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    Fixed Income Market Briefing

    Release date: 14 Mar 2019 | Eurex Exchange

    Fixed Income Highlights - March 2019 edition

    Latest Edition

    Market briefing

    Equities have been the focal point for the start of the 2019, with many pockets of Fixed Income performing well. Q1/2018 saw a very strong base from which to start the year while, 2019 is proving more of a sanguine start. Month on Month (MoM) we have seen a small uptick in our core markets in both futures and options in February, helped by the futures roll towards the end of the month. The German economy has remained resilient during a tough start to 2019 with economic data surprising slightly to the upside. There are still concerns over how the impact of global trade battles have weighed on Eurozone growth and figures were revised lower. The ECB has downgraded its assessment on the economic outlook, citing that risks are 'to the downside'.?In the government bond space, the?Bund-BTP spreads have fallen to 253bps, which has helped Eurex's Italian BTP and French OAT. These two segments have performed strongly, with volumes supported by repositioning from fast money accounts and spread moves versus core markets. Implied and realized volatility has remained at or near historical lows, both in our core benchmark products and periphery markets. However, could the market be complacent by not pricing in enough risk premia? Let's see what March brings.

    Lee Bartholomew, Head of Fixed Income Product R&D, Eurex
    ?

    Facts & figures

    Round-ups of February

    Even though banks are much more stable after the financial crisis, the article gives some thought to what makes CCPs in particular so attractive as additional risk-mitigating mechanisms.??

    CCP12 Report: Incentives for central clearing and the evolution of OTC derivatives

    Eurex Clearing's Teo Floor and Peter Lin? speak about the latest report from the global association of CCPs.

    First swap transaction for U.S. end clients cleared

    Eurex Clearing has cleared its first swap transaction for end clients domiciled in the U.S. after launching a refined legal framework that complies with the LSOC requirements stipulated by the CFTC.

    Partnership Program boosts Repo trading at Eurex

    Frank Gast, Eurex's Head of Funding & Financing Sales: "Trading and clearing activities have increased well beyond the existing 26 partnership banks. We therefore expect more participants to join the program shortly."

    Eurex Repo to act as access to HQLAX blockchain solution

    IFollowing extensive testing, the technical set-up as well as legal and regulatory framework of the HQLAX target operating model -?an innovative blockchain solution for collateral swaps in the securities lending market -?is nearing completion.

    Eurex extended trading hours

    The Eurex extended trading hours have seen a high participation rate of our Asian and international client base during the first three months after the launch. As of 1 March 2019, the total number of traded contracts during the extended trading hours (Asian hours) has exceeded 1.1 million contracts. Since 10 December 2018 extended trading hours are offered in select liquid futures on Eurex.

    Eurex EnLight: Combining off-book liquidity with on-exchange efficiency

    Eurex EnLight, the selective RFQ platform, will be taken to the next stage in May 2019 (subject to approval by the Eurex Exchange Council), extending the product suite by adding all equity and equity index options and corresponding futures available on Eurex. The product extension is accompanied by a number of measures:

    • Introduction of a Liquidity Provisioning (LP) building block and related LP rebate differentiation.
    • Differentiation of standard fees for A-Accounts and P/M-Accounts in equity options, equity index options and interest rate options.
    • Differentiation of the Minimum Block Trade Sizes for equity and selected equity index options.


    For more information please see Eurex circular 022/19.

    Eurex EnLight brings together buying and selling interest from all types of market participants engaged in off-book trading and serves larger scale execution requirements. The platform increases process efficiency, provides liquidity and assists members to comply with MiFID II Best Execution.

    Events
    ?

    Register now: Derivatives Forum Frankfurt, 11 April 2019

    Impact investing, technological advancements, regulation and geopolitical developments are rapidly changing our industry. We will touch on this paradigm shift at our Derivatives Forum 2019. Topics of discussions are changing market structures, the impact of ESG and the evolution of the European financial markets landscape. Register now to join us in Frankfurt on 11 April!

    Meet Eurex at FOW Amsterdam on 21 March!

