Eurex
“Can a vertically integrated derivatives exchange, CCP, and repo platform sustain its position as Europe's dominant listed derivatives infrastructure against global competition from CME and ICE?”
Eurex was founded in 1998 as a pan-European electronic derivatives exchange, rapidly growing into one of the world's largest by volume. It operates three regulated entities — Eurex Frankfurt AG (exchange), Eurex Clearing AG (CCP), and Eurex Repo GmbH (repo trading) — forming a vertically integrated market infrastructure group under Deutsche Börse. The company is not an embedded finance vendor; rather, it is the regulated market infrastructure that embedded finance providers and financial institutions connect to for derivatives clearing, settlement, and repo trading.