中国福利彩票:Focus - Welcome-东方6+1中大奖 //www.6bgz.cn/exchange-en “We have seen a fundamental turnaround in the market place.” - Welcome-东方6+1中大奖 //www.6bgz.cn/exchange-en/about-us/news/block-trades-or-central-limit-order-book/3444880 Thu, 05 Jul 2018 09:00:00 GMT 2018-07-05T09:00:00Z ECB eyes repo market for risk-free rate - Welcome-东方6+1中大奖 //www.6bgz.cn/exchange-en/about-us/news/block-trades-or-central-limit-order-book/3437934 The secured interbank lending market may play a role in the search for a reliable indicator of the cost of funding in Europe. The European Central Bank (ECB) is considering the repo market as it moves to establish a risk-free rate for pan-European lending. The Eurozone’s top monetary authority launched a market consultation on Jun. 21 to assess three candidate euro overnight rates as an alternative to the current benchmark EONIA, a key rate for the global financial system, and determine the market’s preference – as EONIA faces incompliance with upcoming European Union regulation. The ECB said in a press release that it is putting forward ESTER, its own new rate based on reported euro deposits between financial firms, for consideration. The other two candidates stem from the market of secured euro lending transactions: the STOXX? GC Pooling EUR Deferred Funding Rate (GC Pooling Deferred), a centrally cleared, general collateral (GC) repo rate; and a combined general and specific collateral repo rate compiled by NEX Data Services. Central banks and regulators have moved in recent months to reformulate established money-market rates such as Euribor and LIBOR. While those rates are vital variables of the financial ecosystem, their declarative approach to rate-setting led to manipulation. Moreover, they represent the unsecured interbank lending market, where volumes have plummeted since the global financial crisis. In this context, the ECB set out in 2017 to develop a euro unsecured overnight interest rate that would complement existing benchmarks produced by the private sector. EONIA is considered near risk-free and reflects unsecured transactions. As opposed to LIBOR and Euribor, overnight rates such as EONIA are based on actual interbank transactions, but with no collateral or clearing process. The problem here: unsecured transactions have fallen to as low as 20% of the overall lending volume. EONIA is currently under review by its administrator amid concerns about its lack of representativeness. US and Swiss authorities have already resorted to the collateralized market to establish key risk-free rates. Transparency sought for the bloodstream of financial markets The search for a transparent and stable interbank lending reference rate is a priority for economic authorities. According to estimates, some 160 trillion euros are currently tied to the existing reference rates; of these, EONIA references around 34 trillion euros.1 EONIA will not be compliant with the new European Union Benchmarks Regulation that will kick in 2020 in its current form, the central bank has said. ESTER will be published by October 2019. A rate that’s representative of markets Turnover in the secured interbank lending market of repos, on the other hand, has held up. In a repo, borrowers pledge collateral against a loan, and offer to buy it back when cancelling the debt. The GC repo segment represents secured funding and is made up of a basket of very liquid, homogenous and safe collateral instruments, which can be swiftly turned into cash. This gives it a unique, cash-driven and near risk-free profile. By contrast, the so-called specific security repo segment represents the cost for single security financing. It is driven by the demand for a specific, individual type of collateral and thus tends to be more heterogeneous and volatile. Cash-driven secured rates have a role to play in the accurate depiction of European funding costs, and can complement unsecured rates. Their advantage is highlighted during periods of market stress, when banks favor secured and centrally-cleared funding. For example, volumes in this market increased significantly in 2013 and 2014 amid the European sovereign debt crisis. GC Pooling Deferred is a simple and robust representation of the cost of pan-European one-day secured funding, with over eight years of daily historical data. It is strongly correlated to EONIA, showing the narrowest spread to the benchmark among available rates. In addition, cash-settled futures on GC Pooling Deferred are already available and can facilitate the development of a risk-free rate term structure. Several possible outcomes of the market consultation are being considered. The solution could involve two rates, one as an EONIA replacement and one as a fallback rate for the markets in case of exceptional or unforeseeable events.2 Another option would be a two-benchmark scenario, which would enable market participants to choose between a secured and an unsecured rate. A reliable market based on transaction data GC Pooling Deferred tracks broad-based and reliable market data. The index is based on transactions in euros at Eurex Repo’s GC Pooling Market, the regulated marketplace for standardized GC baskets, originated by over 130 participants from 17 European countries. The market represents a substitute to central bank liquidity and has the advantage of a real-time collateral management system with re-use of collateral, and refinancing within the framework of ECB open market operations. A reliable and experienced index provider STOXX is a leading global index provider with a European heritage. It calculates more than 12,000 indices that are compliant with the International Organization of Securities Commissions’ (IOSCO) Principles for Financial Benchmarks and expects to be fully compliant with the new EU Benchmarks Regulation. The ECB’s market consultation will last until Jul. 13 and a recommended euro risk-free rate may be selected as early as September. The rate will serve as a basis to develop a methodology for different maturities and terms in 2019. ? Featured indices STOXX? GC Pooling 1,2) B?rsen-Zeitung, ‘Im Interview: Cornelia Holthausen, Generaldirektorin Market Operations,’ 6 June, 2018. Wed, 04 Jul 2018 09:00:00 GMT 2018-07-04T09:00:00Z Block trades or central limit order book? EnLight-ment and Improve-ment may be the solution. - Welcome-东方6+1中大奖 //www.6bgz.cn/exchange-en/about-us/news/block-trades-or-central-limit-order-book/3436456 There seems to be a trend that clients appear to be using block trades in ever greater frequency, while exchanges appear to want to push everything onto a central limit