吉鑫娱乐娱乐登录:Focus - ★吉鑫娱乐代理返点多少★吉鑫娱乐登陆★吉鑫娱乐开户★吉鑫娱乐登录★吉鑫娱乐代理返点多少 //www.zrm5c.com.cn/exchange-en Katrin Otto: “Together we can build a bridge between the Chinese and the European capital markets“ - ★吉鑫娱乐代理返点多少★吉鑫娱乐登陆★吉鑫娱乐开户★吉鑫娱乐登录★吉鑫娱乐代理返点多少 //www.zrm5c.com.cn/exchange-en/about-us/news/Katrin-Otto---Together-we-can-build-a-bridge-between-the-Chinese-and-the-European-capital-markets-/3539902 Katrin, glad you found time for us. What are your new responsibilities at CEINEX? Thanks for the invitation. I?m honored. To answer your question, I will have to look back a bit: before I started at CEINEX, I coordinated China-related activities at Eurex and Deutsche B?rse Group as a whole for over two years in the role of a central project manager. Among others, these included CEINEX and the development of new products such as D-Shares and derivatives. In addition, I looked at the bigger picture, in other words the initiation and development of strategic questions for the Deutsche B?rse as a shareholder in the JV. After these two year?s of intensive coordination work with CEINEX, I am now able to shape the future of the JV actively as a board member.?? How does the liaison with the other JV partners function? The supervisory and executive boards are made up of members from the three JV partners. Over and above this, each organization provides staff members and know how. So we have a lot of interaction, including back to our shareholders, whose support we also require. With the first D-Share IPO on 24 October here in Frankfurt by the Chinese company Haier we proved that together we can build a bridge between the Chinese and the European capital markets. Our common goal is to continue to develop this market.[box] How did your previous work at Deutsche B?rse prepare you for your new position? My previous position had a very strong link to the relevant CEINEX topics. In addition, I had fantastic managers, who gave me a lot of their time and were a great example through their work attitude and their pragmatic approach. I was given the chance to develop and was given responsibility at an early stage. This allowed me to make my own experiences, which is very helpful.? When did you start working for Deutsche B?rse Group and how long have you been involved in the subject matter China? I started at Eurex in 2016. In my previous job as a consultant I was also on the “China ticket”, so in fact, I have almost ten years professional experience with China matters and know how. What are CEINEX?s greatest successes? The setting up of the JV CEINEX is a great success in itself. No other exchange in the world has managed to found a similar JV with Chinese partners. This close relationship is the foundation for good collaboration across diverse topics and the product areas covered by Deutsche B?rse Group and which, for example, are being successfully consolidated within CEINEX.? And what are the greatest challenges? [Image]The China strategy is a challenge in itself: very different organizations and entities with varying interests have to be brought together and managed. Shanghai Stock Exchange and China Financial Futures Exchange are state‐run companies with a very long‐term horizon or goals where as a listed company like Deutsche B?rse also has short and medium‐term goals. Bringing these different horizons, but also the political backgrounds, the different cultures and approaches together can also sometimes be a challenge; Germans and Chinese certainly have different ways of working. But that is the reason I enjoy it. It opens up new horizons and outlooks and I find that very stimulating. It is the reason why I enjoy my job, even if, or maybe just because it is such a challenge. You have been working in an Asiatic/Chinese environment for a long while. Did you do something in this line at university? Yes indeed. I studied East Asia Management with China as my main field. I also learnt Mandarin as part of my studies, did part of my studies in Taiwan. I lived with a Chinese family to allow me to do a few internships during my time at university. My focus was always on strategy, finance and China. Tue, 18 Dec 2018 09:45:00 GMT 2018-12-18T09:45:00Z Randolf Roth and Matthias Graulich on our connection to Tradeweb - ★吉鑫娱乐代理返点多少★吉鑫娱乐登陆★吉鑫娱乐开户★吉鑫娱乐登录★吉鑫娱乐代理返点多少 //www.zrm5c.com.cn/exchange-en/about-us/news/Randolf-Roth-and-Matthias-Graulich-on-our-connection-to-Tradeweb/3559184 Randolf, Eurex teams up with Tradeweb. What is the story behind this? [image_roth]Randolf: Well, the story is pretty simple and straightforward. Market participants frequently rely on a combination of swaps and futures to trade the yield curve. It is a common practice in the voice and electronically brokered dealer markets. Therefore, Eurex and TradeWeb sat down and discussed how to integrate the so far disconnected processing chains for the future and the swap leg of such trades. We found a solution that enables market participants to trade and clear both the listed and the OTC leg in one go. Matthias: From the clearing perspective, these efficiencies are exciting. Beyond processing efficiencies and direct access to the futures liquidity pool, the solution offers unique capital and margin efficiencies when having both the futures and the swap leg cleared with Eurex Clearing; clearing the opposing legs of an asset swap or basis trade under a common portfolio margining framework. Eurex and TradeWeb are the first to offer the integration of so far disconnected processing chains for the ETD and OTC leg of such invoice and basis trades. [image_graulich]Matthias: Indeed. Until now, basis trading could be arranged on Tradeweb. However, the clearing of the swaps leg and the execution of the futures leg had to be manually processed by the involved counterparties. This resulted in two separate