High-Frequency Interfaces to Access Eurex

In order to meet your demand for streamlined access, Eurex designs interfaces that provide you with high-performance, low-latency access to market data, order management as well as risk and position information:

• The Enhanced Broadcast Solution provides access to un-netted market data in real-time and with comprehensive market depth.
• The Enhanced Transaction Solution offers high-speed access for core trading activities; focus is on order and quote maintenance functions.
• The Enhanced Risk Solution offers distribution of real-time risk data for all exchanges and trading venues for which Eurex Clearing provides its services.
• The Enhanced Confirmation Solution allows members to receive recoverable order, trade and matching event information.

Member firms have actively adopted the use of Eurex's interfaces. In fact, by Q3 2011, between 60 and 70 percent of all options orders and quotes and between 80 and 90 percent of all futures orders were entered using the Enhanced Transaction Solution.

	Enhanced Broadcast Solution	Enhanced Transaction Solution	Enhanced Risk Solution	Enhanced Confirmation Solution
Description	Uni-directional socket interface used by a member to receive market data from the exchange	Two-way socket interface used by a member to send orders and quotes to the exchange and receive confirmations in return	Two-way socket interface used by a member to receive and inquire its intraday, and where applicable, end-of-day risk and position data	Two-way socket interface used by a member to receive recoverable order, trade and matching event information without the need to use a MISS
Key Technical Features	Low latency Market data dissemination concept based on a state-of-the-art multicast protocol Additional market depth Independent of hardware platform Independent of operating system and compiler	Low latency Message-based Session-oriented Open interface Full control on failover Independent of hardware platform Independent of operating system and compiler	Uses FIXML-based connection on over new industry standard AMQP transport Independent of hardware platform Independent of operating system and compiler	Message-based Session-oriented Open interface Own gateway to prevent performance impact Independent of operating system and compiler

The aforementioned high-frequency interfaces are optional for Eurex members and are considered suitable for firms that pursue certain types of trading strategies, for example high-frequency trading.

Clearing members using the Enhanced Risk Solution still must access clearing functions and reports available via either the new FIXML API for Clearing or the MISS server. Please note that Eurex members already have the possibility to access Eurex GUIs and reports via the internet without the need to operate a MISS.