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Eurex
1. Introduction
Eurex is upgrading its Co-location 2.0 monitoring infrastructure to Arista Extensible Operating System (EOS) with respective updates to a new Arista MetaWatch version.
Subsequently, the Executive Board of Eurex Frankfurt AG has decided to replace the current Ethernet Frame Limit with an Ethernet Packet Limit aligning with the enhanced capabilities introduced by the latest Arista MetaWatch update. To implement this change, the Network Access Guide (hereafter: NAG) and the General Terms and Conditions to the Agreement on the technical connection and the utilization of the Exchange-EDP of Eurex Deutschland (hereafter: GTC Connection Agreement) will be amended with effect from 20 April 2026, as detailed in the Attachment.
Please note that respective changes to the NAG are not part of the attachments and as usual will only be made available prior to 20 April 2026 via the Eurex website.
2. Required action
This change is expected to impact only Trading Participants using Co-location 2.0 connections for ultra-low latency trading strategies, e.g. relying on DSCP flag and discard IP usage. For these Participants, we strongly recommend testing the latest Arista EOS and MetaWatch versions to ensure full compatibility within the adjusted limit regime.
For details on the current Arista 7130 hardware and firmware version please reach out to CTS via the VIP number or cts@deutsche-boerse.com.
3. Details of the initiative
A. Background and current Monitoring Setup
Eurex ensures the orderly operation of the exchange access network, among other measures, via Arista 7130 hardware and the respective firmware versions for monitoring. To maintain the stability of the co-location infrastructure, two limits are enforced that define the maximum number of Ethernet frames allowed per second and per minute over any 10 Gbit/s order-entry co-location cross-connect. These limits apply to all Ethernet frames, regardless of content or whether they are sent to discard IP addresses. Eurex permits Participants to submit custom Physical Coding Sublayer (PCS) patterns to reduce latency, provided such patterns do not affect Eurex’s trading or capture infrastructure and are not violating Eurex rules. Currently, Eurex has not defined specific limits for such patterns yet.
B. New Monitoring Setup, Upgrade to Arista EOS and Adjustments to Eurex Ethernet Frame Limit
With the additional features introduced by Arista in EOS and MetaWatch, Eurex now has the capability to monitor network traffic at the physical level, achieving an extended degree of precision, scope, and time accuracy that can be incorporated within the existing limit framework.
As a result, the current Ethernet Frame Limit will transition to an Ethernet Packet Limit, applying to all PCS start block type fields, regardless of whether assembled into a full Ethernet packet. Limit thresholds per second and per minute will remain unchanged. Therefore, such custom PCS patterns will henceforth be encompassed by these limits. Sending packets in any manner intended to bypass these limits is strictly forbidden.
These adjustments and clarifications will be incorporated into the NAG and GTC Connection Agreement.
C. Effective Date
The amendments to the GTC Connection Agreement will take effect on 20 April 2026, allowing all Trading Participants sufficient time to review and, if necessary, adjust their network activity.
The amended section of the GTC Connection Agreement is attached to this circular. As of the effective date, the full version of the amended document will be available for download on the Eurex website www.eurex.com under the following link: 04. Connection Agreements.
Pursuant to § 9 of the General Terms and Conditions of the Agreement Concerning the Technical Connection and the Utilization of the Exchange EDP of Eurex Deutschland (Connection Agreement), Eurex Frankfurt AG is entitled to amend the General Terms and Conditions at any time, having due regard to the interests of the Trading Participant. Amendments to the General Terms and Conditions will be notified to Trading Participants at least six (6) weeks prior to their effective date. They are deemed to have been approved if the Trading Participant does not lodge objections in writing with Eurex Frankfurt AG within six (6) weeks of notification of the amendment.
Attachment:
Further information
Recipients: | All Trading Participants of Eurex Deutschland and Vendors | |
Target groups: | Front Office/Trading, IT/System Administration | |
Contact: | VIP number or cts@deutsche-boerse.com | |
Web: | www.eurex.com | |
Authorized by: | Jonas Ullmann |
Market Status ⓘ
XEUR
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Please find further information about incident handling in the Emergency Playbook published on the Eurex webpage under Support --> Emergencies and safeguards. Detailed information about incident communication, market re-opening procedures and best practices for order and trade reconciliation can be found in the chapters 4.2, 4.3 and 4.5, respectively. Concrete information for the respective incident will be published during the incident via newsboard message.
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