EEX Technology Update

Transcription

3 EEX Member EEX - Technical Connections (until ) EUREX Clearing GUI T7 GUI IV (3rd Party) f.e. EET Gas irect creen Integrated GlobalVision FrontEnd ComTrader EEX GV creen TGW GV Portal BEC TGW TGW Exchange LINK Translator Translator EUREX WebAccess FIXML (E)MI/RI ETI/FIX AMQP Clearing Trading ET (PWX) ComXerv erivatives pot TC Power Gas Emission/G Coal Copyright 2014 All rights reserved Page 3

4 EEX Member EEX Connectivity current status Eurex Clearing GUI T7 GUI IV (3rd Party) e.g. EET A Gas irect creen Integrated GlobalVision front end ComTrader / M7 Front end EEX TT creen EPEX pot Trader Client A TGW GV Portal Exchange LINK Trading Technologies WebAccess FIXML Clearing Eurex (E)MI/RI ETI/FIX Trading ET (PWX) AMQP ComXerv / M7 API ET (EPEX) A erivatives pot TC A Auction Power Gas Emission/G Coal CLTX Agricultural Copyright 2014 All rights reserved Page 4

5 EEX Member EEX Connectivity outlook short term Eurex Clearing GUI T7 GUI IV (3rd Party) e.g. EET A Gas irect creen Integrated GlobalVision front end ComTrader / M7 Front end EEX TT creen EPEX pot Trader Client A TGW GV Portal Exchange LINK Trading Technologies Eurex WebAccess FIXML (E)MI/RI ETI/FIX AMQP API Clearing Trading ET (PWX) ComXerv / M7 ET (EPEX) A erivatives pot TC A Auction Power Gas Emission/G Coal CLTX Agricultural Copyright 2014 All rights reserved Page 5

6 EEX Member IV (3rd Party) Eurex Clearing GUI T7 GUI IV (3rd Party) e.g. EET A Gas irect creen Integrated GlobalVision front end ComTrader / M7 Front end EEX TT creen EPEX pot Trader Client A TGW GV Portal Exchange LINK Trading Technologies WebAccess FIXML Clearing Eurex (E)MI/RI ETI/FIX Trading ET (PWX) AMQP ComXerv / M7 API ET (EPEX) A erivatives pot TC A Auction Power Gas Emission/G Coal CLTX Agricultural Copyright 2014 All rights reserved Page 6

7 efinitions IV developed trading software provided to trading firms to trade exchange products. Multi-member ervice Provider - Provides fully hosted connection to exchange servers. Copyright 2014 All rights reserved Page 7

8 IV (3rd Party) functions Generally covers all trading, trade registration and clearing functionalities. We can provide specific details. accessible only via VPN or Leased Line AMQP (ComXerv) also via internet asset classes Power, Gas (only clearing), Coal, Emissions, Gos and Agricutural products CLTX products Current vendors EXXETA ptionscity TT CQG unguard FFastFill Fidessa Copyright 2014 All rights reserved Page 8

9 Why EEX works with 3rd Party IV s ur aim is to open up as many channels as possible into the exchange. Allowing access via 3 rd Party IV s removes barriers, an creates and easier route to market for some potential customers. Working with 3 rd Party IV s introduces the exchange to new customers. Copyright 2014 All rights reserved Page 9

10 How a customer can connect to the exchange using a 3 rd Party IV. Two streamlined forms, one for Front End creen and one for ervice Provider. EEX request unique EEX I for IV and ervice Provider from BAG in the event of an existing Eurex ervice Provider I this can be utilized for EEX. Approved I s are added into the imulation environments of T7 and Eurex Classic. EEX perform product and limit assignment in imulation environments of T7 and Eurex Classic. Logins in imulation environments of T7 and Eurex Classic created and distributed. Certificate and Key creation. ETI sessions can be ordered via the Eurex Member Portal for those with access or alternatively by EEX Customer Connectivity. Copyright 2014 All rights reserved Page 10

13 Advantages for Customers, existing and Potential Potential saving benefit for new customers infrastructure costs of keeping incumbent screen. Familiarity of using an incumbent screen. Greater competition and choice for new customers. Utilization of existing trade flow into respective middle & back office systems. Increased benefit to existing customers comes from new members creating further liquidity and tighter markets. Copyright 2014 All rights reserved Page 13

14 Expansion of IV Concept Promote our frequent surges in volume to prospects that use 3 rd Party IV s The IV concept is not a profit centre for the exchange set up is done at cost, it is a tool to increase liquidity The vendor can attract new customers via connection to the exchange Joint marketing with 3 rd Party IV s Contact etails Rob Palmer rob.palmer@eex.com or Copyright 2014 All rights reserved Page 14

