Tradeweb connects to Eurex for direct clearing
30 November 2018 New York
Image: Shutterstock
Tradeweb Markets and Eurex Clearing have established a direct connection for the clearing of over-the-counter (OTC) interest products as part of their efforts to enhance clients’ trading and clearing workflows.
According to Tradeweb, the connection will create significant workflow and execution efficiencies for buy- and sell-side firms using the services of both Tradeweb and Eurex.
Ultimately, this will achieve straight-through processing (STP) benefits and an improvement on market infrastructure, Tradeweb revealed.
Meanwhile, Eurex Clearing uses the functionality of approved trade sources (ATS) for trade registration of OTC interest rate products.
The addition of Tradeweb to the Eurex ATS infrastructure enables Tradeweb clients and liquidity providers to directly submit their interest rate swap (IRS) trades for clearing Eurex Clearing’s OTC CCP.
The first trade on the Tradeweb IRS platform to be successfully cleared using this direct connectivity was executed between Union Investment and Citigroup Global Markets.
Matthias Graulich, member of the Eurex Clearing executive board, commented: “For Eurex Clearing, the connection with Tradeweb is another building block in its efforts to offer an attractive EU27 solution for clearing OTC IRS products.”
Enrico Bruni, head of Europe and Asia business at Tradeweb, said: “As a leading IRS marketplace, Tradeweb is focused on delivering streamlined, lower latency workflows, while simultaneously offering clients flexibility and choice in their clearing counterparty selection in any environment.”
Christoph Hock, head of multi-asset trading at Union Investment, added: “The direct connectivity between Tradeweb and Eurex provides us with a more robust and cost-effective way to submit IRS transactions for clearing, thus helping us achieve better results for our clients.”
According to Tradeweb, the connection will create significant workflow and execution efficiencies for buy- and sell-side firms using the services of both Tradeweb and Eurex.
Ultimately, this will achieve straight-through processing (STP) benefits and an improvement on market infrastructure, Tradeweb revealed.
Meanwhile, Eurex Clearing uses the functionality of approved trade sources (ATS) for trade registration of OTC interest rate products.
The addition of Tradeweb to the Eurex ATS infrastructure enables Tradeweb clients and liquidity providers to directly submit their interest rate swap (IRS) trades for clearing Eurex Clearing’s OTC CCP.
The first trade on the Tradeweb IRS platform to be successfully cleared using this direct connectivity was executed between Union Investment and Citigroup Global Markets.
Matthias Graulich, member of the Eurex Clearing executive board, commented: “For Eurex Clearing, the connection with Tradeweb is another building block in its efforts to offer an attractive EU27 solution for clearing OTC IRS products.”
Enrico Bruni, head of Europe and Asia business at Tradeweb, said: “As a leading IRS marketplace, Tradeweb is focused on delivering streamlined, lower latency workflows, while simultaneously offering clients flexibility and choice in their clearing counterparty selection in any environment.”
Christoph Hock, head of multi-asset trading at Union Investment, added: “The direct connectivity between Tradeweb and Eurex provides us with a more robust and cost-effective way to submit IRS transactions for clearing, thus helping us achieve better results for our clients.”
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