Eurex Clearing Partnership Program...End of June +0.05 +0.20 +0.35 +0.40 +0.55 1 Volumes do not...
Transcript of Eurex Clearing Partnership Program...End of June +0.05 +0.20 +0.35 +0.40 +0.55 1 Volumes do not...
Eurex Clearing –
Partnership
Programme
October 2020
This industry partnership programme is designed to benefit the broader market
All Eurex Clearing Members and Registered Clients are
eligible to participate in the Partnership Programme
Governance
Representation on Eurex Clearing Supervisory Board
Participation in FIC Board Advisory Committee
+
Revenue Sharing
Attractive Performance Based Sharing
Turning into Perpetual Revenue Share after year 4
Direct rewards to 10 most active participants…Programme designed to deliver benefits for all
Eurex Clearing clients
▪ Price transparency and tight bid-offer spreads for Eurex
cleared swaps
▪ Cross-Margining across listed and OTC optimizes margin
requirements „PRISMA“
▪ Broad eligible collateral spectrum reduces funding costs
and liquidity needs
▪ Innovative direct buy-side access models reduce capital
requirements and improve asset protection “ISA Direct”
22 December 20202
TOP Performers will be represented in the FIC Board Advisory Committee and the Supervisory Board
1Subject to minimum average daily volume during applicable measuring period of €35BN; otherwise mearing period and
assignment shifted by 12 months for Supervisory Board and extended by 6 months for FIC Board Advisory Committee
Scope Permanent Partnership 2018-2021 Perpetual Phase
Eurex FIC Board
Advisory Commitee
▪ Will consist of 10 members
▪ Advised the Executive Board of
Eurex Clearing on
▪ the general Fixed Income and
Currencies strategy and
▪ product and service expansions in
Fixed Income and Currencies
10 Seats assigned to
TOP performers
▪ TOP 10 performers based
on time-weighted
multiplied undiscounted
gross revenues during
applicable measuring
period
▪ 2 terms of each 2 years
starting June 20181
▪ TOP 10 performers based
on time-weighted
multiplied undiscounted
gross revenues during
Phase 1
Eurex Clearing
Supervisory Board
▪ Currently 12 members
▪ Appoints the Executive Board
▪ Appoints chairman/ -woman
▪ Approves important decisions and
planning
5 Seats assigned to
TOP performers
▪ TOP 5 performers based
on time-weighted
multiplied undiscounted
gross revenues during
applicable measuring
period
▪ 2 terms of each 2 years
starting June 20181
▪ TOP 10 performers based
on time-weighted
multiplied undiscounted
gross revenues over
Phase 1 receive
nomination right
▪ 5 representatives are
elected
▪ Right to nominate
Chairman/ -woman
22 December 20203
Eurex’ Partnership Programs gains broad market support with 40 participants around the globe
35OTC IRD
Participants
31Repo
Participants
22 December 20204
Approved Platforms at Eurex Clearing for OTC IRS Approved Platforms at Eurex Clearing for Repo
Eurex’ Partnership Programme gains broad market support with platforms around the globe
22 December 20205
