T7 Enhanced Order Book Interface (EOBI)
The T7 Enhanced Order Book Interface (EOBI) is Deutsche Börse Group's premium market data interface that provides the most detailed order book information with minimal latency. It offers complete order-by-order transparency and is designed for participants requiring the highest level of market data granularity.
Core features and capabilities
EOBI delivers unnetted order-by-order information directly from the matching engine, providing:
- Full order book depth
- Individual order modifications and executions
- Implied order book information
- Auction price and order imbalance data
- Trade price and quantity information
- Statistical information
Market data delivery
The interface employs several key mechanisms to ensure optimal performance:
Low latency architecture
EOBI utilizes a specialized design to minimize latency:
- Direct feed from the T7 matching engine
- Binary message encoding for efficient processing
- UDP multicast for optimal message distribution
- Separate channels for different market segments
- Incremental updates with full order book rebuilding capability
Data content and structure
EOBI provides comprehensive market data including:
Order book information
- Complete depth of market
- Individual order timestamps
- Price and quantity modifications
- Order priority information
Trade data
- Real-time execution information
- Trade price and quantity
- Auction trade details
- Cross-trade indicators
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.
Technical implementation
Message format
EOBI uses a proprietary binary protocol optimized for:
- Minimal message overhead
- Consistent field positioning
- Efficient parsing and processing
- Standardized numeric encoding
Recovery mechanisms
The interface supports multiple recovery options:
- Snapshot-based recovery
- Gap detection and resolution
- Retransmission requests
- Instrument state synchronization
Market applications
EOBI is particularly valuable for:
High-frequency trading
- Ultra-low latency market data access
- Complete order book transparency
- Precise timestamp information
- Order-by-order market impact analysis
Market making
- Detailed price formation visibility
- Real-time order book imbalance detection
- Immediate execution confirmation
- Complete market depth information
Performance considerations
When implementing EOBI, firms must consider:
Infrastructure requirements
- High-bandwidth network capacity
- Specialized network cards
- Optimized processing hardware
- Colocation services
Processing optimization
- Efficient message decoding
- Order book reconstruction
- State management
- Recovery handling
The T7 EOBI interface represents the premium market data solution for participants requiring the most detailed and lowest latency access to Deutsche Börse's markets, making it essential infrastructure for sophisticated trading operations.