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T7 – high-speed trading solution for derivatives and cash products

13 Sep 2019

T7 – high-speed trading solution for derivatives and cash productsRoadmap 2020 insights

Deutsche Börse Group is well on track with its growth strategy “Roadmap 2020”. We now want to take the opportunity to look back at our growth agenda and successes of the past months: in our series “Roadmap 2020 insights” we showcase exciting contributions and developments from our business areas.

Building on our track record as the first mover in electronic trading, the T7® trading architecture, developed by Deutsche Börse, has set the platinum standard for trading venue technology worldwide. T7 is a powerful state-of-the-art trading platform using cutting-edge technology to deliver ultra-low latency, robustness and safe handling of very high throughput as well as providing rich trading functionality for various asset classes.

T7 features include:

  • Streamlined processing for orders/quotes and trade reporting
  • Rich functionality, including strategy trading like calendar spreads, packs & bundles, and many options strategies
  • Fast time-to-market for introduction of new products and features
  • A flexible schedule for software upgrades

The T7 platform can be used by trading participants which trade purely manually (e.g. via the T7 Trader GUI) and by absolute low latency-affine trading participants with the latest technology (e.g. via the binary high-speed interface ETI and Partition Specific Gateways using our world leading co-location network access CoLo 2.0).

Today, the T7 trading system operated in Frankfurt/Main is used by the following exchanges: 

Derivatives trading

  • Eurex
  • European Energy Exchange (EEX)
  • Powernext

Cash trading

  • Frankfurt Stock Exchange (trading venue Xetra®)
  • Vienna Stock Exchange
  • Bulgarian Stock Exchange
  • Malta Stock Exchange

An additional T7 instance is running the 23-hours FX Spot market of 360T in London. A further dedicated instance of T7 in Chicago allows members to trade power and freight futures at Nodal Exchange, Virginia, which is a part of the EEX Group.

Trading participants benefit from synergies resulting from the technology alignment for the trading of (energy and financial) derivatives and cash products, and a harmonised interface landscape.

T7 recently processed more than 320 million transactions a day with a peak input rate of more than 96 kHz, delivering an daily median order request/response latency of less than 55 μsec as well as an order/quote to market data latency of less than 40 μsec. Trading is offered in more than 300,000 derivatives and cash instruments across seven markets. 

Trading in selected Eurex products is available 23/5 for FX options/futures as well as 21/5 for selected liquid futures, next to standard schedules.

Instances of T7 are also running in cloud test environments for Smoke-, Functional- and Monkey-Tests. In addition, a dedicated Customer Simulation in the cloud is offered to market participants.

The T7 Roadmap 2020 will enhance T7 in three dimensions: product scope, functionality and technology. The product scope will e.g. be extended by offering the trading of Baskets of Total Return Futures. Functionality enhancements are planned for the off-book T7-Entry-Service, Eurex Enlight as well as new market models for specialist trading in the cash market. Technical measures include a change in routing of transactions via the T7 low-frequency gateways.

Furthermore, migration to cloud for the development of T7 is a topic. Finally, the migration of Börse Frankfurt and Börse Frankfurt Zertifikate to T7 in March 2020 will be the last step in the migration away from legacy trading systems of Deutsche Börse based on OpenVMS technology.

Video: T7 – high-speed trading solution

Our purpose

Trust is essential for functioning markets and sustainable economies. At Deutsche Börse, we provide fair and transparent, reliable and stable infrastructures that ensure safe and efficient markets around the globe. By making markets work, we foster growth and contribute to the prosperity of future generations. In short: our purpose is to create trust in the markets of today and tomorrow.

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