OTC IRD Volume Development at Eurex Clearing (1/2)Volumes as of 30th November 2020
1) Based on ADV and subject to the ECAG Trading Calendar 2019/2020
% YoY: ADV Oct ‘20 vs Oct ‘19
Market share source: Eurex, LCH and CME Website
Market share excludes volumes generated from post trading events
Based on ADV and subject to the ECAG Trading Calendar 2019/2020
15.3%EUR Market Share1 as of 30th November
2020
↗ +20%
€ 173bnADVas of 30th November 2020
Average Daily Volume in € bn
6
18
33
12
19
26
28
30
30
37 36
82
38
71 6780
6452
64 69
42
142
124117 119
101
126114
57
75
121
144
84
240
115
75
94
142
199
99
72
145
124
173
Jan 1
8
Feb
18
Ma
r 18
Apri 1
8
Ma
y 1
8
Jun 1
8
Jul 18
Aug 1
8
Sep 1
8
Oct 18
No
v 1
8
De
c 1
8
Jan
-19
Feb
-20
Ma
r-1
9
Apr-
19
Ma
y-1
9
Jun-1
9
Jul-1
9
Aug-1
9
Sep-1
9
Oct-
19
No
v-1
9
De
c-1
9
Jan
-20
Feb
-20
Ma
r-2
0
Apr-
20
Ma
y-2
0
Jun-2
0
Jul-2
0
Aug-2
0
Sep-2
0
Oct-
20
No
v-2
0
FRA OIS IRS Basis Compression cycle
OTC IRD Volume Development at Eurex Clearing (2/2)Volumes as of 30th November 2020
% YoY: Notional Outstanding Oct ’20 vs Oct ‘19
Market share source: Eurex, LCH and CME Website
18.1%EUR Market Share as of 30th November
2020
↗ +29%
€ 18.5tnNotional Outstandingas of 30th November 2020
Notional Outstanding in € tn
7
2.73.3
4.7 5.2
6.57.2
8.39.2 9.1
9.810.5
7.9
10.4
12.212.9
14.315.2
11.2
12.7 12.812.3 12.5
14.3
12.9
17.018.1
17.6 17.919.0 18.9
19.5 19.3
17.818.9
18.2
Jan
18
Feb
18
Mar
18
Ap
ri 1
8
May
18
Jun
18
Jul 1
8
Au
g 1
8
Sep
18
Oct
18
No
v 1
8
De
c 1
8
Jan
-19
Feb
-20
Mar
-19
Ap
r-1
9
May
-19
Jun
-19
Jul-
19
Au
g-1
9
Sep
-19
Oct
-19
No
v-1
9
De
c-1
9
Jan
-20
Feb
-20
Mar
-20
Ap
r-2
0
May
-20
Jun
-20
Jul-
20
Au
g-2
0
Sep
-20
Oct
-20
No
v-2
0
FRA OIS IRS Basis
OTC IRD Volume Development at Eurex Clearing (II)Participants and Development
1) Reflects newly admitted clients since 1 Jan 19, as of 30.11.2020
2) Multiple Clearing relations of the same entity are not counted
+221
89 Clearing Members
+2701
>400 Disclosed Clients2
1Price transparency & competitive
quotes✓
2 Establish significant FRA Market Share ✓
3 Onboard Buy-Side clients ✓
4 CCP switch, Live Run April 2019 ✓
5 Grow open interest in IRS/OIS On track
6 Build Non-EUR Liquidity Started
22 December 20208
Clearing Members Development
LCH-Eurex Basis is flattening for all Tenors (1/3)
(2.000)
(1.000)
-
1.000
2.000
3.000
4.000
Jan 1
8
Feb
18
Ma
r 18
Apr
18
Ma
y 1
8
Jun 1
8
Jul 18
Aug 1
8
Sep 1
8
Oct 18
No
v 1
8
De
c 1
8
Jan 1
9
Feb
19
Ma
r 19
Apr
19
Ma
y 1
9
Jun 1
9
Jul 19
Aug 1
9
Sep 1
9
Oct 19
No
v 1
9
De
c 1
9
Jan 2
0
Feb
20
Ma
r 20
Apr
20
Ma
y 2
0
Jun 2
0
Jul 20
Aug 2
0
Sep 2
0
Oct 20
2 Year 5 Year 10 Year 20 Year 30 YearSource: Bloomberg
LCH-Eurex Basis Development
Date 2yr 5yr 10yr 20yr 30yr
As of 13th October 2020 +0.05 -0.05 -0.05 -0.10 -0.10
22 December 20209
LCH-Eurex Basis is flattening for all Tenors (2/3)
-1.00
0.00
1.00
2.00
3.00
4.00
45%
50%
55%
60%
65%
70%
06
-11-2
017
30
-11-2
017
24
-01-2
018
06
-03-2
018
07
-05-2
018
04
-07-2
018
08
-08-2
018
05
-09-2
018
17
-10-2
018
29
-10-2
018