workflows for swaps and futures. The new set-up allows a direct submission of the information about the futures leg into our trading system. Therefore, involved counterparties just need to approve this information in Eurex’ trading system to execute the futures leg. This process improvement further strengthens operational efficiencies and reduces risk as well as errors. Randolf: Look at it from this perspective: Spread trading minimizes market and execution risk when trading the yield curve with swaps versus futures and bonds versus futures combinations. So it is only consequent, to also reduce operational risk on the market infrastructure side. With the regulatory and structural changes in the market place, there is now a huge market potential and buy side demand for more efficient and transparent electronic spread trading. How will the new process work in detail? [Teaser]Matthias: The futures leg will be automatically booked with the exchange into the unmatched liquidity and open interest pool of our interest rate benchmark futures. Thereby, it will be available for cross margining. This is a major milestone for the seamless processing of spread trading. Randolf: This shows that the new set-up increases efficiency by leveraging our resilient trading infrastructure and straight-through processing into clearing, thus further bringing together OTC and exchange trading.? Tue, 18 Dec 2018 09:00:00 GMT 2018-12-18T09:00:00Z Special trading hours over the holiday season - ★吉鑫娱乐代理返点多少★吉鑫娱乐登陆★吉鑫娱乐开户★吉鑫娱乐登录★吉鑫娱乐代理返点多少 //www.zrm5c.com.cn/exchange-en/about-us/news/Special-trading-hours-over-the-holiday-season/3559124 Please be aware of the changed trading hours over the holiday season and year-end 2018. This year, Friday, 28 December 2018 will be the last exchange trading day at Eurex Exchange. This is also the last day of the year on which exercises can be done. On Xetra? and at the Vienna Stock Exchange there will be shortened trading hours on the last trading day of the year 2018. Please find below an overview of the shortened trading hours at Eurex Exchange over the holidays and on 28 December 2018. Mon, 17 Dec 2018 10:00:00 GMT 2018-12-17T10:00:00Z Growth in volumes across the entire Euro curve - ★吉鑫娱乐代理返点多少★吉鑫娱乐登陆★吉鑫娱乐开户★吉鑫娱乐登录★吉鑫娱乐代理返点多少 //www.zrm5c.com.cn/exchange-en/about-us/news/Growth-in-volumes-across-the-entire-Euro-curve/3557310 Phil, we are approaching the end of year. How did business in the fixed income space evolve? It did great! Obviously, one major focus was to develop liquidity in the over-the-counter (OTC) Interest Rate Derivatives segment, and we are very pleased with the outcome. Initially, we targeted the Forward Rate Agreement market with our Partnership Program to demonstrate that we have support of the Dealer-to-Dealer community and that we can take on significant market share. And we succeeded, our market share grew constantly and now we are seeing significant growth in volumes across the entire Euro curve. What comes next? The second step is to attract more of the buy-side. As an important part of this undertaking, we worked on streamlining our onboarding process and our account structure and are now good to go. This allows us and our members to onboard clients very quickly and efficiently. Looking ahead to 2019, what are your priorities? We continue to ensure that we have deep liquidity in all EUR-denominated products, price quotes are very competitive with the same bid-offer as other CCPs, and we will focus on extending our product suite and helping our clients increse operational efficiencies. We will relaunch inflation swaps as there is demand from the buy side, and we will work with the major dealer banks to strengthen liquidity in the other currencies we clear. Mon, 17 Dec 2018 09:00:00 GMT 2018-12-17T09:00:00Z Marcel Naas: Challenges call for innovations - ★吉鑫娱乐代理返点多少★吉鑫娱乐登陆★吉鑫娱乐开户★吉鑫娱乐登录★吉鑫娱乐代理返点多少 //www.zrm5c.com.cn/exchange-en/about-us/news/Challenges-call-for-innovations/3557344 What market trends are we experiencing in the European funding & financing market? The European Central Bank is still buying up a significant amount of high quality liquid assets as part of their asset purchase programme. The thereby arising collateral shortage together with bank regulations for liquidity have caused a significant increase in demand for high quality liquid assets (HQLAs), which increases activity in securities-driven financing markets. This especially true for the repo market but as well for securities lending. Next to that, the ECB’s unconventional monetary policy with its historically low yields leads to an oversupply of cash and continues to affect European money markets negatively by decreasing the demand for cash in the interbank market. However, since the ECB reduced the net purchases of the asset purchase program in 2018, a stabilization of volumes in the cleared cash driven repo market can be observed. Next to that, buy side demand for direct access models to Central Counterparties like Eurex Clearing are gaining importance within a strict regulatory environment. An example: last year, ten new buy side participants were admitted to our “Eurex Repo Select Invest” product, which provides buy side firms such as corporates, insurance companies and asset managers access to our GC Pooling Market to provide cash to the interbank market. In addition, several pension funds and asset managers are in the final steps of on-boarding our “Select Finance” offering in order to raise cash in our interbank market via CCP. What challenges are customers facing these days? Unfortunately, the challenges are threefold. We have challenges caused by the explained market environment, but also regulation and political uncertainties. The negative interest rate environment together with the ECB’s asset purchases have