Eurex has made its selective RFQ service available to Bloomberg Tradebook users, adding the electronic trading business to its existing list of partners.
Data services are increasingly profitable for Eurex parent Deutsche Borse. In the first nine months of 2024, derivatives trading and clearing data services revenues (listed as ‘other’ on the firm’s financial reports) rose by 6% year-on-year to €173.7 million. Between 2022 and 2023, revenues rose by 27% to €305.2 million.
Available through technology providers Vela (now part of Exegy) since 2018 and Trading Technologies since 2023, Eurex EnLight allows clients to see which Eurex member firms are most likely to respond to an RFQ and meet their requirements in the off-book market.
Bloomberg Tradebook will use the platform for equity options and futures and FX derivatives.
Users receive a ranked list based on members’ volumes, average response time and rate, and trade to quote ratio. The platform also includes a ‘wildcard’ responder, the member showing the most improvement in the rankings, to grant new participants participation in the flow.
READ MORE: Trading Technologies and Eurex to offer integrated RFQ solution
Through the partnership, Bloomberg aims to increase electronic off-book trading and encourage the use of block trades. According to Coalition Greenwich data, European and UK investment managers are electrically trading 35-36% of their equity flow. The figure is expected to rise to 42% in Europe and 37% in the UK by 2027. US markets, by contrast, are edging closer to the 50% mark.
Brian Coffaro, global head of futures and options trading at Bloomberg, commented: “[This] connectivity between Eurex and the Bloomberg Tradebook front end enables us to deliver a more streamlined trading workflow to our mutual clients. As market participants explore different ways to trade, Bloomberg is focused on providing them with access to robust trading tools.”
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