Xetra HHI Insights

**Overview**

The Herfindahl-Hirschman Index (HHI) is a key market concentration measure, aiding in assessing liquidity quality and concentration risks. It ranges from 0 to 1, considering both participant numbers and volume. HHI Insights provides detailed concentration indicators like buy vs. sell and aggressive vs. passive breakdowns.

- The Herfi ndahl-Hirschman Index (HHI) is commonly accepted measure of market concentration
- It helps market participants to assess the quality of available liquidity and to identify concentration risk
- The measures are expressed through an index value ranging from 0 to 1
- HHI Insights does not only capture the number of participants, but additionally takes the respective volume into account
- Along with an overall market concentration measure, HHI Insights also provides concentration indicators for several breakdowns, e.g. buy vs. sell and aggressive vs. passive

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**Designed for market participants such as:**

- Buy-side and sell-side traders, researchers and analysts
- Market makers
- Brokerage firms
- Systematic trading firms

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**Benefits**

- Using Xetra® and Eurex® proprietary data, HHI Insights provides unique insights into market concentration and the relative demand imbalance
- It gives customers additional guidance when deciding whether to add a new market to their trading universe, when setting maximum position limits, and when adjusting how aggressively they would like to enter and exit positions

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**Data details**

- HHI Insights is calculated by squaring the market share of each fi rm competing in the market and summarizing the resulting numbers
- The figures are calculated daily and delivered T+1
- HHI Insights is available for both Eurex and Xetra instruments
- 24 individual daily HHI figures for Eurex® and 18 individual daily HHI figures for Xetra®
- Xetra® HHI Insights is calculated on an ISIN level basis
- Eurex® HHI Insights is calculated on an expiry basis plus further breakdowns for options
- History is available for Xetra® back to 1 July 2017 and for Eurex® back to 1 January 2017

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**Disclaimer**: The download and usage of the free sample data provided by Deutsche Börse AG via the Snowflake Marketplace is subject to the Terms of Use (which can be viewed on the right side). By downloading the data, you accept to adhere to the Terms of Use.

**概述**
赫芬达尔-赫希曼指数（Herfindahl-Hirschman Index, HHI）是核心的市场集中度衡量指标，可用于评估流动性质量与集中度风险。该指数取值范围为0至1，同时兼顾参与主体数量与交易体量。HHI洞察（HHI Insights）可提供细分维度下的详细集中度指标，例如买卖盘拆分、主动与被动交易拆分。
- 赫芬达尔-赫希曼指数（HHI）是市场集中度的通用衡量标准
- 可帮助市场参与者评估现有流动性质量，并识别集中度风险
- 该指标以0至1区间的指数值表示
- HHI洞察不仅涵盖参与主体数量，还会纳入对应交易体量进行考量
- 除整体市场集中度衡量维度外，HHI洞察还针对多细分场景提供集中度指标，例如买卖盘拆分、主动与被动交易拆分

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**面向的市场参与者包括**：
- 买方与卖方交易员、研究人员及分析师
- 做市商
- 经纪商
- 量化交易机构

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**优势**
- 依托德意志交易所集团（Deutsche Börse AG）专有Xetra®与Eurex®交易数据，HHI洞察可提供关于市场集中度与相对需求失衡的独特洞察
- 可为客户提供决策辅助：涵盖是否将新市场纳入交易版图、设定最大持仓限额，以及调整进出持仓的交易激进程度

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**数据细节**
- HHI洞察通过将市场内各竞争主体的市场份额平方后求和的方式计算得出
- 相关数据每日计算，于T+1日交付
- HHI洞察覆盖Eurex与Xetra两类交易品种
- Eurex®每日提供24项独立HHI指标，Xetra®每日提供18项独立HHI指标
- Xetra®的HHI洞察基于国际证券识别编码（ISIN）维度计算
- Eurex®的HHI洞察基于到期日维度计算，并针对期权产品提供进一步细分指标
- 历史数据方面，Xetra®可追溯至2017年7月1日，Eurex®可追溯至2017年1月1日

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**免责声明**：德意志交易所集团（Deutsche Börse AG）通过Snowflake Marketplace提供的免费示例数据的下载与使用，需遵守使用条款（可在右侧查看）。下载该数据即视为您同意遵守上述使用条款。

搜集汇总

背景与挑战

背景概述

Xetra HHI Insights数据集提供基于赫芬达尔-赫希曼指数（HHI）的市场集中度分析，涵盖买卖和主动被动交易等细分指标，适用于交易员、分析师等市场参与者。该数据集每日更新，包含Xetra和Eurex工具的历史数据，帮助用户评估流动性质量和集中风险。