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Request-For-Cross (RFC): A Trading Facility For Best Execution In Equity And Index Options.pdf

enx_derivatives_rfc_factsheet_15.5.19.pdf
Preview of Request-For-Cross (RFC): A Trading Facility for Best Execution in Equity and Index Options
🔗 Source: live.euronext.com
📊 Size: 72 KB
📄 Pages: 2 pages
⬇️ Downloads: 1,624

Summary

What is RFC?
A trading facility enabling participants to submit a committed cross trade to an open auction for best execution, exposing multilateral liquidity and reducing counterparty risk through central clearing.

Who is it for?
Trading members and investors looking to execute bilateral cross trades (standard or Large-in-Scale) with potential price improvements and centralized risk mitigation.

Why use RFC?
- Attain best execution for client business.
- Reduce counterparty risk and order book fluctuations.
- Mitigate capital costs and collateral inefficiencies through central clearing.

Key Features:
- Best Execution: Guaranteed order fulfillment with potential price improvements of €0.01 (tick size).
- Ease of Connectivity: Submitted via Euronext API using the New Order Cross message.
- Efficient Alternative to OTC: Access on-exchange liquidity, reducing counterparty risk and margin offsets.

How does RFC work?
1. The RFC Initiator submits a private message with buy/sell side information.
2. The order is validated against Best Bid Offer (BBO).
3. Order details are published, triggering a short auction (RFC response period: 1-2 seconds).
4. RFC Reactors may match or price-improve during the response period.
5. Following the period, the cross trade is executed, potentially involving multiple Reactors.

Example:
A step-by-step example illustrates how RFC facilitates cross-trade execution, ensuring preference for the RFC Initiator while matching orders from other participants.

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Description

Request-For-Cross (RFC) is a trading facility enabling members to submit committed cross trades to an open auction for best execution, benefiting from improved prices and central clearing. It's suitable for equity and index options with a minimum volume of 1 lot, offering quick response times and price validation against Best Bid/Offer (BBO).

Technical Information

  • File Format: PDF
  • File Size: 72 KB
  • Pages: 2
  • Language: EN
  • Total Downloads: 1,624
  • Last Updated: 3 weeks ago

Document Overview

This PDF document about Request-For-Cross (RFC): A Trading Facility for Best Execution in Equity and Index Options provides comprehensive information and guidance. Whether you're a beginner or advanced user, this resource offers valuable insights into Request-For-Cross (RFC): A Trading Facility for Best Execution in Equity and Index Options.

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Request-For-Cross guideRequest-For-Cross tutorial(RFC): guide(RFC): tutorialTrading guideTrading tutorialFacility guideFacility tutorialBest guideBest tutorialExecution guideExecution tutorialEquity guideEquity tutorialIndex guideIndex tutorialOptions guideOptions tutorial

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