Deutsche Börse has launched an updated version of Xetra which aims to improve the efficiency of the pan-European trading system.
“Deutsche Börse has improved the market quality of Xetra yet again with Release 11.0. The functionality and speed of our trading system and the provision of liquidity will be improved,” says Rainer Riess, managing director of Xetra market development at Deutsche Börse.
One of the most important technical improvements is the expansion of the Enhanced Transaction Solution interface. Order information is now sent to participants in real time via this interface.
The new execution restriction “book or cancel” facilitates targeted provision of liquidity on Xetra. BOC orders can only be in the order book to provide liquidity, and so are only stored in the order book when no immediate execution is possible.
The processing time of non-persistent orders has also been shortened. Orders of this type from trading participants with the most efficient connections can be processed in less than one millisecond on average, making them 50 per cent faster than before. Non-persistent orders are not saved in exchange systems if trading is interrupted and are thus designed not to be executed after such interruptions.
