Eurex

And we have Matthew Furman.

He joins us from Eurex, Singapore.

He's going to bring us up to speed on their new launch in Japan.

We have announced that we're going to release Japan's single stock futures and Japan's single stock dividend futures.

And that's what HGLX has lived and breathed and we're very happy about our positioning today and we very much look forward to creating more of a footprint and more of a presence in APAC going forward.

Thank you, Guido.

Next up, we have Mathieu Fram, who works at Eurex in Singapore.

Eurex is, of course, a major listed derivatives exchange as well as a famed clearinghouse.

The data center itself is the same data center that is used by Deutsche Börse etc.

and Eurex.

So this is basically the financial hub in Europe.

So we really position ourselves as head to head with the financial market industry in Europe and not like as a crypto company.

If you remember that movie, he goes into the pits and looks at them trading.

But I was on a project to help integrate the German Deutsche Börse exchange, Deutsche Börse, Eurex exchange that was all electronic with the manual open outcry pit trading.

And, uh, Flew over.

I really had no idea what I was doing.

And it was extremely stressful to figure out how to route trades from the electronic exchange back to Chicago Board of Trade if they wanted to do open outcry trading.

And I had some late nights, very stressful moments.

The Eurex exchange trades in decimals.

The CBOT at the time traded in fractions.

But at the same time, all of the information was in Exchange Invest.

Eurex have expanded into Japanese equity derivatives.

And Kalshi is launching prediction apps with Native American tribes, which is dividing Indian country.

Analysts are warning of risks as IDX, that's Indonesia, brings back short selling.

My, how times are changing in settlement.

The DTCC CTO is being named and speaking in public to an interesting audience and an interesting topic too.

Over in regulation, the mega-tussle over MISP is an issue, certainly one where the idea of a top-line domain regulator regulating major exchanges on a single basis, it may not be the worst idea around the EU, but Germany is demonstrating rank hypocrisy as it tries to claim that pan-European corporate giant Die Deutsche Börse Group and The Eurex is in fact just a little provincial entity which should be regulated only in Hesse by Frankfurt regulators.

At the same time, good news from Esmet's clarified access for EU market participants to the service of third country CSDs.

I often tell the story of the, of the Euro Bund future.

It was in the life exchange, traded on open pits, moved over to Eurex, gone forever.

Like, that's...

A lot of institutions are very nervous that if the market is moving to 24/7, well, like, let alone the risk side of things.

Exchange-traded currency options are standardized, fixed strikes, fixed expiry dates, fixed contract sizes, and centrally cleared, meaning a clearing house sits between every buyer and seller, removing bilateral counterparty risk in a way that mirrors what episode twenty covered for futures.

CME is by far the dominant venue for this, with ICE and Eurex offering their own contract specifications that are not identical to CME's.

So even two listed options are not automatically interchangeable across exchanges.

A subtler difference sits in what the option actually settles into.

We need a trifecta on the European Market Brief.

So also joining us, making his first appearance in the Eurex hot seat is Ahim Karl.

He is the Senior Associate Vice President over there at Eurex.

Ahim, welcome to the European Market Brief, sir.

Hi, Mark.

Thanks for having us.

Of course, give us an overview really quickly of what it is you do over there day to day at Eurex,

sir.