T7 Enhanced Market Data Interface (EMDI)
The T7 Enhanced Market Data Interface (EMDI) is Deutsche Börse Group's high-performance market data feed that provides order book information and market data for derivatives and cash markets. EMDI delivers market depth data using efficient binary encoding and multicast distribution to achieve minimal latency.
Core features and functionality
EMDI is a key component of Deutsche Börse's T7 trading platform, designed specifically for market participants requiring full market depth data with minimal latency. The interface delivers:
- Full order book depth (all price levels)
- Trade data and statistics
- State change messages
- Reference data updates
- Market supervision messages
Market data distribution
EMDI uses a sophisticated market data distribution model:
The interface employs:
- Multicast distribution for efficient one-to-many delivery
- Message-based incremental updates
- Periodic full order book snapshots
- Separate channels for different market segments
Data encoding and optimization
EMDI utilizes sophisticated encoding techniques to minimize bandwidth and latency:
- Binary message format for efficient processing
- Delta-based updates to reduce payload size
- Optimized field encoding for market data
- Built-in message sequencing and recovery
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.
Integration with trading infrastructure
EMDI is commonly integrated with:
- Market data feed handlers
- Smart order routers
- Algorithmic trading systems
- Market surveillance platforms
Performance characteristics
Key performance metrics include:
- Sub-millisecond latency
- High message throughput capacity
- Efficient bandwidth utilization
- Reliable message delivery
Market data recovery
EMDI implements robust recovery mechanisms:
Relationship to other T7 interfaces
EMDI complements other T7 market data interfaces:
- T7 Enhanced Order Book Interface (EOBI) for ultra-low latency
- Market Data Full depth (MDI) for TCP-based access
- Reference data interface
Market data processing considerations
When implementing EMDI handlers, firms must consider:
- Network infrastructure requirements
- Processing capacity planning
- Message normalization strategies
- Failover and recovery procedures
- Data quality monitoring
The interface is critical for market participants requiring comprehensive market depth data while maintaining high performance and reliability standards.