21
-11-2
018
04
-12-2
018
04
-02-2
019
07
-03-2
019
09
-05-2
019
01
-07-2
019
22
-08-2
019
16
-10-2
019
15
-11-2
019
23
-01-2
020
26
-02-2
020
20
-03-2
020
20
-04-2
020
29
-05-2
020
10
-07-2
020
14
-08-2
020
23
-09-2
020
13
-10-2
020
Portfolio balance indicator (PBI) Basis
BasisPBI
50% = full balance of payer and receiver flow
22 December 202010
Client DV01 balance vs EUREX-LCH Basis
LCH-Eurex Basis is flattening for all Tenors (3/3)
Date 2yr 5yr 10yr 20yr 30yr
2020
End of January +0.05 +0.10 +0.20 +0.25 +0.45
End of February +0.05 +0.05 +0.10 +0.10 +0.20
End of March +0.20 +0.50 +0.70 +0.90 +1.20
End of April +0.30 +0.95 +1.45 +1.55 +1.80
End of May +0.15 +0.40 +0.55 +0.65 +0.85
End of June +0.05 +0.20 +0.35 +0.40 +0.55
End of July +0.10 +0.15 +0.40 +0.50 +0.60
End of August +0.05 +0.20 +0.30 +0.40 +0.50
End of September +0.05 -0,05 -0.05 +0.15 +0.05
End of October 0.00 0.00 0.00 0.00 -0.05
End of November +0.05 +0.05 +0.05 +0.05 +0.05
22 December 202011
LCH-Eurex Basis by Month
Large dealers provide similar liquidity for Eurex Clearing compared to LCH for Euro Swaps(1/2)
Top 10 quotes per tenor as of 07/12/2020
22 December 202012
2yr
Eurex LCH
0.2 0.2
0.2 0.2
0.3 0.4
0.4 0.4
0.4 0.4
0.4 0.4
0.5 0.5
0.5 0.5
0.5 0.4
0.6 0.6
5yr
Eurex LCH
0.2 0.3
0.2 0.2
0.3 0.4
0.3 0.3
0.3 0.3
0.4 0.4
0.4 0.4
0.5 0.5
0.5 0.5
0.5 0.5
10yr
Eurex LCH
0.1 0.1
0.3 0.4
0.3 0.3
0.3 0.3
0.4 0.4
0.4 0.3
0.4 0.3
0.5 0.5
0.5 0.5
0.5 0.5
30yr
Eurex LCH
0.1 0.1
0.4 0.6
0.4 0.5
0.4 0.4
0.5 0.5
0.5 0.5
0.5 0.4
0.6 0.6
0.6 0.6
0.6 0.5
Eurex-LCH Price Comparison
“We offer the same bid-offer spreads and sizes for Eurex and LCH in Euro Swaps
and see no disadvantage in terms of liquidity for clients using Eurex Clearing”*
Large dealers provide similar liquidity for Eurex Clearing compared to LCH for Euro Swaps(2/2)
*Statement from several trading desks of global dealers
22 December 202013
RFQ MoM Performance
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
Total Requests Received Total Requested Responded Total Trades Executed Responded : Received Executed : Responded
Large dealers provide similar liquidity for Eurex Clearing compared to LCH for Euro Swaps
(D2C) dealer to clients
Hybrid Order Book
combining
voice/Trad-X
Central Limit Order Book (CLOB)
14Banks1
1) Number of banks providing EUR price data for Eurex Clearing
Top 10 quotes per tenor as of 01/07/2020
Requests received, responded and executed up
30%, 26% and 21% respectively from Aug-20
22 December 202014
23Banks1
5Banks1
Disclosed Streaming (DS) Request for Quote (RfQ)
D2D CLOB
0
2
4
6
8
10
12
0
5
10
15
20
25
30
35
40
Jan
Fe
bM
ar
Ap
rM
ay
Jun
Jul
Au
gS
ep
Oct
Nov
Dec
Jan
Fe
bM
ar
Ap
rM
ay
Jun
Jul
Au
gS
ep
Oct
Nov
Dec
Jan
Fe
bM
ar
Ap
rM
ay
Jun
Jul
Au
gS
ep
Oct
Nov
2018 2019 2020
# Active firms ADV per firm
# of firmsADV
0%
10%
20%
30%
40%
50%
0
50
100
150
200
250
Jan
Fe
bM
ar
Ap
rM
ay
Jun
Jul
Au
gS
ep
Oct
Nov
Dec
Jan
Fe
bM
ar
Ap
rM
ay
Jun
Jul
Au
gS
ep
Oct
Nov
Dec
Jan
Fe
bM
ar
Ap
rM
ay
Jun
Jul
Au
gS
ep
Oct
Nov
