Globally, major foreign derivatives exchanges, including CME Group, Eurex, KRX, etc., have all introduced the EFP mechanism. EFP has become an important complement to the central limit order book , especially EFP on interest rate derivatives which is the most active. The volume of off-book transactions such as EFP transactions and other off-booking transactions represents a small share of the total trading volume. Take CME Group in the U.S. and Eurex in Germany for example, EFP transactions account for no more than 5% of their respective total trading volume.
