Xetra Release 14.0 Connection portfolio & interface scheme Interface characteristics and comparison. Xetra. The market.

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1 Xetra Release 14.0 Connection portfolio & interface scheme Interface characteristics and comparison Xetra. The market.

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3 Xetra connection portfolio & interface scheme 3 Agenda Summary Xetra interface landscape Interface/Gateway overview Trading interfaces Market data interfaces Instrument reference data Connection overview The consolidated connection The dedicated leased line connection Overview: connectivity options Comparison of connection location alternatives Documentation Contacts overview

4 4 Xetra connection portfolio & interface scheme Summary As part of Deutsche Börse Group s IT strategy for the extension of the high-performance trading infrastructure and a comprehensive offering alongside VALUES API, we introduced optional interfaces with Xetra Release 12.0 and continue to enhance the socket based interfaces permanently. The purpose of these interfaces is to support the replacement of the current VALUES API interface. This document outlines the differences of the interfaces for: Trading Market data The intention of this document is to support the decision process for Xetra members when designing their infrastructure for a post VALUES API environment. General remarks: Information on the Common Report Engine is not included as part of this document. Details can be found in the respective Common Report Engine documentation as indicated on page 13 of this document. All of the new interfaces do not have any hard- or software requirements stipulated by the exchange. The Xetra J-Trader GUI is available in terms of the WebTrading service and continues to provide access to administration/entitlement functionality. Access is granted via internet using a certificate of token device for authorization. For pricing information, please see the respective Xetra price list.

5 Xetra connection portfolio & interface scheme 5 Xetra interface landscape Interface/Gateway overview The following diagram provides an overview of the current Xetra interface landscape. To get a better understanding of the future infrastructure, the legacy system VALUES API has already been excluded. Interface/Gateway overview Trading interfaces Market data interfaces Xetra FIX Gateway Enhanced Transaction Solution Xetra Market Data Interface (netted market data) Enhanced Broadcast Solution (real time market data) FIX gateway Enhanced Transaction Solution gateway Xetra Xetra Frankfurt 2 Xetra International Market Web-Trading (Xetra J-Trader) Common Report Engine

6 6 Xetra connection portfolio & interface scheme Trading interfaces Trading interfaces Technology General description Network technology Available bandwidth Available session types Enhanced Transaction Solution High performance, low latency, session-based TCP/IP As a 2 or 10 Mbit/s channel in a consolidated connection Via multi-interface channel (512 kbit/s, 2 or 10 Mbit/s) As a 10 Gbit/s cross connect in co-location Trading sessions: 150 transactions/second 50 transactions/second Xetra FIX Gateway Standard FIX interface (FIX 4.2, 4.4), session-based TCP/IP Via multi-interface channel (512 kbit/s, 2 or 10 Mbit/s) Via FIX channel in a consolidated connection (512 kbit/s or 2 Mbit/s) FIX trading session (50 transactions/sec.) FIX back-office session Functionality Order handling Market making (quoting) Trade confirmations Drop copy of all persistent orders of a member OTC trading and trade reporting Cross request Quote request (Continuous Auction) Clearing member stop button notification Issuer specific information Reference data User maintenance (except Trailing-Stop-Order, One- Cancels-Other-Order and Order on Event) (except quoting for specialists in Continuous Auction trading model) Trade notifications: at a session level at a member level 1) Provides a subset of reference data Not included (supported via Xetra J-Trader GUI) Members are able to get access to different Xetra markets via a single FIX session. (except top-of-book order and top+ order) Not included Trade capture reports 1) for all trades of the member via back-office session Not included Not included Not included Not included Not included (supported via Xetra J-Trader GUI) 1) For a clearing member the provision of all trade information for all its non-clearing members is additionally provided.

