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
- No tags were found...
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
<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 2013Architecture throttle limits the maximum message to avoid trafficcongestion and resulting slow-down3Architecture throttleIllustrationDescriptionCentralCounterpartyTradingParticipant3Exchange(Eurex Exchange/<strong>Xetra</strong>)ClearingMember• Each <strong>trading</strong> session <strong>of</strong> a Participant includes atechnical architecture throttle mechanism that limitsthe maximum throughput per second.• The architecture throttle limits the transaction ratessubmitted per session. It avoids applications withextremely high transmission rates from endangeringthe overall integrity <strong>of</strong> the Eurex Exchange/<strong>Xetra</strong><strong>trading</strong> system.• The rate can be changed intraday, if marketconditions require*.* In addition to these measures, there are also limits for capacity usage rate for the members. They are enforced by an excessive usage fee. However,violations <strong>of</strong> the capacity usage limits are rare.50
Change language