Xetra is the primary equities market in the Deutsche Börse Group.
Currency: Euro (EUR)
Order Types
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Limit Buy/Sell→ShortSell (Day/IOC)
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Market Buy/Sell→ShortSell (Day)
Basic Market Rules
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Lot Size: 1 share (set to 100 shares in the Software).
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Tick Size: varies by price and security type, as defined on the Trading Parameters & Tick Sizes page. Tick sizes for most equities are as follows:
| Price Range (Euro) | Tick Size (Euro) |
|---|---|
| 0 to 9.999 | 0.001 |
| 10 to 49.995 | 0.005 |
| 50 to 99.99 | 0.01 |
| 100 and greater | 0.05 |
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Short Sale Rules: naked short selling is prohibited; locate is required.
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Circuit Breakers: Xetra has protective mechanisms in place during the auction and continuous trading phases.
Auction Mechanisms
Open
The opening auction occurs at 8:50. The mechanism is similar to the closing auction which follows call, price determination, and order execution phases.
Close
The closing price is defined by the following closing mechanism.
Auction means an auction conducted in a trading platform with respect to qualifying orders pursuant to the following process:
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a) Call Phase: all orders to be executed during the closing auction participate in the price determination, irrespective of time or size
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b) Price determination occurs with all executable orders established during the call phase of the closing auction
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c) All non-executed or partially executed market, limit, and market-to-limit orders with a limit assigned are transferred to the next trading day according to their validity
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d) The closing auction price cannot be determined if there are no executable orders, in which case the best bid/ask limit is published
Auction Periods
1. Regular Trading Hours (09:00 – 17:30)
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Bids and offers tagged as “closing auction only” may be entered, amended, and cancelled until the end of day closing auction
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Continuous trading occurs
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No closing orders are matched
2. Intraday Auction Times
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Stocks on the DAX and TecDax: 13:00 – 13:02
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Stocks on the MDAX and SDAX: 13:05 – 13:07
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STOXX, ETF/ETC/ETN: 13:10 – 13:12
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All other shares: 13:15 – 13:17
3. Closing Auction (17:30 – 17:34:45)
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Bids, offers, and market orders may only be entered and not cancelled
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No orders will be matched
4. Uncross (17:34:50)
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Closing orders will be matched
Order Types: Limit, Market, and Market-on-Close orders are eligible to participate during the closing auction.
