北京快乐8官方走势图:Focus - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en Eurex Exchange's Quarterly Equity Derivatives Highlights - Q1/2019 - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/about-us/news/quarterly_equity_derivatives_highlights-1532888 Equity options: The first quarter of 2019 showed a clear continuation of the previous quarter with stock indices trending up and volatility trending down hovering around historic lows. There is ample cause to be cautious though. Europe still doesn’t know how Brexit will play out or how its effects and looming trade wars could affect the economy. Being cautious could explain the continued strong volume development of our equity options and futures segment in the first quarter 2019. The options segment showed a robust development versus the already strong first 2018 quarter with considerable growth rates in especially the Swiss, French, Dutch and Italian segment. Four Swiss equities Zurich Insurance Group, Nestlé, Novartis and UBS all lead the ranking in terms of traded contracts.? The strong volume performance of the Swiss segment coincides with the ongoing traction of our Eurex EnLight service in the Swiss Single Equity options segment. Eurex EnLight is the selective RFQ service within the regulated exchange environment aimed to bring on-book efficiency to the off-book market. Since the launch of Eurex EnLight, a total of 529 requests have been initiated in equity derivatives resulting in 240 transactions, a trade to request ratio of 45%. The average transaction size amounted to 906 contracts. The success of Eurex EnLight has prompted Eurex to extend the service to all equity and equity index options as of 2 May 2019. Be sure to be ready for Eurex EnLight. Please don't hesitate to contact us for more information on this service. Single Stock Futures: The Single Stock Futures also continued their volume growth versus the first quarter last year with a segment growth of 54 percent. Single Stock Futures offer a broad range of usage in combination with hedging strategies, cash extraction or relative value strategies. Although the French segment has overtaken the Spanish segment in terms of volume due to AXA, Total and Crédit Agricole, the largest futures contract continues to be Banco Santander. ? For a full list of Eurex Exchange's equity derivatives, please visit our website. To learn more about our products and services, please do not hesitate to contact your local Sales representative,?visit our?website or follow us on Twitter @eurexgroup and LinkedIn. ? Tue, 16 Apr 2019 22:00:00 GMT 2019-04-16T22:00:00Z Topic of the week: How to tackle risk? - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/about-us/news/Topic-of-the-week-How-to-tackle-risk--1530200 Thomas, what kind of risks does Eurex need to prepare for in particular? Well, our key value proposition is to ensure the continuity of the markets. The risk we are facing as a market infrastructure provider is that we are unable to fulfill our services either to individual participants or to the whole market. So, continuity is key and we in first place need to ensure that we can manage operational risk, for example, that the system is not available, people are not there or there is an error in a system, a process, or a human error e.g. the much-quoted fat finger. The second important source of risk we have is related to failures of individual members to fulfill their contractual obligations, what is known as counterparty risk management. The role of the CCP is to protect the market against this. We need to make sure that if players fail, like it happened to Lehman or Maple Bank for example, do not affect the whole business. We are not only managing risk for ourselves, we are also managing risk for our clients and the markets. The third important risk category is liquidity risk, i.e. to ensure that we have enough cash available to pay our obligations out of settlement, clearing cash flows, etc. Dmitrij, has the nature of risks changed over the years? The clearing industry has changed over the last years, but main risks still fall in the same buckets operational risk, credit risk and liquidity risk. On the operational side, the sources of risk have changed. Information security risk is becoming more prominent – cyberattack is the buzzword to name here. On the financial risk side, the structure of participants is changing, so we have more buy-side participants becoming active and becoming direct members. In addition, as risk management capabilities have developed over time, some sources of risks have been mitigated and the focus shifts to higher order risks. For example as plain-vanilla credit risk is well managed with our Risk Management Framework (margins, default fund, etc.), further topics like interconnectedness of large members and the concentration on large members gain on focus in industry discussions. Risks and Risk Management are becoming increasingly nuanced, and this will continue in the future. If you had asked, say five years ago what the main risks were, the answer would have been macroeconomic, low interest rates and regulation. Today we increasingly talk about political risks – rise of populism, Brexit, trade wars, de-globalization/fragmentation, and Cyber. Thomas, which risks are foreseeable and how can you prepare for them? There are always things that you don’t know. However, on the other hand you need to be aware of what you do not know and try to be prepared to the extent you can. The tricky part is when you are not aware that you do not know certain things. Then it hits you completely out of the blue and you are unprepared. But there will always be uncertainty and risk management is a lot about working and dealing with uncertainty, which is part of the job. That is why there is not always a concrete black or white answer to certain scenarios. You need to prepare as well as you can, simulate scenarios even though they may seem far-fetched at first. That is why risk management is not just about calculating a value-at-risk. It is an ongoing process of watching the business environment, watching what has changed and what this means, identifying new sources of risks and developing and implementing the right