Deutsche Börse has enhanced the order processing time and order information delivery of its Xetra trading platform.
The German exchange’s Enhanced Transaction Solution interface, used by market participants to receive order information after it has been sent for execution, now receives a broader set of information faster than was previously possible.
The processing time of non-persistent orders – i.e. orders that are not resubmitted to the order book after a trading interruption or volatility break – has also been reduced to less than one millisecond on average, which Deutsche Börse claims is 50% faster than before.
The new release of Xetra also includes a new book-or-cancel order type, which is designed to target provision of liquidity on the order book. Book-or-cancel orders are only stored on the order book when no immediate execution is possible.