and equities available to Eurex members and gave HEX members access to Eurex products. Volume grew to roughly 380 million contracts, while membership topped 400.
Behind the scenes, however, there was friction between Franke and Deutsche Boerse Chief Executive Werner Seifert, leading Franke to announce his resignation in August, 2000, the same month that a/c/e was launched. Departing with him was co-managing director Andreas Preuss, who had been coordinating the effort to build a/c/e in Chicago. Preuss later returned to Eurex as chief executive.
Franke was followed by Rudolf Ferscha, a mergers and acquisitions specialist and former non-directional trader who took the reins in December, 2000. Frustrated with direction of the a/c/e project in Chicago, he changed the direction of Eurex’s expansion into the United States, culminating with the 2004 formation of Eurex US.
He also continued to expand the international stock option offerings in Frankfurt, and was able to capitalize on hardware glitches in the Amsterdam segment of cross-continental rival Euronext to gain a leading position in Dutch options for a time.
Several projects that had been initiated on Franke’s watch bore fruit during Ferscha’s term. One example of this is the launch of the European Energy Exchange (EEX) in March of 2000. That exchange eventually merged with Leipzig Power Exchange, keeping the EEX name, but leaving Eurex with an ownership interest.
But media attention focused on Ferscha's falling out with CBOT leadership and renewed competition from LIFFE, which had introduced a credible electronic trade-matching engine LIFFE.Connect after shuttering its trading floors.
Eurex’s medium-term interest-rate product, the Bobl futures contract, was perceived as vulnerable due to a limited supply of deliverable five-year German bonds, which made it possible for deep-pocketed banks to gobble up available deliverable supplies and squeeze the market at delivery time. Eurex responded with fines, but did not change the contract. In the end, the German Federal Bank, the Bundesbank, agreed to make other deliverable bonds available in the event of a squeeze, and the threat faded. LIFFE’s rival product, Swapnote, found its niche, but never threatened the benchmark status of the Bund or Bobl.
With European unification approaching, the EURO STOXX 50 Index futures contract was gaining on the DAX in volume terms, supported by a growing number of options on non-German shares that were also components of the index. The exchange also added options on U.S. shares that year, but Ferscha bucked the global trend towards single-stock futures – repeatedly dismissing them as a niche product, and saying that there was simply no demand from market participants.
Divorce, Chicago Style
By the end of 2001, Eurex and CBOT had formally entered a dispute resolution process, with Eurex charging that the CBOT had violated their agreement by not paying for a software upgrade and balked at allowing U.S. options onto a/c/e.
In 2002, Eurex introduced futures and options on exchange-traded funds (ETFs). Overall volume on all Eurex products topped 800 million contracts, but the big story continued to be Ferscha's ongoing feud with the CBOT old guard, which heated up even as volume migrated to the a/c/e platform.
In January, 2003, CBOT made good on its threat, and Ferscha announced plans to launch a rival exchange as soon as the a/c/e agreement expired. Over the course of the year, Ferscha cut a deal with the former Chicago Board of Trade Clearing Corporation (BOTCC, since renamed simply the Clearing Corporation) to clear trades for the new exchange, but also faced intense lobbying on the part of both the CBOT and the Chicago Mercantile Exchange against his efforts to gain regulatory approval as a non-American exchange.
Meanwhile, Deutsche Boerse AG and SIX renewed the Eurex joint venture for another decade, and Eurex continued to add new products – most notably futures and options on the reference rate for overnight money, EONIA (European Overnight Index Average). Volume for the year crossed the one billion contract threshold in December, and finished at just above 1.014 billion.
The Chicago exchanges managed to stall the launch of Eurex US until February of 2004, which meant there was a one-month gap between the time the CBOT transferred its products to the Liffe.Connect platform and the time Eurex US launched on the Eurex platform.
Eurex U.S. never managed to achieve significant volume, but its arrival in the United States was credited with forcing the Chicago exchanges to abandon their outdated business models and shift to electronic trading. Meanwhile, Eurex itself continued to thrive with 2004 volume topping 1.066 billion contracts.
Eurex U.S. was later sold to Man Financial, with Eurex maintaining a minority interest.
The year 2005 was another pivotal time for the exchange, as shareholders ousted Deutsche Boerse AG chief executive Werner Seifert. For Eurex, it eventually also meant the elimination of Ferscha and the introduction of single-stock futures, as well as the downsizing of Eurex US.
