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Eurex PLP

Passive Liquidity Protection (PLP)

With Passive Liquidity Protection (PLP), Eurex aims to further improve the liquidity picture and price discovery process of the order book where price discovery is significantly driven by underlying or exogenous markets. In such specific products, market participants providing passive liquidity to the order book need to spend a high amount of resources to prevent adverse hits in case of short-term underlying movements. As a result, they may even refrain from quoting in the order book and only provide liquidity off-book. By differentiating latency in selected option markets, we ensure that market participants can strengthen their focus on serving the needs of the end-clients and grow the market as a whole.
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Functioning

With the activation of PLP, all aggressive orders, meaning orders that are executable upon arrival at the matching engine, will be delayed by a segment-specific deferral time before they can interact with the order book. Participants will be informed in the response messages whether their corresponding order has been deferred. Non-aggressive orders, meaning orders that are not executable upon entry, also denoted as passive orders, will directly impact the order book without deferral.
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The new model allows Eurex to protect all participants who have placed a resting order by giving them additional time to react to price changes in related/underlying markets. This is especially important in the more complex options markets where price formation is closely linked to the underlying. Passive Liquidity Protection is therefore only providing additional value in options and FX products.
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Benefits


PLP enhances the liquidity picture of the order book by further contributing to a level playing field:

  • Liquidity providers can focus more on providing liquidity and serving the end-investor instead of competing on technology, stimulating new entrants to the market
  • This improves the available liquidity and, as a result, increases attractiveness and importance of the order book

Timeline


Passive Liquidity Protection will launch for German and French equity options on 3 June 2019.

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Contacts

Jonas Ullmann

T +49 (0)69 2 11-1 45 91

Kai Zimmermann

T +49 (0)69 2 11-1 22 17

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Market Status

XEUR

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