2018 2019 2020
ADV Market Share
ADV in
bn EUR
Market
Share
OTC FRA Analytics
22 December 202015
OTC EUR FRA FRA per firm
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0.0
2.0
4.0
6.0
8.0
10.0
12.0
Jan
Fe
bM
ar
Ap
rM
ay
Jun
Jul
Au
gS
ep
Oct
Nov
Dec
Jan
Fe
bM
ar
Ap
rM
ay
Jun
Jul
Au
gS
ep
Oct
Nov
Dec
Jan
Fe
bM
ar
Ap
rM
ay
Jun
Jul
Au
gS
ep
Oct
Nov
2018 2019 2020
Notional Outstanding Market Share
Trn EUR
Market
Share
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
1,000
2,000
3,000
4,000
5,000
6,000
Jan
Fe
bM
ar
Ap
rM
ay
Jun
Jul
Au
gS
ep
Oct
Nov
Dec
Jan
Fe
bM
ar
Ap
rM
ay
Jun
Jul
Au
gS
ep
Oct
Nov
Dec
Jan
Fe
bM
ar
Ap
rM
ay
Jun
Jul
Au
gS
ep
Oct
Nov
2018 2019 2020
Reset Matchbook Market Share*
Bn EURMarket
Share
OTC FRA Analytics
22 December 202016
FRA Notional Outstanding in trillion EUR FRA volumes by platform
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0
10
20
30
40
50
60
Jan
Fe
bM
ar
Ap
rM
ay
Jun
Jul
Au
gS
ep
Oct
Nov
Dec
Jan
Fe
bM
ar
Ap
rM
ay
Jun
Jul
Au
gS
ep
Oct
Nov
Dec
Jan
Fe
bM
ar
Ap
rM
ay
Jun
Jul
Au
gS
ep
Oct
Nov
2018 2019 2020
ADV Market Share
Market
ShareADV in
bn EUR
0
10
20
30
40
50
60
Jan
Fe
b
Ma
r
Ap
r
Ma
y
Jun
Jul
Au
g
Se
p
Oct
Nov
Dec
Jan
Fe
b
Ma
r
Ap
r
Ma
y
Jun
Jul
Au
g
Se
p
Oct
Nov
Dec
Jan
Fe
b
Ma
r
Ap
r
Ma
y
Jun
Jul
Au
g
Se
p
Oct
Nov
2018 2019 2020
Dealer ADV* Client ADV**
ADV in
bn EUR
* Dealer = global or local liquidity provider
** Client = traditional buy side client
OTC IRS Analytics
22 December 202017
OTC EUR IRS EUR IRS ADV by counterparty
0%
2%
4%
6%
8%
10%
12%
14%
16%
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Jan
Fe
bM
ar
Ap
rM
ay
Jun
Jul
Au
gS
ep
Oct
Nov
Dec
Jan
Fe
bM
ar
Ap
rM
ay
Jun
Jul
Au
gS
ep
Oct
Nov
Dec
Jan
Fe
bM
ar
Ap
rM
ay
Jun
Jul
Au
gS
ep
Oct
Nov
2018 2019 2020
Notional Outstanding Market Share
Trn EURMarket
Share
22 20 20 22 23 21 22 21 21 21 23 20 22 24 27 2630 31 32 30 33 32 31 31 32 31 32 30 33 32 29 31 30 30 31
37 3943 38 34 38 33 36
4147
55 5963 62
71
62 56
76 7370
7886
7983
95
82
108
9989
104
9687
110103 104
Jan
Fe
b
Ma
r
Ap
r
Ma
y
Jun
Jul
Au
g
Se
p
Oct
Nov
Dec
Jan
Fe
b
Ma
r
Ap
r
Ma
y
Jun
Jul
Au
g
Se
p
Oct
Nov
Dec
Jan
Fe
b
Ma
r
Ap
r
Ma
y
Jun
Jul
Au
g
Se
p
Oct
Nov
2018 2019 2020
# active Dealers* # active Clients**
* Dealer = global or local liquidity provider
** Client = traditional buy side client
OTC IRS Analytics
2
22 December 202018
IRS Notional Outstanding in trillion EUR Activity monitor IRS (volume >25m)
0
1
2
3
4
5
6
7
8
Jan
Feb
Ma
rA
pr
Ma
yJun
Jul
Aug
Sep
Oct
No
vD
ec
Jan
Feb
Ma
rA
pr
Ma
yJun
Jul
Aug
Sep
Oct
No
vD
ec
Jan
Feb
Ma
rA
pr
Ma
yJun
Jul
Aug
Sep
Oct
No
v
2018 2019 2020
Dealer ADV* Client ADV**
ADV in
bn EUR
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
0
1
2
3
4
5
6
7
8
Jan
Fe
b
Ma
r
Ap
r
Ma
y
Jun
Jul
Au
g
Se
p
Oct
No
v
De
c
Jan
Fe
b
Ma
r
Ap
r
Ma
y
Jun
Jul
Au
g
Se
p
Oct
No
v
De
c
Jan
Fe
b
Ma
r
Ap
r
Ma
y
Jun
Jul
Au
g
Se
p
Oct
No
v2018 2019 2020
ADV Market Share
Market
Share
ADV in
bn EUR
* Dealer = global or local liquidity provider