After Seifert’s ouster in May, 2005, Ferscha’s business plan came under increasing pressure. In September, he announced the introduction of single-stock futures, and in October he said he was “open to offers” of partnership or takeover on the Eurex US platform.
Also in 2005, the joint venture agreement governing Eurex was adjusted to give Deutsche Boerse 85 percent of the income from Eurex, and the exchange began expanding its distribution in Asia. Numerous memorandums of understanding (MoUs) with Asian exchanges were signed, and the groundwork was laid for direct access for Singapore-based traders which finally bore fruit in 2006.
On the product front, Eurex introduced its volatility index products. Despite the turmoil, Eurex remained a critical profit center for Deutsche Boerse AG, and trading volume increased again, to more than 1.25 billion contracts.
On Apr. 19, 2006 Ferscha resigned, and by month-end the Eurex board had approved a plan to let another exchange take a stake Eurex US, but named no takers.
Ferscha's departure heralded the return of Andreas Preuss, who had been co-managing director under Joerg Franke. Preuss vowed to focus more on new product development, technology, and global distribution geared towards high-speed algorithmic trading.
Early product introductions, however, involved projects begun under Ferscha: Launched before he left weekly options, futures and options on the MDAX and SMIM, and futures and options on Spanish and Swedish underlying products. In July, 2006, Preuss announced the return of another DTB veteran, Brendan Bradley, who became global head of product strategy in August.
On Oct. 1, 2006 - less than six months after Ferscha's departure - Eurex sold 70 percent of Eurex US to Man Group, which changed the name to the US Futures Exchange (US FE). Eurex volume that year topped 1.5 billion contracts.
In January of 2007, Heike Eckert took responsibility for management of Eurex activities in the United States, where the exchange maintains offices in Chicago and New York.
At its meeting on June 16, 2008, the supervisory board of Deutsche Börse AG appointed Preuss deputy CEO of the executive board and also extended his board membership contract by five years starting Apr. 1, 2009.
- Eurex Web site
- The World of Credit, A Chronology From 1999 to 2008
- Clearing, Risk Based Margining
- Eurex Product Book 2009
- Eurex LinkedIn Profile
- Eurex Clearing Web site
- Eurex Bonds Web site
- Eurex Repo Web site
- ISE Web site
- Deutsche Börse Web site
- Deutsche Boerse Annual Report
- SIX Swiss Exchange Web site
- HedgeWeek Magazine Web site
- Futures Magazine Web site
- Environmental Markets Newsletter Web site
- ↑ Press release. Eurex.
- ↑ Eurex buys ISE. Waters.
- ↑ ISE: A Pricey Plum for Eurex. Business Week.
- ↑ 2009 Annual Volume Survey. FIA magazine.
- ↑ Press Release. Eurex.
- ↑ Eurex Statement On Current Market Activity. Eurex.
- ↑ Products. Eurex.
- ↑ Press Release. Eurex.
- ↑ Press Release. Deutsche Borse Group.
- ↑ Press Release. Deutsche Boerse.
- ↑ Eurex Gold Derivatives. Eurex.
- ↑ Silver Derivatives: Introduction. Eurex.
- ↑ Eurex Says It Will Start Trading Italian Bond Futures. Bloomberg.
- ↑ Press Release. Eurex.
- ↑ White Paper "The Global Derivatives Market – A Blueprint for Market Safety and Integrity" Press Release. Eurex.
- ↑ Press Release. Eurex.
- ↑ Press Release. Eurex.
- ↑ Eurex Introduces Dividend Futures on UK Underlying Trading Starts Feb 24. Mondo Visione.
- ↑ Eurex to Launch a New Italian Government Bond Future. Eurex.
- ↑ Eurex To Expand Offering With Launch Of Catastrophe Derivatives. Eurex.
- ↑ "Clearing Services”. Eurex.
- ↑ Customer Segregation: A Clear View. MarketsWiki.tv: Restoring Customer Confidence.
- ↑ Byron Baldwin of Eurex Discusses OTC Clearing, Portfolio Margining and Individual Segregation. MarketsWiki.tv.
- ↑ Chicago Board of Trade and EUREX Announce Strategic Global Alliance. Eurex.
- ↑ US Futures Exchange. Eurex.
- ↑ Press Release. SFOA.