Exchange of the year: Eurex

Stuart Heath

When asked whether Eurex is happy with the final text of the European Market Infrastructure Regulation (Emir) – which introduces a clearing requirement for over-the-counter derivatives – a spokesperson for the Frankfurt-based exchange gives a one-word answer: “Yes.” But that wasn’t always the case.

Two years ago, the venue was desperately trying to beat back open-access provisions in Emir that would have forced it to allow rival exchanges to use its clearing house and benefit from the margin eff