BGC Partners, Bloomberg, i-Swap, a TP ICAP Group company, Tradeweb and Tradition's Trad-X are each seeking to become an 'Approved Platform' as part of the Eurex Clearing Partnership Program framework. The program rewards interest rate swap price makers for providing competitive Eurex prices to both the interbank and end-user market via execution platforms.
"Price transparency and competitive prices are key to further strengthen our liquidity in interest rate swaps," said Eurex Clearing's Chief Strategy Officer, Matthias Graulich. "Therefore, cooperation with major execution venues is a key milestone in successfully rolling out our new Partnership Program to establish a liquid alternative for clearing interest rate swaps in Europe."
The Approved Platforms will support various execution formats including Central Limit Order Book (CLOB), disclosed streaming and Request-for-Quote (RFQ). Utilizing existing infrastructure and relationships for price makers will maximize market efficiency and significantly improve price discovery for clients..