risk management strategies for protection. Dmitrij, what risk management systems do we have and how do they work? We have several systems to manage counterparty credit risks in our role as Central Counterparty. First, and most widely known is our Prisma Margining system. In our fast changing environment positions in portfolios and market data change very quickly and we need to have near-real-time margins calculated for each portfolio. We need to maintain sufficient margin collateral to cover Risk Exposures, so that we are able to act quickly when new developments happen. Second, we have Stress Testing system in place to run more severe scenarios on portfolios to check for risks not covered by margins. Such residual risks are covered by Default Fund all members contribute collectively. Third, we have the system to monitor concentrations and other type of adverse constellations that may arise across portfolios, collateral securities, members belonging to the same group or same country, just to name few dimensions that we look at. In addition there are also softer items we look at like share prices and credit spreads our members, news from Bloomberg, etc. Fourth, we have a set of tools that support important steps of Default management process like hedging and auction. In addition, we have systems and tools in place that support the process of Risk Model development and maintenance, like developing risk model adaptations to cover new products, and also Model Validation, like back testing and parameter sensitivity testing. Looking ahead, there is also a huge opportunity for risk management in advanced analytics, machine learning and all these new technologies. For example, these can effectively scan trough thousands of portfolios, positions, potential concentrations, identify regime changes quickly and revert risk managers attention where it should be reverted. By this means, new emerging risks can be identified more quickly and risk manager has more time to develop and implement adequate risk management response. Just to highlight – it is not about algorithms, it is about people supported by technology – a combination which has been key success factor for a risk management function in the past, and even more so in the future. Thomas, what kind of risks will we have to face in the near future and how can we prepare ourselves? At the moment, Brexit is dominating everything because it will come soon. Everybody is preparing for Brexit. In our case, we have a set of measures we have implemented to make the transition from regime one to regime two as smooth as possible for our participants. As an organization, we also have to prove how we prepare for and tackle cyber risks. There is still a lot of work ahead, as everybody – suppliers, clients – has to act in tandem because we have a common interest here. Most likely, the situation will evolve and we will have to adapt to it. Political risks will, from my perspective,? continue in the near future and these kinds of risks are hard to prepare for. Because it is not rational, it is political and emotional which can lead to some very weird scenarios. One main factor about being prepared is to have good staff who have the right skills. In the end, it is always people who need to design the systems, to manage the processes and be prepared and pro-active in addressing whatever events might arise. It is all about having the skills, the right people and the right risk culture. Tue, 16 Apr 2019 08:00:00 GMT 2019-04-16T08:00:00Z Plenty of food for thought at the Derivatives Forum 2019 in Frankfurt - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/about-us/news/Plenty-of-food-for-thought-at-the-Derivatives-Forum-2019-in-Frankfurt-1531822 [picture]In his welcome speech, Thomas Book, Eurex CEO and executive board member of Deutsche B?rse, thanked the guests for their interest in the event and promised an interesting and informative afternoon. His speech focused on the main trends regulatory requirements, the changing investment behavior and new technologies, and he also underlined the importance of a global agenda to meet the upcoming challenges. The afternoon was moderated by Katja Dofel, TV journalist on n-tv. The speakers and panelists represented a broad spectrum of the industry. The sessions started with interesting insights about sustainable investing by Georg Kell, founding Executive Director of United Nations Global Compact, a voluntary initiative based on CEO commitments to implement universal sustainability principles and to undertake partnerships in support of UN goals. He demonstrated that there is proof that responsible investing companies are also performing better in general. Sustainability pays off, or as Georg Kell put it “who cares, wins.”? His lecture was followed by the afternoons first panel covering the future(s) of ESG.?When asked, 56 percent of the audience answered that they actually had already considered implementing derivatives based on ESG principles in their investment process. After the lunch break Eric B?ss, Head of Trading, Allianz Global Investors discussed with Eurex’s Member of the Executive Board Randolf Roth the necessity of changing market structures to best support market participants and regulatory efforts, the resulting new solutions and key implications for all users.? Two breakout sessions on asset classes dealt with the subjects IBOR and equity index liquidity. The afternoon ended with another panel discussion on a very broad topic: the global landscape – ?shaping the financial markets of the future. Discussed were the growing tendencies to return to national markets although markets are global. The panelists agreed that this created both challenges and opportunities. So what will the financial markets of the futures look like, where are new hubs and what will their relevance be in 10 years? The panelists provided deep insights, interesting ideas and expressed the need for a Capital Market Union. The question of the afternoon “Will Frankfurt be the or just one important financial hub in the Europe after Brexit?” was clearly answered with “it will be one of the important hubs” by the audience. The closing remarks featured Eurex’s engagement to make the