** Client = traditional buy side client
OTC OIS Analytics
22 December 202019
OTC EUR OIS EUR OIS ADV by counterparty
1311
13 12
15
1210 11 11
1513
11
16 17 17 16
19
16
22
19 20 2022 22 22 21
27
23 2321
24
12
21 2224
9
6
12
7
6
8
5
6 5
10
5
6
128
11
10
17
16
22
15
16
20
22 2119
19
24
19
22
18
17
14
2323
26
Jan
Fe
b
Ma
r
Ap
r
Ma
y
Jun
Jul
Au
g
Se
p
Oct
No
v
De
c
Jan
Fe
b
Ma
r
Ap
r
Ma
y
Jun
Jul
Au
g
Se
p
Oct
No
v
De
c
Jan
Fe
b
Ma
r
Ap
r
Ma
y
Jun
Jul
Au
g
Se
p
Oct
No
v
2018 2019 2020
# active Dealers* # active Clients**
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
0
100
200
300
400
500
600
700
800
Jan
Fe
bM
ar
Ap
rM
ay
Jun
Jul
Au
gS
ep
Oct
Nov
Dec
Jan
Fe
bM
ar
Ap
rM
ay
Jun
Jul
Au
gS
ep
Oct
Nov
Dec
Jan
Fe
bM
ar
Ap
rM
ay
Jun
Jul
Au
gS
ep
Oct
Nov
2018 2019 2020
Notional Outstanding Market Share
Bn EUR Market
Share
* Dealer = global or local liquidity provider
** Client = traditional buy side client
OTC OIS Analytics
22 December 202020
OIS Notional Outstanding in trillion EUR Activity monitor OIS (volume >25m)
Thank you!
Disclaimer
© Eurex 2020
Deutsche Börse AG (DBAG), Clearstream Banking AG (Clearstream), Eurex Frankfurt AG, Eurex Clearing AG
(Eurex Clearing) and Eurex Repo GmbH (Eurex Repo) are corporate entities and are registered under German law.
Eurex Global Derivatives AG is a corporate entity and is registered under Swiss law. Clearstream Banking S.A. is a
corporate entity and is registered under Luxembourg law. Deutsche Boerse Asia Holding Pte. Ltd., Eurex Clearing
Asia Pte. Ltd. and Eurex Exchange Asia Pte. Ltd are corporate entities and are registered under Singapore law.
Eurex Frankfurt AG (Eurex) is the administrating and operating institution of Eurex Deutschland. Eurex Deutschland
is in the following referred to as the “Eurex Exchange”.
All intellectual property, proprietary and other rights and interests in this publication and the subject matter hereof
(other than certain trademarks and service marks listed below) are owned by DBAG and its affiliates and subsidiaries
including, without limitation, all patent, registered design, copyright, trademark and service mark rights. While
reasonable care has been taken in the preparation of this publication to provide details that are accurate and not
misleading at the time of publication DBAG, Clearstream, Eurex, Eurex Clearing, Eurex Repo as well as the Eurex
Exchange and their respective servants and agents (a) do not make any representations or warranties regarding the
information contained herein, whether express or implied, including without limitation any implied warranty of
merchantability or fitness for a particular purpose or any warranty with respect to the accuracy, correctness, quality,
completeness or timeliness of such information, and (b) shall not be responsible or liable for any third party’s use of
any information contained herein under any circumstances, including, without limitation, in connection with actual
trading or otherwise or for any errors or omissions contained in this publication.
