T7 Trading Architecture
T7 is Deutsche Börse Group's flagship electronic trading platform that powers multiple exchanges including Eurex and the Frankfurt Stock Exchange. The system provides ultra-low latency market access, sophisticated order matching, and high-performance market data distribution capabilities.
Core architecture and components
T7's architecture is built around several key components that work together to provide a complete trading infrastructure:
- Trading Gateway - Provides order entry and management interfaces
- Matching Engine - Processes orders and executes trades
- Market Data - Delivers real-time market data (RTMD) through specialized interfaces
The platform supports both the derivatives and cash markets through a unified technology stack, enabling:
- Multi-asset class trading
- Sophisticated order types and matching algorithms
- Integrated pre-trade risk checks
- High-performance market data distribution
Next generation time-series database
QuestDB is an open-source time-series database optimized for market and heavy industry data. Built from scratch in Java and C++, it offers high-throughput ingestion and fast SQL queries with time-series extensions.
Market data distribution
T7 offers several market data interfaces optimized for different use cases:
- T7 Enhanced Order Book Interface (EOBI) - Provides unnetted order-by-order data with minimal latency
- T7 Enhanced Market Data Interface (EMDI) - Delivers netted order book information
- Market Data Feed (MDI) - Offers aggregated market data suitable for most applications
Performance characteristics
T7 is designed for ultra-low latency performance:
Key performance metrics include:
- Order entry to acknowledgment: Single-digit microseconds
- Market data publication: Low microsecond latency
- High message throughput capacity
- Deterministic response times
Trading functionality
The platform supports sophisticated trading capabilities including:
- Advanced order types
- Mass quoting for market makers
- Implied matching
- Self-match prevention
- Sophisticated risk controls
Market access options
T7 provides multiple connectivity options:
- Direct connection via co-location
- Proximity hosting services
- Third-party service providers
- Internet-based access
Traders can choose the appropriate access method based on their:
- Latency requirements
- Trading strategies
- Cost considerations
- Technical capabilities
Next generation time-series database
QuestDB is an open-source time-series database optimized for market and heavy industry data. Built from scratch in Java and C++, it offers high-throughput ingestion and fast SQL queries with time-series extensions.
Risk management features
T7 incorporates comprehensive risk management capabilities:
- Pre-trade risk checks
- Trading controls and limits
- Emergency mass cancellation
- Kill switch functionality
- Real-time position monitoring
These features help ensure market stability and protect against operational risks while maintaining high performance.
Technology considerations
When integrating with T7, organizations should consider:
- Hardware requirements for optimal performance
- Network infrastructure needs
- Latency monitoring capabilities
- Backup and failover procedures
- Testing and certification requirements
The platform's architecture enables firms to build sophisticated trading applications while maintaining strict performance requirements.