Analysis and Evaluation of the Eurex Repo Market Model

Inhaltsverzeichnis (Table of Contents)

• INTRODUCTION
• THE NOTION OF “REPURCHASE AGREEMENTS”
  • DEFINITION AND CHARACTERISTICS OF THE “REPURCHASE AGREEMENT”
  • COLLATERAL
    • T-Bonds and T-Notes
    • T-Bills
    • Pfandbrief
  • THE PRICING OF REPOS
  • THE RISK ASSOCIATED WITH REPOS
  • THE ADVANTAGES OF REPOS
  • DIFFERENTIATION TO OTHER INSTRUMENTS
    • Securities Lending and Borrowing
    • Sell/Buy Back Agreements
    • Lombard Loan
    • Interest rate swap
• THE EUREX MARKET MODEL
  • THE ROLE OF FINANCIAL MARKETS AND FINANCIAL INTERMEDIATION
    • OTC Trade versus Exchanges
    • The Derivatives Exchange
  • THE HISTORICAL DEVELOPMENT OF THE EUREX
  • THE CURRENT MARKET MICROSTRUCTURE
    • Structural Features
    • Products
    • Settlement and Clearing
      • Eurex Clearing AG
      • SIC Swiss Interbank Clearing
      • SIS SegaInterSettle AG
    • The Eurex Fee and Pricing Model
    • The Development of the Trading Volume
  • INTERNATIONAL COMPETITION
    • Europe: Euronext, Newex, Norex
    • United States: CBOT & CME
    • The Global Trend
• THE EUREX REPO MARKET MODEL
  • THE CURRENT MARKET MICRO STRUCTURE
    • General Conditions for Participation in Eurex Repo
    • Requirements for the Use of the Eurex Repo Trading Platform
    • Rights and Obligations of Participants on Eurex Repo
    • Trading Hours and Trading Calendar
    • Trading Procedures
    • Fees and the Repo Rate
    • Collateral
    • Settlement and Clearing
  • LEGAL FOUNDATIONS FOR THE EUREX REPO SYSTEM
  • MARKET SURVEILLANCE
  • EUREX REPO MARKET PRACTICES
  • CRITICAL FACTORS FOR THE EUREX REPO MARKET MODEL
  • FUTURE OUTLOOK FOR THE EUREX REPO MARKET MODEL

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This thesis aims to analyze and evaluate the Eurex Repo Market Model, examining its structure, functionality, and significance within the broader financial market landscape. It explores the historical development of the Eurex, its current market microstructure, and the key factors influencing its performance and future prospects.

• The concept of repurchase agreements (repos) and their characteristics
• The development and current state of the Eurex market model
• The Eurex Repo Market Model, including its trading platform, procedures, and legal foundations
• The role of collateral and settlement in the Eurex Repo market
• Critical factors influencing the success and future outlook of the Eurex Repo market model

Zusammenfassung der Kapitel (Chapter Summaries)

The first chapter provides an introduction to the thesis, outlining its scope, objectives, and key themes. Chapter two defines the concept of repurchase agreements, exploring their characteristics, pricing, risk factors, advantages, and differentiation from similar financial instruments. It delves into the different types of collateral used in repo transactions, including T-Bonds, T-Notes, T-Bills, and Pfandbrief.

Chapter three delves into the Eurex market model, examining the role of financial markets and financial intermediation. It explores the historical development of Eurex, its current market microstructure, including its products, settlement and clearing processes, and the Eurex fee and pricing model. The chapter also analyzes the international competition faced by Eurex from other exchanges in Europe and the United States.

Chapter four focuses on the Eurex Repo Market Model, examining its current microstructure, including general conditions for participation, trading procedures, fees, collateral, and settlement and clearing processes. It delves into the legal foundations of the Eurex Repo system and its market surveillance mechanisms.

Chapter five delves into the critical factors influencing the Eurex Repo Market Model, analyzing its current market practices, challenges, and future outlook.

Schlüsselwörter (Keywords)

The key terms and concepts explored in this thesis include repurchase agreements (repos), Eurex, derivatives exchange, market microstructure, collateral, settlement and clearing, trading procedures, legal foundations, market surveillance, international competition, and future outlook.