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Eurex Exchange migrates to new Deutsche Börse Group trading platform

Eurex Exchange, a derivatives-focused unit of the Deutsche Börse Group, has moved to the new global trading architecture being deployed by the Group.

The fixed-income derivatives segment, including highly liquid Euro-Bund, Euro-Bobl and Euro-Schatz futures, was the last to migrate over to the new platform and will complete the process by year end. The new system meets the needs of Eurex Exchange participants in terms of enhanced performance, efficiency and capacity, claims the exchange, providing more connection options to end users and improved functionality, while maintaining the stability and availability that traders demand.

The American-based International Securities Exchange (ISE) US options venue, which is part of Eurex first moved to the new trading infrastructure in 2011, but the staged rollout is only now reaching the core European markets.

The migration at Eurex Exchange began on 3 December 2012, with the ‘go live’ announced this week and a first software release for end users due in July 2013; this is intended to further cut latency. The round-trip time for the fastest futures order so far has already been set under the new system. It took just 150 microseconds, against one millisecond in the old system, explains Eurex Exchange. It is expected that the average latency advantage for the new system as a whole will be cut by more than 50% for futures trades and more than 90% for options, claims the exchange.

Optimising the speed of internal processing of orders is a key aim of the technology upgrade, which will also deliver higher system capacity and a more frequent real-time supply of crucial market data, adds the Deutsche Börse Group derivatives subsidiary.

A further release is planned for the end of 2013, which will introduce new functionalities for new product types and a new market data interface for benchmark futures - the Eurex Enhanced Order Book Interface.

Commenting on the new infrastructure, Hans Pieterse, head of market structure, Europe at the market maker and user, Optiver, said: “With the introduction of the new trading architecture, Eurex proves again its position as an innovative exchange. Part of their success is the open communication with their members and provision of a transparent system. The new matching engine brings capacity without compromising on the importance of safety in a trading environment. This combined will enable market makers like Optiver to continue posting tighter spreads for end investors to trade.”

The deputy chief executive officer (CEO) at Eurex, Jürg Spillmann, is pleased with the migration, adding that “we thank our participants for their constructive cooperation”.

“Our new world-class system gives participants access to our liquid and global markets with well-known competitive advantages in terms of enhanced functionality, stability, latency and performance,” he continued.

The new global trading architecture at Eurex and Deutsche Börse Group more generally is expected to offer more flexibility, which will also enable faster time-to-market implementations and upgrades in the future. The messaging architecture provides for lower latency and faster communication and is based on a reliable database. Eurex Exchange participants should also benefit from improved functionality including a comprehensive spread matrix, which offers 190 calendar spreads for EURIBOR futures and user-defined options strategies.