XONTRO, the professional order routing, trading and settlement system
Under its former product labels BOSS-CUBE and BOEGA, XONTRO continues to represent an established, professional order routing, trading and settlement system since 1992.
Marking a constant within the market
As an electronic, intermediary-based trading system set up for the German stock exchange floors, XONTRO supports the contraction of trades in all quoted – national and international – securities. Furthermore trades having been negotiated between banks (OTC-trades) may be also entered into XONTRO Trade directly.
XONTRO comprises the order routing and trading system XONTRO Order, as well as the trade enrichment and settlement system XONTRO Trade. Thus, XONTRO supports the entire trading work chain, beginning with the electronic order routing, including the intermediary-based pricing functions, and up to the trade settlement functions, as well as forwarding the trades onto the delivery procedures.
World wide access within a second
XONTRO Order, by means of a highly available and fail-safe network, offers a fast path for order transmission from all trading participants connected, straight into the electronic orderbook of the pricing intermediary (specialist) responsible for the instrument traded at the respective exchange floor. By using the order routing functions, the trading participants have a de-centralized access to each security listed in Germany.
System-based price determination
As a system-based decision-making system, XONTRO enables the pricing intermediaries (specialists) to handle the orders routed in a common orderbook; in addition, the intermediaries’ price fixing processes are supported as well.
Intersection between the systems
Within the trading process chain, XONTRO Trade stands between the trading facility and the share- and money-wise delivery of a security transaction. Trades having been executed within the German trading systems are settled via XONTRO Trade. Thus, XONTRO Trade represents the interface between the trading systems and Clearstream Banking AG.
Trades having been negotiated between banks (OTC-trades) may be entered into XONTRO Trade directly. For these trades, XONTRO Trade generates an audit-proof documentation in the form of trade confirmations. This functionality may not only be used for the securities listed, but also for instruments traded off-exchange.
Flawlessly supplemented and documented
The trading systems by themselves deliver only a few data, such as nominal amount and price. By accessing the instrument base data, XONTRO Trade assumes the so called “Trade Enrichment” functions. Within this step, the trade data are supplemented by the instrument base data, as well as by the following calculations: Market value, total amount payable, fees and charges, commisions and expenses, compensations, brokerage and accrued interests.
All trade data are completely documented by means of the brokers’ diaries for the intermediaries and the contract notes for the banks. Thus, XONTRO Trade represents the most important interface towards the banks’ back offices. These data can be made available to the receiving agent electronically as desired, either in real time, or in an hourly rhythm, or once bundled after trading session termination.
Accrued interest module
The accrued interest module owns a direct access to the instrument base data in order to calculate the accrued interests for the bonds trading segment. Here, the accrued interests for all presently available design variants for bonds, acording to all known calculation methods, can be calculated.