Eurex successfully implemented software upgrade

Eurex successfully implemented software upgrade

08/11/2011

Eurex Group launched yesterday its latest software release. Eurex Release 14.0 provides members with greater choice and enhanced flexibility in how they connect to the Eurex network through new interfaces, further clearing and risk management improvements as well as performance optimization.
 
The completely new developed three interfaces – Eurex Market Data, Eurex FIX Gateway and FIXML Clearing API – are based on the industry standards FIX and FIXML. They are geared towards non latency-sensitive trading members and clearing members alike as they complement our high-speed interfaces. The interfaces provide a number of benefits, namely increased customization, hardware independence, and flexibility. With this switch, in Release 14 Eurex Group lays the groundwork for a medium-term decommissioning of the VALUES API/MISS infrastructure for trading and clearing.

-- The Eurex Market Data Interface disseminates price level aggregated and netted depth data in multicast format. The benefits are lower granularity and lower bandwidth requirements. It utilizes the FIX Adapted Streaming protocol (FAST) and the same content as the market data content via VALUES API.
 
-- The new standard FIX Gateway interface supports FIX versions 4.2 and 4.4.

-- The launch of the FIXML Clearing API reduces the costs associated with accessing Eurex Clearing, while simultaneously offering members greater flexibility and standardization in terms of technology. The new API uses the industry standard FIXML programming language. It is easy to integrate into members' existing IT infrastructures and requires no special programming efforts.
 
In terms of risk management, as of now, members can also set pre-trade risk limits in product currency for bilaterally agreed trades, i.e. Eurex’s Advanced Risk Protection is also applicable to EurexOTC Trade Entry service. Until now, limits for this trade entry service were available in the form of maximal number of contracts only.

Based on the actual margin parameter/current underlying price and the contract size, a risk calculation is made for the respective off-exchange transaction. This amount will be checked against another risk amount maintained as initially inserted into the system. The transaction is accepted if the risk amount maintained for the respective trader/counterparty/product is greater than or equal to the calculated amount of the entered transaction.
 
On the clearing side, the new software release introduces a number of operational enhancements designed to improve collateral handling as well as enhance the give-up procedure.

Eurex Release 14.0 is a key milestone in the Eurex Technology Roadmap. Launched in early 2006, the roadmap bundles a variety of components for system optimization: software and hardware upgrades, launches of new offers and services, and the distribution of new, customizable data packages.