(The following press release from Deutsche Boerse was received by e-mail.
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Deutsche Boerse Group
Xetra Bonds to offer continuous trading for bonds
Liquid, transparent and broader bonds offering
With effect from 1 October, bond trading on Xetra will be expanded to
over 2,000 international government and corporate bonds and 60 German
government bonds. Trading participants will benefit from a transparent and
liquid bond market and gain access to a broad investor network via Xetra.
For the first time, the open Xetra order book will have a depth of 5,
the five best bid- and ask-limits and the market data dissemination offers
trading participants complete transparency in pre and post trading. Xetra
thereby meets the highest transparency requirements. Designated sponsors
specialists provide additional liquidity in trading and quote bid and ask
prices on a continuous basis. The first designated sponsors are Optiver
Netherlands, Florint B.V. and Close Brothers Seydler Bank AG, which also
as specialist. Further specialists in bond trading are Steubing AG and ICF
Continuous trading of German government bonds is settled via the central
counterparty (CCP) Eurex Clearing. This means that counterparty risk will
reduced for all trading participants, internal business processes
and the efficiency of workflows further improved. The CCP acts as
between the trading partners, who themselves remain anonymous, but deposit
appropriate collateral for their open positions.
“We already meet the transparency requirements of the revised MiFID
market regulations which will be mandatory in two to three years' time,”
Rainer Riess, Managing Director Xetra Market Development at Deutsche Börse.
“Exchange trading always means transparent pricing. However, a large number
government and corporate bonds are still traded OTC – with a lack of
transparency, high risks and unclear prices for trading participants and
investors. Xetra Bonds is a pan-European bond trading model with high
transparency and binding quotes; designated sponsors and specialists
high liquidity – so all market participants profit equally.”
Leticia Adam Tel.: +49-(0) 69-2 11-1 15 00
Xetra is Deutsche Börse's cash market. The trading system of the same name
connects some 200 participants from partner exchanges and 230 European
and broker firms admitted to trading on the Frankfurt Stock Exchange, from
countries. Over 1,000 ETFs, 400 ETCs and ETNs, 10,000 equities from 70
countries, 26,000 corporate and government bonds and 1 million structured
products are traded on Xetra.
Further information from Deutsche Boerse Group
is available under http://deutsche-boerse.com/press
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