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New version of Xetra enables intelligent order-on-event

26 November 2012  |  2781 views  |  0 Source: Deutsche Bourse

Deutsche Börse rolled out Xetra Release 13.0 on Monday. This new version of the trading system allows investors to use the intelligent order type order-on-event for the first time.

This allows a market or limit order to be linked to selected market events. The order is automatically triggered if the events occur. Initially, it will be possible to use the most important benchmark indices and the DAX and Bund future as reference values.

"The new order-on-event order type on Xetra is unique in Europe. This innovation sets international standards and in so doing emphasises the leading role and competitiveness of our trading system," said Rainer Riess, Managing Director of Xetra Market Development. "The new TOP+ order, which usefully supplements the TOP order from Release 12.0, also sets new standards."

Another focus of Xetra Release 13.0 is functional improvements. Xetra Trade Entry allows OTC transactions to be recorded and automatically confirmed for defined counterparties by means of the automatic approval function. The use of the central counterparty (CCP) reduces the counterparty risk for all trading participants. Standardised clearing and settlement processes make the transactions more efficient and more secure.

The new functions can integrate trading participants in the existing infrastructure. Xetra Release 13.0 systematically further develops the Xetra FIX Gateway interface which uses widespread international standards. This further facilitates the connection of participants to the Xetra trading system. Xetra offers all market participants tailor-made solutions for using functionalities or order types.

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