Eurex to Roll Out New Trading System
February 9, 2012
Eurex said it will move to an entirely new trading system, starting in December.
The derivatives marketplace owned by Deutsche Boerse Group will take on a trading architecture developed at sister firm International Securities Exchange.
With the new trading system, Eurex will cease to use the its MISS infrastructure and VALUES API interface.
The replacement interfaces will be based upon industry standards such as FIX and FAST protocols. Eurex said there will be a “ high degree of backward compatibility for the new interfaces allowing participants to leave their trading applications unchanged in future releases of the new trading system.’’
The new system features a messaging architecture designed for “minimum latency.”
Tools for implementing different strategies and spread trading will also be delivered.
“With the move to the new system, we again deliver a best-in-class solution to our exchange participants. They will get more choice and greater performance, and the reliability they can expect from Eurex”, said Jürg Spillmann, Deputy CEO Eurex and responsible for IT and Operations.
Among the new system’s features:
• Improvement of options strategy concepts for on-exchange trading, by extending existing concept template-based strategies (standard options strategy) and by providing more flexibility in the creation of strategies (non-standard options strategy).
• Trading of all possible calendar spreads for futures products and a fully integrated spread matrix with implied-in and implied-out matching.
• Unified market model enabling simplified trading across different options and futures markets.
• Definition of instrument statuses in order to allow more granular control of the market.
• Introduction of new order types, such as the stop limit order and the book-or-cancel order
• Flexible assignment of order types to specific markets.
• Streamlined assignment of rights to users.
• Logical separation of trading units within a participant organization
Subject to the required legal approvals the production launch of the new Eurex trading architecture is scheduled for December 3, 2012. The new trading platform will be launched in phases in which products will be migrated in a stepwise approach from the current Eurex® system to the new trading platform. The product migration is expected to require three to six months.
The new Eurex trading architecture will completely replace the current Eurex® trading system and Eurex trading participants must migrate to the new platform to trade products moved to the new system.
Eurex Clearing will continue to use its current system. Technical separation of the two systems will “simplify the development of extensions and enhancements in the future,” Eurex said.
Read the Eurex Trading System Circular
