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Deutsche Börse and Eurex Offer Expanded Information On Derivatives Trading

In a move aimed at institutional and private investors, the Information Products Division of Deutschen Börse began showing the five best bid/ask prices in the Eurex order book for selected products such as the DAX, SMI, Dow Jones Euro STOXX, Bund, Bobl and Schatz, from 17 January. Previously, the Eurex Market Depth data was only available to Eurex market participants via their trading screens. The information is also being distributed to data vendors.

According to officials, the Deutsche Börse move enhances market transparency in the Eurex derivatives market. The market depth is the basis for assessing the market dynamics and liquidity of individual securities. Deutsche Börse has offered a comparable product, Xetra Market Depth, since March of last year.

The data for the new product, Eurex Market Depth, are transmitted via the real-time price interface of Deutsche Börse Ticker Plant Frankfurt (TPF) to data vendors who in turn pass on the market data via information terminals. As of mid-2000, all market data will be offered as an integrated data stream via the new Consolidated Exchange Feed (CEF) system. The main advantage of CEF is that it bundles several data streams and gives data vendors and financial institutions integrated access to information from the cash and derivatives market, officials say.

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