7 Xetra connection portfolio & interface scheme 7 Market data interfaces Market data interfaces Technology General description Network protocol Application layer (semantics) Application layer (syntax) Available bandwidth 2) Functionality Market depth Reference data State changes All trade prices Ticker feed Cross requests Enhanced Broadcast Solution 1) High performance, low latency, real-time-market data UDP multicast Proprietary FAST 1.1 Consolidated connection with a bandwidth of minimum 10 Mbit/s Dedicated bandwidth options of Mbit/s, 1Gbit/s (co-location) and 10 Gbit/s (co-location) Due to the live-live concept, a redundant connection setup is highly recommended. Up to 20 Provided via a dedicated stream per broadcast group Not included Xetra Market Data Interface Standard FIX market data interface for netted market data UDP multicast FIX 5.0 SP2 FAST 1.2 Via multi-interface channel (512 kbit/s, 2 or 10 Mbit/s ) Via Enhanced Broadcast Solution connection Due to the live-live concept, a redundant connection setup is highly recommended. (Bandwidth requirement: approximately 250 kbit/s, e.g. in a multi-interface channel) Up to 5 Not included Provided per backend via the ticker stream 1) Due to the common technical architecture, customers of the Xetra Enhanced Broadcast Solution interface will automatically have access to the broadcast streams and multicast addresses of the Xetra Market Data Interface. 2) Exact bandwidth requirements of Xetra members may vary depending on instruments in scope.

8 8 Xetra connection portfolio & interface scheme Instrument reference data Since Xetra Release 12.0, the complete Xetra instrument reference data may be retrieved via three different sources: Enhanced Broadcast Solution Xetra instrument reference data is disseminated via the Instrument Reference Data Message (Template ID = 3) of the Reference Data Stream Xetra website Deutsche Börse publishes a daily updated file including all tradable instruments on Xetra in the Xetra Member Section under the following path > Xetra Resources > Instruments Please note, that the Xetra Member Section is a closed user group. Common Report Engine Additionally, this daily instrument reference data file is provided via Xetra Backend on the Common Report Engine for download. Xetra Market Data Interface and Xetra FIX Gateway will not provide any instrument reference data. Customers are asked to retrieve instrument reference data via the Enhanced Broadcast Solution interface or via the Xetra Instrument Reference Data file.

9 Xetra connection portfolio & interface scheme 9 Connection overview The consolidated connection Xetra offers high bandwidth network connections which enable members to consolidate their various connection types: Enhanced Broadcast Solution and/or Enhanced Transaction Solution and/or Xetra FIX Gateway VALUES API on a consolidated connection (as a leased line). Only one Enhanced Broadcast Solution and one Enhanced Transaction Solution connection can be established on a consolidated connection. Xetra offers a single consolidated connection for disaster recovery locations only. The Enhanced Broadcast Solution is configured on a high bandwidth connection, a minimum bandwidth of 10 Mbit/s is required. If the capacity of a consolidated connection has not been fully assigned to a specific Xetra connection, the remaining bandwidth will be added to the Enhanced Broadcast Solution bandwidth on the consolidated connection. The Xetra FIX Channel will provide access to the Xetra FIX Gateway as well as to VALUES API for migration purposes. All Xetra markets may be accessed via the same consolidated connection; for the Enhanced Transaction Solution and for the Xetra FIX Gateway additional sessions need to be ordered. The provision of high bandwidth Ethernet connections is subject to the technical availability in the selected location.

10 10 Xetra connection portfolio & interface scheme Dedicated leased line connection Xetra members can convert their existing dedicated 512 kbit/s and/or 2 Mbit/s VALUES connectivity (either leased line or internet) to support both new and some existing interfaces at no additional cost. The resulting connectivity alternative is referred to as multi-interface channel. Besides the existing leased-line connectivity options, Xetra has added the additional bandwidth option of 10 Mbit/s to its connectivity portfolio in order to provide further capacity for the definition of a multi-interface channel. Due to technical reasons, a multi-interface channel can only be configured on dedicated leased lines (non-consolidated) and internet connections. Logical channels on a consolidated connection cannot be converted. All Xetra markets may be accessed via the same multiinterface channel; for the Enhanced Transaction Solution and for the Xetra FIX Gateway additional sessions need to be ordered. The Xetra Multi-Interface Channel can provide access to the following interfaces: Enhanced Transaction Solution Xetra FIX Gateway Xetra Market Data Interface VALUES API To optimise network performance, the traffic shaping quality of service mechanism will be applied to multi-interface channels. Following the conversion of an existing 512 kbit/s and/or 2 Mbit/s connection, members will be required to perform a separate connection test. Members making use of the multi-interface channel must ensure that sufficient bandwidth is available to accommodate the individual interfaces required and also ensure that the interfaces do not have a negative impact on one another. In order to provide latency-sensitive customers with a faster market data solution, Xetra will offer an unlimited wire speed 1 Gbit/s Enhanced Broadcast Solution connection in co-location. To complement the migration of the Xetra matching engines and provide latency-sensitive applications with the fastest possible connection to the Xetra trading system, 10 Gbit/s dedicated cross connects will be offered in co-location. Dedicated leased line connections for Enhanced Broadcast Solution remain available for the bandwidth options of 10 to 50 Mbit/s.

