High-frequency trading – a discussion of relevant issues - Xetra
High-frequency trading – a discussion of relevant issues - Xetra
High-frequency trading – a discussion of relevant issues - Xetra
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<strong>High</strong>-<strong>frequency</strong> <strong>trading</strong> <strong>–</strong> a <strong>discussion</strong> <strong>of</strong> <strong>relevant</strong> <strong>issues</strong> May 2013Direct market access to Eurex Exchange/<strong>Xetra</strong> requires electroniccontrol at the level <strong>of</strong> the firm1DMA controlIllustrationCentralCounterpartyTradingParticipant1Exchange(Eurex Exchange/<strong>Xetra</strong>)ClearingMemberDescription• With Eurex Exchange/<strong>Xetra</strong> orders submitted by anorder-routing system (DMA) pass an electronic filterinstalled at the company. The filter verifies alloutgoing orders according to parameters predeterminedby the Exchange Participant.• The firm has to inform the exchange (EurexExchange/<strong>Xetra</strong>) about the user ID <strong>of</strong> the Exchangetrader under which the orders are entered.• The exchange (Eurex Exchange/<strong>Xetra</strong>) may prohibitthe connection <strong>of</strong> automated order-entry systems, ifthe connection jeopardizes the orderly exchange<strong>trading</strong> or system safety.48
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