German derivatives exchange Eurex Exchange has appointed Deutsche Bank Taiwan, a subsidiary of German banking major Deutsche Bank, as a payment bank for its Eurex/TAIFEX Link.
As a payment bank, Deutsche Bank is mandated to offer end-to-end onshore clearing and settlement services for the TAIEX index futures and options trading of Eurex’s trading members.
Eurex/TAIFEX Link is a common link created by Eurex Exchange and the Taiwan Futures Exchange (TAIFEX) to make TAIEX options and futures available after Taiwanese trading hours. The link is scheduled for launch on 15 May 2014.
Deutsche Bank Global Transaction Banking – Taiwan head, Bryan Chen, that the agreement further demonstrates Deutsche Bank’s position as a leading transaction bank in Taiwan.
"With our comprehensive suite of transaction banking services in this market – including custody and regulatory reporting – we are also well positioned to be the banking partner of choice for Eurex’ trading participants," added Chen.
The link for 24-hour trading and clearing of TAIEX Futures and Options will be realised by listing derivatives contracts on Eurex Exchange (daily futures) with underlying positions in the corresponding contract/series of the TAIEX Futures/Options traded on TAIFEX.
The open interest will be transferred to the TAIFEX clearing house at the end of each trading day at Eurex Exchange.