Xetra Release 10.0 is the latest version of Deutsche Börse's pan-European trading system, featuring many technical improvements, particularly for algorithmic trading.
Using Xetra 10.0, trading participants can place orders even more quickly and flexibly and receive more comprehensive market data, such as orderbook volume or best bid-ask spread, faster than before. An additional feature is the "non-persistent" order, an option of particular benefit to professional algorithmic traders. "Non-persistent" orders are not saved in exchange systems and are thus designed not be executed after interruptions in trading.
"Our aim is to continually enhance market efficiency. The new Xetra Release 10.0 will enable Deutsche Börse to improve the speed, flexibility and performance of its trading system - especially in terms of algorithmic trading," said Rainer Riess, Managing Director of the Xetra Market Development department at Deutsche Börse.
With very little in the way of own technical infrastructure, Xetra participants can now use two new separate high-speed interfaces. Enhanced Transaction Solution allows orders and prices to be entered more quickly. Participants are also free to configure the Enhanced Transaction Solution interface themselves, increasing flexibility. The new release can lead to transmission times for order data sent to Xetra and then back again to trading participants being cut by at least 50 percent. The second new high-speed interface Enhanced Broadcast Solution serves to transmit unnetted market data with significant order book depth as quickly as possible. The high-performance transmission mechanism reduces latency, meaning that trading participants can be informed faster than before about the status of their current orders.
Xetra Release 10.0 has also allowed Deutsche Börse to improve its successful "MidPoint" order function, which is now available for all order sizes. In the future, participants will be able to specify their own minimum acceptable quantity. Xetra MidPoint orders are placed in a closed order book and executed there on market-neutral terms and in continuous trading at the midpoint of the current best bid and best ask price from the open Xetra order book.