This publication is published for information purposes only and shall not constitute investment advice respectively
does not constitute an offer, solicitation or recommendation to acquire or dispose of any investment or to engage in
any other transaction. This publication is not intended for solicitation purposes but only for use as general
information.
All descriptions, examples and calculations contained in this publication are for illustrative purposes only.
Eurex and Eurex Clearing offer services directly to members of the Eurex Exchange respectively to clearing
members of Eurex Clearing. Those who desire to trade any products available on the Eurex market or who desire to
offer and sell any such products to others or who desire to possess a clearing license of Eurex Clearing in order to
participate in the clearing process provided by Eurex Clearing, should consider legal and regulatory requirements of
those jurisdictions relevant to them, as well as the risks associated with such products, before doing so.
Only Eurex derivatives that are CFTC-approved may be traded via direct access in the United States or by United
States persons. A complete, up-to-date list of Eurex derivatives that are CFTC-approved is available at:
http://www.eurexchange.com/exchange-en/products/eurex-derivatives-us. In addition, Eurex representatives and
participants may familiarise U.S. Qualified Institutional Buyers (QIBs) and broker-dealers with certain eligible Eurex
equity options and equity index options pursuant to the terms of the SEC’s July 1, 2013 Class No-Action Relief. A
complete, up-to-date list of Eurex options that are eligible under the SEC Class No-Action Relief is available at:
http://www.eurexchange.com/exchange-en/products/eurex-derivatives-us/eurex-options-in-the-us-for-eligible-
customers... Lastly, U.S. QIBs and broker-dealers trading on behalf of QIBs may trade certain single-security futures
and narrow-based security index futures subject to terms and conditions of the SEC’s Exchange Act Release No.
60,194 (June 30, 2009), 74 Fed. Reg. 32,200 (July 7, 2009) and the CFTC’s Division of Clearing and Intermediary
Oversight Advisory Concerning the Offer and Sale of Foreign Security Futures Products to Customers Located in the
United States (June 8, 2010).
Trademarks and Service Marks
Buxl®, DAX®, DivDAX®, eb.rexx®, Eurex®, Eurex Repo®, Eurex Strategy WizardSM, Euro GC Pooling®, FDAX®,
FWB®, GC Pooling®,,GCPI®, MDAX®, ODAX®, SDAX®, TecDAX®, USD GC Pooling®, VDAX®, VDAX-NEW® and
Xetra® are registered trademarks of DBAG. All MSCI indexes are service marks and the exclusive property of MSCI
Barra. ATX®, ATX® five, CECE® and RDX® are registered trademarks of Vienna Stock Exchange AG. IPD® UK
Quarterly Indexes are registered trademarks of Investment Property Databank Ltd. IPD and have been licensed for
the use by Eurex for derivatives. SLI®, SMI® and SMIM® are registered trademarks of SIX Swiss Exchange AG. The
STOXX® indexes, the data included therein and the trademarks used in the index names are the intellectual property
of STOXX Limited and/or its licensors Eurex derivatives based on the STOXX® indexes are in no way sponsored,
endorsed, sold or promoted by STOXX and its licensors and neither STOXX nor its licensors shall have any liability
with respect thereto. Bloomberg Commodity IndexSM and any related sub-indexes are service marks of Bloomberg
L.P. PCS® and Property Claim Services® are registered trademarks of ISO Services, Inc. Korea Exchange, KRX,
KOSPI and KOSPI 200 are registered trademarks of Korea Exchange Inc. BSE and SENSEX are trademarks/service
marks of Bombay Stock Exchange (BSE) and all rights accruing from the same, statutory or otherwise, wholly vest
with BSE. Any violation of the above would constitute an offence under the laws of India and international treaties
governing the same.
The names of other companies and third party products may be trademarks or service marks of their respective
owners.
Eurex Deutschland qualifies as manufacturer of packaged retail and insurance-based investment products (PRIIPs)
under Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based
investment products (PRIIPs Regulation), and provides key information documents (KIDs) covering PRIIPs traded on
Eurex Deutschland on its website under the following link: http://www.eurexchange.com/exchange-
en/resources/regulations/eu-regulations/priips-kids.
In addition, according to Art. 14(1) PRIIPs Regulation the person advising on, or selling, a PRIIP shall provide the
KID to retail investors free of charge.
22 December 202022