    On 21 March, the FOW returns to Amsterdam for their annual conference. Join us at our booth to catch up! Marcus Addison, Head of Default Management at Eurex Clearing will participate in a panel at 13:45 on the topic "OTC to CCP: What new risks have taken shape?" Don?t miss it.??


    Kind regards,
    Philip Simons


    Eurex Exchange - The home of the euro yield curve


    ?

    Fixed Income Highlights - March 2019 edition

    Fixed Income Highlights - March 2019 edition

    Market briefing Equities have been the focal point for the start of the 2019, with many pockets of Fixed Income performing well. Q1/2018 saw a ...

    Fixed Income Highlights - February 2019 edition

    Fixed Income Highlights - February 2019 edition

    Market briefing A cautious start is how I'd describe the start to 2019. European Fixed Income (FI) markets have been notably quiet with a ...

    Fixed Income Highlights – January 2019 edition

    Fixed Income Highlights – January 2019 edition

    Market briefing Starting the year off with good momentum is always a step in the right direction and last year was a good year for Eurex across ...

    Fixed Income Highlights – December 2018 edition

    Fixed Income Highlights – December 2018 edition

    Market briefing November was a strong month overall for Eurex, with futures and options volumes up across the board. Despite the European Central ...

    Fixed Income Highlights – November 2018 edition

    Fixed Income Highlights – November 2018 edition

    Market briefing Volumes in core European rate futures and options increased substantially in light of the recent equity market downturn and ...

    Fixed Income Highlights – October 2018 edition

    Fixed Income Highlights – October 2018 edition

    Market briefing Philip Simons, Global Head Fixed Income Sales Derivatives, Funding & Financing Facts & figures News section Euro ...

    Fixed Income Highlights - September 2018 edition

    Fixed Income Highlights - September 2018 edition

    Market Briefing August was a strong month for Fixed Income markets in general, with strong volume growth across our core benchmark products, both ...

    Fixed Income Highlights - August 2018 edition

    Fixed Income Highlights - August 2018 edition

    Market Briefing Reflecting on July, European Fixed Income markets were left largely treading water with low levels of realized volatility across ...

    Fixed Income Highlights - July 2018 edition

    Fixed Income Highlights - July 2018 edition

    Market Briefing [Video] Lee Bartholomew, Head of Fixed Income & FX Product R&D Facts & figures News section In June, we expanded our ...

    Fixed Income Highlights - June 2018 edition

    Fixed Income Highlights - June 2018 edition

    Market briefing In May, geopolitical risks such as the uncertainty arising from the Italian elections continued to drive European FIC markets.

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  • 詹皇通知骑士队 准备与其续约 2019-04-18
  • 正确看待我国社会主要矛盾转化 2019-04-14
  • 天眼!国产警用安防无人机先进技术发布 2019-04-13
  • 【央视快评】让传统文化焕发新时代风采 2019-04-11
  • 黎昌仁:企业社会责任与企业发展能够形成良性互动与共赢 2019-04-09
  • 【高清组图】纽约迎来第40届“第五大道博物馆节” 2019-04-09
  • 普京力挽狂澜,从北高加索平叛到格鲁吉亚兴兵,从克里米亚回归到叙利亚反恐,给了俄罗斯人民新生——这一切都是和中国同志的支持分不开的。 2019-04-06
  • 西藏职业技术学院全面推进毕业生就业创业 2019-04-03
  • 《四部医典》入选《世界记忆亚太地区名录》 2019-03-30
  • 阿根廷队主帅桑保利:这不会是梅西最后一届世界杯 2019-03-30
  • 江西暴雨袭来白昼如夜 乌云密布似大片 2019-03-25
  • 亚冠前瞻:恒大权健皆不容有失 两将伤情成上港争胜关键 2019-03-24
  • 中国梦大国工匠篇——治国理政新实践山西篇系列专题——黄河新闻网 2019-03-23
  • 富蕴县完成12个文化旅游项目集中签约 2019-03-22
  • 以习近平人才思想为指导建设企业人才高地 2019-03-22