a major impact on European funding and financing markets. It pushes the rates of European government bonds into a negative field. In addition, the crowding-out effect of the unconventional monetary policy creates an imbalance between supply and demand. As a result, we have a shortage of bonds available for securities financing transactions together with a shrinking liquidity in the cash-driven markets. The regulatory requirements arising out of Basle III, CSDR or SFTR will assumingly reshape the structure and dynamics of these markets. Especially the introduction of the Basel III liquidity requirements namely the Liquidity Coverage Ratio (LCR), the Net Stable Funding Ratio NSFR and the Leverage Ratio have been influencing the funding strategies of sell side clients. Another challenge for market participants is the introduction of a new benchmark rate. The ECB announced the Euro short-term rate (ESTER) as the most appropriate future euro risk-free rate to replace the EONIA as benchmark rate in 2020 (EU Benchmark Reform). However, the respondents of the consultation paper agreed with the working group to further consider assessing potential fall-back rates. And it is nice to see, that the STOXX GC Pooling Deferred Funding Rate of Deutsche B?rse Group – a simple, robust and representative depiction of the cost of Pan-European wholesale short-term secured funding and strongly correlated to EONIA – has been recommended as the most appropriate “secured fall-back rate”. Finally, we have the political uncertainties: The Brexit, US politics, as well as some elections in the European area have created volatility in the financial markets and lead to a flight-to-quality towards core European markets. Given the role that London plays for funding and financing markets, where a lot of the collateral comes from core investment banks, who are essentially London based, the Brexit may have a significant influence on the market structure in the coming year. Cross-border business in and out of the Euro zone today is essential and therefore the question about how markets will re-adjust post Brexit appears. Could digitalization be the answer for the funding & financing market? [Teaser 1]Definitely! Blockchain, Cloud Computing, Machine Learning and Artificial Intelligence, you name it. These innovations and developments will provide many new possibilities and are game changers for our industry. For example, the Distributed Ledger Technology could be a way to provide trust, traceability and security in systems that exchange data or assets, meaning it can offer a lot of potential in areas such as financial services. This new technology stands for greater transparency, enhanced security and improved traceability. It also increases efficiency, speed and reduces costs. A lot of potential that will especially benefit bilateral securities finance trading activities, because it can lower risks, reduce operational costs and complexity and thereby ease the fulfilment of regulatory reporting requirements. Are there any specific systems or tools Deutsche B?rse is currently working on? A very interesting development is our partnership with HQLAx, which strengthens our commitment to new technologies in the post-trade sector. It will lead to significant progress in creating an innovative Distributed Lodger Technology solution and tackle the fragmentation in today’s markets. As mentioned before, the implementation of new bank regulations for liquidity, mandatory clearing, and margin requirements for OTC derivatives have caused a significant increase in demand for High Quality Liquid Assets (HQLAs). As a result, there exists a heightened need for a marketplace to facilitate large scale, cost efficient collateral transfers across the global financial eco-system. By collaboration with the financial technology innovation firm HQLAx we can unlock synergies given complementary service offerings across the value chain. In particular for trading with Eurex Repo and post-trade services offered by the new trusted third party of Deutsche B?rse. Together with HQLAx, the aim is to create an innovative collateral swap solution leveraging the R3 Corda platform. What is behind HQLAx, and what can market participants expect from the partnership? [Teaser 2]The HQLAx operating model is designed to help market participants redistribute collateral liquidity more efficiently by improving interoperability for pools of collateral (HQLA and non-HQLA) residing in multiple, disparate settlement systems and locations. The new collateral swaps platform will facilitate ownership transfers and pledges of baskets of securities, without the operationally onerous requirement to move securities across a fragmented securities settlement system. HQLA? will create Digital Collateral Records (DCRs) to represent baskets of securities held for safekeeping at multiple custodians. Importantly, the ownership of the DCRs will be transferred and recorded atomically for “true” delivery versus delivery using Corda. Eurex Repo will expand existing F7 technology to offer exclusive electronic trading for DCR vs. DCR swaps of security baskets. Eurex Repo in the past already successfully transformed the money market to a standardized market by establishing securitiy baskets, which qualifies it as perfect fit for the new HQLAx offering. Next to that, Deutsche B?rse will leverage functionalities of existing group entities to facilitate and control the rights and obligations of DCR creators and current holders. This is another initiative with which we support our market participants to deal with the global regulatory framework whilst reaping the benefits of the leading edge distributed ledger technology. ? Fri, 14 Dec 2018 09:30:00 GMT 2018-12-14T09:30:00Z
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