Vela, a provider of high-performance trading and market data technology, announced on Thursday that it has joined forces with Eurex, the largest derivatives exchange in Europe, to provide electronic access to Eurex EnLight.
Eurex EnLight is a request-for-quote (RFQ) platform where brokers and Market Makers can meet to negotiate off-book trades. The platform covers Swiss equity and equity index derivatives, in addition to a suite of fixed income products.
Vela to Facilitate Access via Metro Trading Platform
Vela will facilitate access to EnLight via its Metro Trading Platform, a high-performance trading platform, providing an alternative to the existing ways of accessing the RFQ platform. In addition, the partnership will also reduce quote response times on the platform.
The EnLight platform performs the core aspect of the voice business. Through its electronic price discovery, banks and brokers alike can selectively contact Market Makers with requests for quotes in order to find a trading counterparty.
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Commenting on the partnership, Randolf Roth, Member of the Eurex Executive Board said: “We are very pleased with the new solution as it creates easy and convenient electronic access to Eurex EnLight. We will continue to extend Eurex EnLight into the equity derivatives space in the first half of 2019.”
Vela’s Metro platform supports automated, algorithmic, and click trading strategies. The collaboration between Vela and Eurex, which is operated by Deutsche Börse Group, also aims to bring further operation efficiencies, regulatory compliance, best execution, improvements to accessing liquidity and data reporting tools.
“We are delighted to be the first technology provider to deliver custom RfQ tools for Eurex EnLight, enabling request reception, negotiation and trading,” added Ollie Cadman, the Global Head of Product Management and Business Operations at Vela.
“The addition of Eurex EnLight connectivity to Metro provides clients with a streamlined approach to access this new platform. We look forward to continue working with Eurex to deliver innovative solutions that simplify electronic trading,” he continued.