EUREX Direct Market Aceess

Eurex is one of the world's largest derivatives exchanges and the leading clearing house in Europe. Eurex provides its members with the VALUES (Virtual Access Link Using Exchange Services) API (Application Programming Interface) interface. It contains the functionality and flexibility needed to serve as a standard open interface between frontend applications and backend Exchange services.

The VALUES API supports asynchronous data transfer (broadcasts) between frontend applications and the exchange central system. Synchronous processing may be built on top of the VALUES API, but it is not provided by the VALUES API.

The FIX Protocol is the global and de facto industry standard for the fast and secure exchange of pre-trade, trade and post-trade messages. The FIX community is the single largest community of market participants all over the world and it is continuously rising in number as well as the market influence. The FIX Protocol addresses all intricacies of the trading workflow and yet it is independent of any networking protocol, message transmission medium and software technology platform.

Developing a trading applications on VALUES specifications is often a substantial task, which unlike applications written for FIX Protocol, has a disadvantage of not being reusable with any other exchange.

Our Eurex DMA solution is flexible and is offered as an out-of-box or a customized solution. The out-of-box Eurex DMA components get integrated with our products Endeavone™ EMS and FF.Trader. Endeavone™ EMS and FF.Trader are highly extensible, so that the addition of connectivity to any new FIX or Non-FIX enabled exchanges is possible with simple plug-ins. The out-of-box Eurex DMA solution leverages the VALUES API to support asynchronous data transfer (broadcasts) with the exchange central system and exposes a FIX Protocol based interface to the frontend applications. Eurex DMA gets inside market information on prices and quantities using VALUES API and makes it available through configurable broadcast streams of FIX Market Data Incremental Refresh(X) and Market Data Snapshot Full Refresh(W) messages.

Features of EUREX DMA

• Seamless conversion of FIX messages to VALUES API calls and vice versa for Eurex broadcasts and transmissions.
• Support for Futures, Options and Double leg contracts.
• Order maintenance – New order entry, order modification and order cancel/replace.
• Support to inquire own trades and to retrieve public data for existing trades of a particular product or contract within a certain timeframe.
• Position keeping of Options and Futures contracts enables members to inquire about their current positions, to enter adjustments to the day's trades (Trade Adjustments), and to enter adjustments to existing positions in an account (Position Adjustments).
• Access to real-time market data through inside market information subscriptions and inquires in FIX message: MarketDataSnapshot (35=W), MarketDataIncrementalRefresh (35=X)
• Supports VALUES API release 11 features.
• Integrated component of our complete offering with FF.Trader and Endeavone™ EMS

A client specific solution can be implemented to interface any existing third party system and technology, with minimal or no changes to the existing trading systems.