15 traight Through Processing (TP) 15

16 TP bridges over-the-counter trading at brokers with trade registration on a regulated market and clearing Member A Trade TC Trading Broker Trade Member B exrp / Trayport traight Through Processing NCM A Portfolio Accept Clearing Member A (Automatic) Confirmation by NCM A Automatic Entry by Broker Exchange Registration ECC Clearing (Automatic) Confirmation by NCM B NCM B Portfolio Accept Clearing Member B 16

17 Benefits of traight-through Processing Eliminates manual re-entry of trade details already captured in the broker system Reduced risk for clients Reduced effort for brokers Reduces the need for manual confirmation of trade details already confirmed in the broker system Reduced effort for clients Reduced risk for brokers Reduces cycle-time from trading on broker venue to clearing confirmation by ECC Reduced risk for clients Reduced risk for brokers 17

18 The broker can choose to bear the risk of an open position or not as per contract with it s client Per side of the trade the broker stipulates whether it is to be processed as irect or as Give-up by the TP solution. cenario 1: irect trade side ( Broker does not bear risk of holding a position) Automatic Entry by Broker (Automatic) Approval by NCM Exchange Registration NCM Portfolio ECC Clearing Position is directly opened on NCM account, once the trade is approved by NCM (and the other side is approved*) Approval can be automated cenario 2: Give-up trade side ( Broker bears risk of holding a position) Automatic Entry & Give-up by Broker Exchange Reg. (Automatic) Take-up by NCM ECC Clearing NCM Portfolio Position is automatically opened on the broker s account (once the other side is approved* too) and given-up to the NCM for take-up Take-up can be automated * ther side is approved, if it is a give-up side or once approval is provided by counterparty addressed directly 18

19 Three TP ptions High TP Always All trades are automatically confirmed regardless of execution. creen Trades All trades executed on creen by the trader are automatically confirmed. Never (pt-out) Low TP Automatic Confirmation functionality is completely deactivated All deals will therefore require manual confirmation Trading participants must check all trades registered and submitted to the ECC clearing system, not later than the start of the next trading day. bjections can be raised with EEX Market upervision. 19

20 Automatic Confirmation settings can be adjusted as required through ECC Form T08 20

21 ummary ne Electronic Process TP All trades can be entered by the broker through the TP solution Buy and sell side can be independently processed as: direct entry on counterparty account ( approval) entry on broker account and give-up ( take-up) EFETnet exrp and Trayport Hosted Clearing Link M operate via a single electronic portal and process Possibility for clients to select TP ption via ECC T-08 form. 21

22 Thank you very much for your attention. Contact: Torben Bäumlein Rob Palmer Customer Connectivity & Trading ystems ales IVs Phone Customer Connectivity & Trading ystems - Hotline Phone technology@eex.com Copyright 2014 All rights reserved EEX is a member of Eurex Group

25 Eurex Clearing GUI 1. Functions Covers all clearing functionalities For future products 2. Accessible nly via internet With token (old) or certificate (new) With a current browser 3. Asset classes Power, Gas, Coal, Emission, Gos and Agricultural products CLTX products Copyright 2014 All rights reserved Page 25

27 T7 GUI 1. Functions Covers all trading and trade registration functionalities For futures products 2. Accessible Via Internet or leased line Public private key pair required (only via internet) Current Java version needed 3. Asset classes Power, Coal, Emission, Gos and Agricultural products Copyright 2014 All rights reserved Page 27

29 Gas irect creen 1. Functions Covers all trading functionalities 2. Accessible nly via internet.net Framework 4.0 and Visual C ervice Pack 1 x86 re-distributable needed 3. Asset classes Gas Copyright 2014 All rights reserved Page 29

31 Integrated GlobalVision front end 1. Functions Covers not all trading functionalities 2. Accessible Via internet, VPN or leased line 3. Asset classes Power, Gas, Coal, Emission and Gos Copyright 2014 All rights reserved Page 31

33 ComTrader 1. Functions Covers all trading functionalities for spot products and auctions Covers clearing functionalities: TC/EFP Trade Entry Give-up and Take-up functionalities Position verview Position etail verview Trade eparation Close out 2. Accessible Via internet, VPN or leased line Current Java version needed 3. Asset classes Power (trading), Gas, Coal, Emission, Gos and Agricultural products CLTX products Copyright 2014 All rights reserved Page 33