Trading software, infrastructure, and data solutions provider Trading Technologies International, Inc. (TT), has formed a commercial partnership with Eurex Frankfurt AG, the European derivatives exchange, which will allow TT’s global distribution network to access Eurex EnLight, a selective request-for-quote (RFQ) solution, directly from within the TT platform. The partnership will enable buy-side institutions, banks, and others to simplify their RFQ and complex trade execution activities on a single screen.
Traditionally, most EnLight activity has taken place through the Eurex front-end platform. However, EnLight on TT aims to reduce the time-to-market of price discovery from multiple participants, thanks to TT’s large distribution network. The integrated solution will allow institutions to extend and accept quotes from specific market participants with whom they have relationships, including market makers and inter-dealer brokers, directly from their trading screens.
Steve Stewart, TT’s EVP Sales – EMEA & Europe Region Manager, commented: “We’re pleased to partner with Eurex on this ambitious project that gives our clients convenient new ways of managing their large-scale orders and participating in the exchange’s diverse product offering from within the TT platform. The largest financial institutions in the world rely on us for their mission-critical trading systems and infrastructure needs, and we are constantly exploring new avenues for helping them easily access new trading opportunities and achieve new efficiencies.”
Thomas Martin, Eurex EnLight Product Manager, added: “This new partnership breaks down entry barriers and provides easy access to all the operational advantages of Eurex EnLight. With direct access to Eurex’s vast membership base of liquidity providers, we expect this partnership will lead to increased market liquidity and volume growth. We’re excited with what this new offering will bring to the market.”
The fully automated EnLight solution replicates the key aspects of voice and chat trading to bring together buying and selling interest from market participants engaged in off-book trading. The solution also provides users with the advantages of straight-through processing and compliance controls, including automatic electronic price formation, data collection, audit trail functionality, and timely information retrieval to meet Europe’s MiFID II and MiFIR best execution requirements.
Eurex EnLight will is expected to be fully integrated on the TT platform and available for equity, equity index, and fixed income options, as well as corresponding futures traded on Eurex, and foreign exchange (FX) derivatives by the end of 2023.
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