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Avoid Orders That Cross

Overview

The Eurex Gateway 7.17.20 or higher provides the Avoid Orders That Cross (AOTC) functionality. By providing AOTC, the gateway can consistently prevent all connected users and trading applications from crossing orders within the same account or account group in the TT system.

TT Client Impact

TT User Setup 7.17.10 and higher is used to configure and enable Avoid Orders That Cross at the account/account-group level, as well as at the user-level.

Risk administrators can select one of the following AOTC settings when creating or modifying an account or account group:

  • No
  • Yes -Reject new (recommended setting)

    A new order is rejected by the gateway if it’s determined that it will cross with another order from the same account or account group.

  • Yes - Cancel resting

    The gateway cancels a resting order from the same account or account group that can be crossed and replaces the order with a new order.

    Note

    TT does not recommend using the Yes - Cancel resting setting. The TT Gateway will not cancel an order that hasn't been acknowledged by the exchange, so you may end up crossing it with a new order if you select the Yes - Cancel resting setting (even when Avoid orders that cross is enabled). In addition, TT does not recommend using this setting at the account level in conjunction with using it at the user level.

Gateway Behavior

When configured at the account-level, the AOTC settings determine the default behavior for orders that cross within an account and between accounts within an account group. Order quantities and position in queue are not considered by the gateway.

Only Limit or native Iceberg orders are impacted by the AOTC functionality. All other exchange-supported order types and restrictions are not impacted including:

  • Held orders
  • Deleted orders
  • Go To Market orders
  • Stops that have not been triggered
  • Timed orders still in “Waiting” state
  • Synthetic held hedge orders
  • Position Reserve orders
  • Synthetic SE or Staged orders