History of an Exchange Architecture
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1 History of an Exchange Architecture Horst Schaefer Asilomar, HPTS Workshop October 7th-10th, 2007
2 Products traded on Eurex : Standardized derivatives on financial products A future is a standardized contract between two parties. The parties agree to exchange a defined asset at an agreed price at a certain point of time in the future. Options An option is a standardized contract between two parties. The buyer of an option purchases against payment of the option price (premium) the right to buy (call) or sell (put) a defined amount of a certain financial product at an agreed price until, or at, a certain point of time in the future. 2
3 Eurex products Equity derivatives and options on equity indices Volatility index futures EXTF Interest rate derivatives Fixed income Money market Credit derivatives Options 51 Germany 41 France 35 Switzerland 25 Netherlands 11 Italy 11 Scandinavia 10 USA 6 Spain 4 Russia 358 DJ STOXX EURO STOXX CAC MDAX und TecDAX 31 DAX 26 SMI 16 RDXxt DAX TecDAX MDAX () SMI SMIM () OMX Helsinki 25 RDXxt () Dow Jones STOXX 50 EURO Mid 200 Sector () 600 Sector Italy Titans 30 Global Titans 50 SM VDAX- NEW VSMI VSTOXX DAX EX XMTCH on SMI Dow Jones Euro STOXX 50 EX ishares Dow Jones Euro STOXX 50 Schatz Bobl Bund Buxl Conf Options Euro-Schatz Euro-Bobl Euro-Bund One-month Eonia Three-month Euribor Options on three-month Euribor itraxx Europe 5- year Index itraxx Europe Hi Vol 5-year Index- itraxx Europe Crossover 5- year Index- As at March
4 Eurex network: 393 participants trading in 20 countries Sweden (6) Host Finland (8) Access point Participants Ireland (3) Denmark (3) Netherlands (26) USA (63) UK (82) Belgium (3) Germany (84) France (26) Luxembourg (1) Switzerland (29) Austria (6) Portugal (1) Spain (17) Singapore (1) Italy (15) Greece (8) Australia (1) Gibraltar (10) As at February
5 Market Requirements driving DBAG-IT Processing time reduced despite significant volume growth 18,00 Mio. Eurex - Avg. Transaction & Trade Volume and Processing Time Development January March 2006 ( ) 1,4 sec 16,00 Mio. 1,2 sec 14,00 Mio. 12,00 Mio. Daily Trading Volume Sync, Txn Daily Volume Sync, Txn Proc, Time (s) 1,0 sec 10,00 Mio. 0,8 sec 8,00 Mio. 0,6 sec 6,00 Mio. 4,00 Mio. 0,4 sec 2,00 Mio. 0,2 sec,00 Mio ,0 sec 5
6 Evolution of Eurex Connection Architecture Connection Architecture Tier Architecture Everthing VMS based VT Terminal VT Terminal User Device CS Backend 1993 Distributed User Device architecture AIX Unix as User Platform VT Terminal VT Terminal Work station User Device CS Backend 1999 API Graphical User Interface Solaris & NT only User Platforms GUI (C++) Workstation (API) MISS (API) CS Backend GUI (C++) Summary: Basic 3-tier connection architecture was stable from 1989 to
7 Connection Architecture Eurex System Characteristics Back End Access Points Member Integration System Server Member Configuration Distributed, context-free message-based architecture Hierarchical 4-tier Client/Server design Real-time transaction system Backend HP Alphaservers / Itanium (2007) 4 nodes forming an OpenVMS cluster: mutual fail-over and load balancing Programming languages: COBOL, C, C++ BCM model: Active-Active (server cluster distributed geographically) Same access path for all customers (Backend Access Point Member Server) Frontend: Java-GUI, VALUES API Workstations 7
8 Eurex Market Developments 2005/2006 Significant Increase of Quote Volume challenges IT Due to new Market Maker Programs and listing of Single Stock quote volumes increased by the factor of 4,28 in 2005 and by 2,52 in the first 2,5 months in 2006 Eurex - Development of Quote Volume 160,00 Mio. x 2,52 140,00 Mio. x 4,28 120,00 Mio. 100,00 Mio. 80,00 Mio. 60,00 Mio. x 1,09 40,00 Mio. 20,00 Mio. x 1,05 x 1,63 x 1,61 x 1,45,00 Mio Annual Quote Volume Growth 8
9 System Architecture Eurex Back End Access Points Server offering open API access Workstations Exchange Site Member Site Advantages: Back End Gateway Server with Socket Interface Plattform independent at Member Site Reduce round trip times (i.e. latency) Offering of higher bandwidths 9
10 for more details see contact: 10
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Growth in OECD Unit Labour Costs slows to.4% in the third quarter of 26 Growth in unit labour costs (ULCs) in the OECD area slowed to.4% in the third quarter of 26 (compared with.6% in the previous quarter)