Order attributes

Order attributes for products are matched according to price/time priority. Members can select whether their orders will be backed up in the event of a system failure. By instituting these order attributes Eurex adopted a major technological upgrade that greatly has optimized order-specific processing as well as system-wide performance. The following order attributes can be assigned:

Persistent Orders
A "persistent" order is an order that will stay in the order book after a trading interruption. The priority of your order remains unchanged and your spot in the order book depends on price/time priority.
"Persistent" orders are always written to disk to prevent them from being lost during an emergency. Such orders will remain in the book until their validity expires.

Non-Persistent Orders
A "non-persistent" order is processed without the extra step of being written to the disk at the Eurex host level. This means as opposed to persistent orders, non-persistent orders will not be resubmitted to the order book after a trading interruption. Therefore they cannot be retrieved anymore from the Eurex® system after such an emergency case. Thus traders do not have the uncertainty that their "non-persistent" orders are matched after the restart of the system.

Non-persistent orders are always considered "Good-for-day". By definition, quotes are always non-persistent.

Failover scenarios

The matrix below illustrates what happens to persistent and non-persistent orders in cases of a trading interruption or host failure.

Restrictions

Many different order types can be designated as either persistent or non-persistent. Certain order types however, may only be entered with a specific order attribute. Regardless of in which account you are trading (A, P or M), the following restrictions apply:

Please note that the above rules for designating order attributes apply for the standard Eurex front-end only. If you use another trading front-end, we recommend that you check with your software provider. Eurex's rules regarding order restrictions are the standard settings. Your software provider may have set up additional types of orders to be persistent, but no software provider may set orders that Eurex designates persistent as non-persistent.

Filling in the order attribute field is not mandatory. If the field is left blank, the order is subject to the following rules that are automatically applied by the Eurex® system:

• Orders that are not allowed to be marked as non-persistent are entered as persistent
  
• Orders with the restriction IOC are handled as non-persistent
  
• Orders in futures calendar spreads and option strategies are entered as persistent
  
• Orders in customer accounts [A1 (G1, G2)] are entered as persistent
  
• If an order does not meet any of the characteristics defined above, the order is entered as non-persistent
  

_{1) As a general rule, all orders can be entered as persistent, whereas some order types cannot be flagged with the attribute non-persistent.}