All firms are execution platforms for over-the-counter (OTC) interest rate swaps that will enhance price transparency, price discovery and liquidity for Eurex through the partnership.
As part of Deutsche Boerse, Eurex Clearing’s programme promises to reward interest rate swap price makers for providing competitive Eurex prices to both the interbank and end-user market, via execution platforms.
The approved platforms will support various execution formats including Central Limit Order Book, disclosed streaming and Request-for-Quote.
According to Eurex Clearing, utilising existing infrastructure and relationships for price makers will maximise market efficiency and significantly improve price discovery for clients.
“Price transparency and competitive prices are key to further strengthen our liquidity in interest rate swaps,” said Eurex Clearing’s chief strategy officer, Matthias Graulich.
“Therefore, cooperation with major execution venues is a key milestone in successfully rolling out our new partnership programme to establish a liquid alternative for clearing interest rate swaps in Europe.”
Dean Berry, global head of electronic and hybrid markets at BGC Partners, said: “We welcome the Eurex Clearing Partnership programme. This market led initiative will enable BGC Partners to provide greater liquidity and transparency to its clients for Eurex cleared products.” Don McClumpha, CEO at i-Swap, added: “Initiatives which broadens the range of trading options available to the current participant group on the i-Swap platform, are something we are happy to be associated with.”