Derivatives Forum one of the leading industry events and pointed out the upcoming events in Amsterdam, Paris, Stockholm and London. The following networking session provided ample opportunities to discuss the insights?of the day and to interact with industry peers. Fri, 12 Apr 2019 08:00:00 GMT 2019-04-12T08:00:00Z Erik Müller joins ISDA Board of Directors - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/about-us/news/Erik-M-ller-joins-ISDA-Board-of-Directors-1528534 Three new directors join the board of the International Swaps and Derivatives Association (ISDA), among them Erik Tim Müller, CEO of Eurex Clearing.? “ISDA works hard on making the global derivatives markets safer and more efficient. I am looking forward to contributing to this important work”, says Müller. ISDA has more than 900 member institutions from 70 countries, comprising a broad range of derivatives market participants, including corporations, investment managers, government and supranational entities, insurance companies, energy and commodities firms, and international and regional banks. In addition to market participants, members also include key components of the derivatives market infrastructure, such as exchanges, intermediaries, clearing houses and repositories, as well as law firms and accounting firms. “As the voice of the global derivatives market, it’s important the ISDA Board reflects a diversity of perspectives and geographies. As well as maintaining our strong central counterparty representation through Erik, Andrew and Nonomura-san both bring vast knowledge and experience of derivatives markets in Asia and Japan. I’d like to welcome all three to the ISDA Board,” said Eric Litvack, ISDA Chairman. Thu, 11 Apr 2019 08:00:00 GMT 2019-04-11T08:00:00Z ISV Prime news: first two Prime Members on board - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/about-us/news/ISV-Prime-news-first-two-Prime-Members-on-board-1529434 We are proud to announce the first two ISV Prime members who have been rewarded for their efforts implementing optional features or services for Eurex EnLight: FIS Front Arena and Vela. “FIS is pleased to work with Deutsche B?rse on this new initiative for Eurex Prime ISV. ?We envisage Eurex EnLight will increase in popularity as block trading moves away from bilateral to multilateral negotiation, adding transparency, automation and improved execution. At FIS we offer our clients innovative and flexible trading technology that can flex and scale to meet their business objectives, therefore the expected added support for Xetra EnLight, and other forthcoming Deutsche B?rse developments further enables us to extend our client solution.”? Antonio Pulido, Product Manager, integrations and market making, FIS Front Arena? “With Vela’s Metro Trading Platform supporting automated, algorithmic, and click trading strategies, market participants can access the SRQS platform with ease whilst fully integrating their options volatility curves along with their risk and position management profiles. Vela remains at the forefront of delivering world-class, innovative solutions that help enhance the automated trading experience. We look forward to continue working closely with the Eurex team to bring their latest innovations to the market.” Ollie Cadman, Global Head of Product Management and Business Operations, Vela? In our recently started new annual initiative, we recognize Independent Software Vendors (ISVs) that support non-mandatory release items, e.g. new products or new functionality. The program enables Independent Software Vendors to qualify on an annual basis as a Prime ISV by supporting an optional feature or service that offered by Eurex Exchange. “On 2 May, we extend our market structure by a third dimension with the role out of Eurex EnLight across a very broad range of products. We are very grateful to our customers and vendors supporting this step. Particular praise belongs to FIS Front Arena and Vela for having already now advanced solutions available for the Eurex community to take advantage of Eurex EnLight now.”? Randolf Roth, Member of Eurex Frankfurt Exec. Board, Market Design & Delivery? FIS Front Arena ? ? Front Arena is a high-powered and innovative technology platform for cross asset trading, risk and portfolio life-cycle management. It provides trading and order management, portfolio and risk management, real-time P&L, pre- and post-trade compliance, margin and collateral management, and risk management and reporting. It offers trading with greater flexibility and real-time speed, with full cross asset class capabilities including equities, rates, credit, FX, commodities and convertible bonds. Visit the website for further information here.? FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 47,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500? Index.? Vela Vela is a leading independent provider of trading and market access technology for global multi-asset electronic trading. Our software enables clients to rapidly access global liquidity, markets, and data sources for superior execution. We help firms successfully differentiate and innovate in an ever-changing, increasingly-regulated and fiercely-competitive landscape, whilst also reducing total cost of ownership.? Vela’s ticker plant, execution gateways, trading platform, and risk and analytics software deliver a unique, ultra-low latency technology stack to simplify and streamline electronic trading. We leverage the latest innovations in technology to deliver cutting-edge performance, features and reliability. Our modular stack provides access to a comprehensive set of trading, data and risk APIs and can be delivered as-a-Service from multiple co-location data centres globally.? With access to more than 250 venues, Vela provides global coverage across all major asset classes. Clients are supported by an award-winning team of technical and business experts available 24x7 from our multiple offices in the US, Europe, and Asia. Vela’s clients include traders, market makers, brokers, banks, investment firms, exchanges, and other market participants. ? ? Thu, 11 Apr 2019 00:00:00 GMT 2019-04-11T00:00:00Z
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