order book. A classic contradiction that needs urgent resolution? Wait a minute! We at Eurex cannot confirm this trend. Yes, to a certain degree there is a need of alternative means to arrange trades besides the central limit order book, as there will always be a need for the option to execute large and complex orders without impacting the market. That is why we at Eurex spent a lot of our innovative power to create new market models under the MiFID II framework that meet both the regulator‘s need for transparency and the industry‘s need for discrete execution of large orders. We are creating an ecosystem that delivers many options in a fully regulated environment. One part of this ecosystem is Eurex EnLight, our selective RfQ based service. This allows banks and brokers to selectively contact Market Makers with requests for quotes in order to find a trading counterparty. Orders are then automatically transmitted to Eurex’ T7 Entry Service for execution and post-trade processing. This increased electronification of the off-book business ultimately improves overall market liquidity and increases structural diversity. Discover a new way to source liquidity, with Eurex EnLight. We are also working on another new service that we named Eurex Improve. To the benefit of the end-client, this market driven solution is meant to increase facilitation of customer flow to interact with the price improvement competition in the order book. There is more news on this to come soon. Mon, 02 Jul 2018 09:00:00 GMT 2018-07-02T09:00:00Z Happy birthday: 30 years of DAX? - Welcome-东方6+1中大奖 //www.6bgz.cn/exchange-en/about-us/news/quarterly_equity_derivatives_highlights/3434938 image1 July 2018 marks the 30th birthday of the DAX?, Deutsche B?rse’s blue chip index for the German stock market. Internationally recognized, the benchmark comprises the 30 largest and most actively traded German companies. Moreover, the index has served as an underlying for financial products from the start, and asset managers who want a targeted exposure to Germany – an economic powerhouse in Europe – rely on our derivatives on the DAX? index family. “Through the futures and options we offer on the DAX? index family, Eurex has a strong connection to the DAX?. That is why we at Eurex wish the DAX? a very happy 30th birthday and all the best for the future,” says Michael Peters, Member of the Executive Board at Eurex. One of the first financial products with a DAX? underlying was the DAX? Futures (FDAX?), which was introduced in November 1990. Today, Eurex offers futures and options on the DAX?, the DivDAX?, the MDAX? and the TecDAX?. Unlike most other international indices, the DAX? indices are performance indices, which means that dividends are fully reinvested. This contributes to the growing index levels – and to the growing notional of the DAX? derivatives. Flexible, secure, transparent: the Mini-DAX? Futures The growing size of the notional, however, value can also present a challenge in the hedging of structured product and for retail investors who require smaller contract sizes. To also meet their needs and to broaden market participation, we launched the Mini-DAX? Futures (FDXM?) in October 2015, which have since been available in parallel to the DAX? Futures. With one fifth of the contract size of the DAX? Futures, the Mini-DAX? Futures provide optimized risk hedging while only requiring lower margins; thus, they present retailers and smaller portfolios with high flexibility. Moreover, the Mini-DAX? Futures are designed to provide clients with maximum security, for example through a liquid order book and the settlement of transactions through Eurex Clearing. At the same time, the fact that all market data is public guarantees the transparency in the trading of Mini-DAX? Futures. The DAX? derivatives are attractive for diverse client groups Since the introduction of the Mini-DAX? Futures, about 14.4 million contracts have been traded, and the product complements our other DAX? derivatives. “Our futures and options on the DAX? index family are custom-tailored,” Michael Peters explains. “Clients range from big players who hedge risks with DAX? Futures to those who want to gain exposure to Germany’s innovative manufacturing and technology base through derivatives on the MDAX? and TecDAX? to retailers whose needs for smaller contracts are met by the Mini-DAX? Futures.” Thus, the DAX? does not only provide an up-to-date and representative reflection of the German stock market but is also highly demanded by diverse customers as an underlying for futures and options. All that remains for us to say: congratulations, DAX?, and to a prosperous future! Fri, 29 Jun 2018 08:00:00 GMT 2018-06-29T08:00:00Z Global Investor names Eurex “Exchange of the Year” - Welcome-东方6+1中大奖 //www.6bgz.cn/exchange-en/about-us/news/gamechanger-derivatives-industry/3434582 [image]Good news: for the second time in a row, we received the Global Investor Award in the category “Exchange of the Year”. The award measures excellence in the exchange world across asset classes and geographies. “Eurex has been the most committed of the exchanges in terms of reaching out to the buy-side,” Global Investor stated. As examples, the jury highlighted Eurex’ efforts in client clearing and in our foreign exchange and fixed income segments. “Eurex has continued to lead the European derivatives markets with innovation,” Global Investor explained and mentioned the acquisition of GTX’s ECN business from GAIN Capital Holdings and our pledge to further expand our suite of capital efficient products like total return futures, the STOXX portfolio and our MSCI derivatives. “Just before the introduction of the MiFID II rules, Eurex has also launched a new fixed income service that allows bank’s broker desks and inter-dealer brokers to contact market-makers with request for quote,” Global Investor added. “It is an honor to receive the ‘Exchange of the Year’ award by Global Investor,” Michael Peters, Member of the Executive Board of Eurex, commented. “We are particularly delighted that our commitment to the buy-side is recognized by this decision. This award will drive us further to continuously improve our products and services to the benefit of our customers.” In 2017, we became the first recipient of the award for our innovative products which offer asset managers volatility protection and opportunities for yield and for our commitment to convert over-the-counter products into exchange-traded derivatives. ? Thu, 28 Jun 2018 09:00:00 GMT 2018-06-28T09:00:00Z
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