Eurex Enlight

Enlight Overview

Eurex EnLight is a fully-integrated RFQ platform, which is fully-automated and replicates the core aspects of voice trading while providing its users all the advantages of automatic electronic price formation, data collection and timely information retrieval to meet MiFID II Best Execution requirements.

Submitting an Enlight RFQ

On TT, customers can utilize Enlight functionality on Eurex using the RFQ with Counterparties widget in TTW, as well as via FIX order entry.

Viewing Active RFQs on TT

Viewing the RFQ responses from the Enlight Respondant is a critical piece of the Enlight workflow. The following functionality in the RFQ Viewer widget supports this workflow:

  • The “Counterparty” column is off by default. When shown, this column displays the counterparty information of the RFQ responses
  • A parent RFQ row organizes the various responses to the RFQ within a group that can be expanded and collapsed
  • You can select one of the responses to your RFQ, and submit the response to Eurex:
    • Left-click on the price of a response in the RFQ viewer to launch the Order Ticket seeded with that price and quantity and with a single Buy/Sell button visible.

Assigning Counterparties

  1. Counterparties are read from a public file provided by Eurex once a week.
  2. When counterparties are uploaded they will appear in each company's Counterparties list (More->Counterparties).
  3. Initially, the counterparties will not be available to any accounts and must be assigned to accounts by each company.
  4. Company admins can either assign a counterparty to a list of accounts or assign a list of accounts to a counterparty.

Removing Counterparties

If a counterparty is removed from the exchange-provided counterparty list, that counterparty will be deleted from all companies in User Setup. If the counterparty is added back at a later date then the company administrator will need to reassign the account to the counterparty.

Assigning Different Counterparties to Different Client Accounts

Different counterparties can be assigned to different accounts. Each account is explicitly assigned the counterparties it is allowed to view in the Trade TT application.

Controlling RFQ Access with User Entitlements

Users must have the following entitlements in User Setup to submit Enlight RFQs:

Required Workspace Settings

The correct account must be assigned to the RFQ option in global Preferences.

Risk Settings for Enlight RFQs

Risk settings apply if configured, but not on RFQ submission. Risk only applies to the order submitted as part of the RFQ response.

The following risk settings apply for Enlight RFQ orders.

  • Trading Allowed
  • Cancel allowed
  • Max order quantity

These values can be set for Wholesale Outrights and Wholesale Spread/Strategies on the limits for a product or instrument. Price reasonability does not apply to RFQ orders.

Workflow for RFQs Including Risk

  1. If you have been entitled for RFQs, have counterparties correctly assigned, and have your workspace configured properly, you can submit an RFQ from the RFQs with Counterparties widget.
  2. Once submitted, the RFQ can be viewed in the RFQ Viewer widget. You must add a tab to the RFQ viewer for the appropriate product.
  3. RFQs can get rejected by the exchange if they don’t meet requirements, or TT can reject the RFQ if the RFQ account has no exchange connectivity.
  4. If the RFQ is not rejected, when the Sell-side accepts the RFQ, the RFQ Viewer widget receives a SRFQMktQuote message.
  5. You can then click the bid or the ask on that message to open an order ticket and submit the order.
  6. The order is then risk-checked per the account limits settings applied to the order routing account selected in the previous step. Orders that do not meet the risk requirements will be rejected by TT’s pre-trade risk.