Eurex EnLight Liquidity. Discovered.

The selective RFQ platform

Eurex EnLight is a fully integrated exchange RFQ platform. The fully automated solution replicates the core aspects of voice trading while providing its users all the advantages of automatic electronic price formation, data collection and timely information retrieval to meet MiFID II Best Execution requirements.

Eurex EnLight is available for all equity, equity index and fixed income options and corresponding futures traded on Eurex.
 

Key Benefits

  • Increase process efficiency
    Enhances the process around coping with large and complex orders while reducing the time-to-market of price discovery from multiple participants.​​​​​
  • Your source to new liquidity pools
    Easy access to a large number of participants
  • Easily accessible
    Access Eurex EnLight via the Eurex GUI or T7 API. No separate agreements or special setup required
  • Comply with Best Execution obligations
    Eurex EnLight is compliant with MiFID II/ MiFIR obligations around Best Execution.
  • Automated compliance control and reporting
    Fully electronic platform with comprehensive audit trail functionality facilitating in-house compliance.


Enlightened improvements to Eurex EnLight

By listening to our users, we continue to improve Eurex EnLight, making it the off-book price-discovery venue of choice for European equity, equity index and fixed income derivatives.

Basis Trading for Eurex EnLight

This functionality allows a negotiation workflow for outright futures trading on an agreed basis with full Straight-Through-Processing and best execution reporting of all agreed steps within the negotiation workflow. The goal is to reduce the underlying delta risk of the responder as the negotiation is only around the basis between the underlying and the future. The execution of the underlying by the responder (outside of the T7 system) proceeds after a deal of the basis has been agreed. The final trade price is dependent on the execution price reached in the underlying by the responder as the futures price will be newly calculated using the execution price and the basis.

Eurex EnLight Anonymous Negotiation

Eurex provides the possibility to negotiate deals and trade via Eurex EnLight without disclosing the identities of the requester and respondents. The Eurex EnLight Anonymous Negotiation offers a new type of negotiation for requesters who are sensitive to inventory tracking or simply wish to remain anonymous. Anonymous Negotiation is not a fixed setting, requesters can opt for anonymity on a case by case basis.

Eurex EnLight SMART RfQ

Eurex EnLight SMART Request for Quote (RfQ) allows customers to use exchange data to assist brokers and traders in targeting those trading participants who are most likely to have an interest in a specific RfQ. This increases the probability of tighter spreads and better pricing outcomes for the end-client or risk desk.

Eurex EnLight participants who want to be included as potential Eurex EnLight SMART respondents need to be assigned by their Admin user in the Admin GUI to the Eurex EnLight SMART Respondent Assignment list. Respondents who want to be included in these calculations have to sign up and consent to the use of their data. 

Major milestone reached

Eurex EnLight: More than 5 million contracts have been traded since the launch of the RFQ platform in March 2018


Eurex EnLight Tutorials

Initiate RFQ

Respond to RFQ

Negotiate RFQ

Strike a deal

Working Delta Requester

Working Delta Responder

Contacts

Hristo Marikin
Product Manager

T +44-734 111 3724
hristo.marikin@eurex.com

Vassily Pacalis
Fixed Income Sales

T +44-20-78 62-72 11
vassily.pascalis@eurex.com
 

Philipp Schultze
Equity & Equity Index Sales

T +41-43-430-71 26
philipp.schultze@eurex.com