Order Attributes

Until the introduction of Eurex Release 10.0 on November 26, 2007, orders and quotes in the Eurex® system remained in the order book - even in the case of a system outage. Once the trading system was reset to the pre-trading phase, the original order was still available in the order book.

In order to enhance overall system performance, with Release 10.0 we introduced order attributes for products that are matched according to price/time priority. Members can now 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".