Page 39 - 期货和衍生品行业监管动态（2024年2月）

期货和衍生品行业监管动态

22:00 CET, 08:30 am ET – 04:00 pm ET). Expansion to European morning and Asian

trading sessions is planned later in 2024.

Randolf Roth, member of the Eurex Executive Board: “Eurex reinforces its

commitment and continues to lead in delivering innovative solutions that address

increased capital requirements by offering important capital efficiencies to our

sell-side and buy-side customers. We are pleased to work with MSCI to further

strengthen and expand the TRF success story.”

George Harrington, managing director at MSCI: “We’re pleased to work with

Eurex as they expand their TRF segment to include MSCI Indexes. This reflects the

increasing demand for cleared and listed TRFs on global benchmarks, offering

enhanced capital efficiencies to market participants.”

Complementing Eurex’s existing product suite

TRFs’ objective is to replicate the returns of traditional bilaterally negotiated

equity or equity index-based swaps. However, compared to swaps, central clearing

enables portfolio margining, simplifies settlement, and mitigates counterparty risk.

The new TRF contracts complement Eurex’s existing TRF suite, which includes

benchmark Index TRFs, individual Equity TRFs and Basket TRFs. Eurex is the

leading global marketplace with the broadest offering in TRFs and the largest open

interest pool.

Eurex launched the TRF segment in 2016 with the listing of the first Total Return

Futures on the EURO STOXX 50 Index. Equity Total Return Futures on

EUR-denominated stocks with more than 250 underlyings and the new basket trade

functionality followed in October 2019. FTSE 100 Index TRFs and additional

GBP-denominated equity TRFs on 73 stocks have been available since March 2021

and November 2023 respectively. Since launch, Eurex has managed to migrate most

of the EURO STOXX 50 OTC Swaps market to its product. The current open interest

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