11 Xetra connection portfolio & interface scheme 11 Overview: connectivity options Xetra connectivity options Network connection options Available bandwidth Dedicated leased line connection Consolidated connection Internet Xetra Multi-Interface Channel Enhanced Transaction Solution Xetra FIX Gateway Xetra Market Data Interface VALUES API 512 Kbit/s; 2 Mbit/s; 10 Mbit/s 512 Kbit/s or 2 Mbit/s Xetra FIX Channel Xetra FIX Gateway VALUES API 512 Kbit/s; 2 Mbit/s Enhanced Transaction Solution 2 Mbit/s 1) 1) Enhanced Transaction Solution 10 Mbit/s 1) Enhanced Transaction Solution (co-location only) 10 Gbit/s Enhanced Broadcast Solution Mbit/s Enhanced Broadcast Solution (co-location only) 1 Gbit/s Enhanced Broadcast Solution (co-location only) 10 Gbit/s 1) Enhanced Transaction Solution services with a bandwidth of 2 or 10 Mbit/s via a dedicated leased line connection will be provided on the basis of a multi-interface channel. Please note that the technology to be chosen for the dedicated leased line connection (non-consolidated) will be either E1 or Ethernet, in accordance with the required bandwidth and the availability of data communication circuits.

12 12 Xetra connection portfolio & interface scheme Comparison of connection location alternatives Connection location alternatives Co-location Proximity Access Point Technology General description Highest perfomance High performance Standard performance Minimum bandwidth 512 Kbit/s 512 Kbit/s 512 kbit/s Maximum bandwidth 10 Gbit/s 50 Mbit/s 50 Mbit/s Configuration Consolidated connection and dedicated leased line connection 1 Gbit/s Enhanced Broadcast Solution connection Consolidated connection and dedicated leased line connection Consolidated connection and dedicated leased line connection or internet (512 kbit/s and 2 Mbit/s only) 10 Gbit/s dedicated cross connects for Enhanced Transaction Solution and Enhanced Broadcast Solution Pricing indication Please see for connectivity pricing details or refer to the factsheet Connection fees.

13 Xetra connection portfolio & interface scheme 13 Documentation All documents have been published on the Xetra website Factsheet Connection fees Xetra FIX Gateway Interface Documentation > Xetra Resources > Documentation > Xetra 14.0 Trading Interfaces Enhanced Transaction Solution > Interfaces > Enhanced Transaction Solution Xetra FIX Gateway > Interfaces > Xetra FIX Gateway Market Data Interfaces Enhanced Broadcast Solution > Interfaces > Enhanced Broadcast Solution Xetra Market Data Interface > Interfaces > Xetra Market Data Interface Reporting Infrastructure Common Report Engine User Guide > Technical

14 14 Xetra connection portfolio & interface scheme Contacts Customer Support Member Services & Admission Phone +49-(0) or your dedicated Key Account Manager Technical Support Customer Technical Support or your dedicated Technical Key Account Manager Vendor Relations & Markets Readiness Front Office ISVs/Connectivity Providers Frank Horneff, Phone +49-(0) Jan Kurek, Phone +49-(0)

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16 Published by Deutsche Börse AG Frankfurt/Main Xetra Market Development Phone +49-(0) July 2013 Order Number This publication provides non-binding advice only; the publisher assumes no liability for its completeness and accuracy. Xetra is a registered trademark of Deutsche Börse AG.