www.xetra.com
XETRA RELEASE 16.0
Innovative functionalities for improved matching and
more efficient trading and settlement
Quote Request: Request for size in ETFs
In addition to improvements in the technical performance of
ETS interface and supplement the existing (order book driven)
Xetra®, the upcoming Xetra release in November 2015 will offer
order entry and matching for Xetra’s continuous trading model. This
various new services and functionalities.
enables investors to trade directly on a licensed Designated
Quote Request driven order entry will in addition be available via
Sponsor(s) response to a quote request thus enhancing the
Volume Discovery Order: MiFID II proof solution
probability of executing larger volumes on exchange.
This innovative functionality is based on Xetra Iceberg Orders,
allowing you to execute hidden Iceberg quantities at midpoint
For an updated quote traders have to specify the instrument,
against other Volume Discovery Orders (VDOs)*. VDOs must be
quantity and side (buy, sell or both) into the quote request which will
Large in Scale upon order entry as they will benefit from the Large
then be disseminated to the licensed Designated Sponsor(s) for this
in Scale waiver (LIS). Such executions will therefore be guaranteed
instrument range.
to not count towards the MiFID II double volume caps. VDO thus
provides a MiFID II proof solution for trading of larger sizes. VDO
China Europe International Exchange
combines the execution probability of both a partially lit Iceberg
Shanghai Stock Exchange, China Financial Futures Exchange and
Order and a dark block execution at midpoint price in Xetra
Deutsche Börse AG launched a cooperation with the objective to
continuous trading.
develop and distribute offshore RMB products based on Chinese
underlyings to global investors. Market operations will utilize
Maximizing execution probability for Large in Scale
orders with minimum market impact
existing DBAG infrastructure/regulated markets.
Current usage of Iceberg Orders on Xetra indicates that the Volume
Both Cash and Derivatives Markets are in the development scope.
Discovery Order has high potential: In DAX® instruments, Iceberg
Cash Market products are in focus for market launch November
Orders represent €350m average daily executed volume, whereby
2015, with Derivatives products to follow in 2016.
more than 40% of executed orders are Large in Scale when
entered.
Advantages for investors and traders
______________________________________________

Facilitated investment opportunities in Mainland China capital
markets, traded, cleared and settled in RMB
Central Limit Order Book

Trading in European regulatory environment and time zone with
existing infrastructure and license

No change in trading and clearing interfaces
Xetra Release 16.0
Self Match Prevention
2
Self Match Prevention can help avoid unintended crossings of own
Optimized post-trade efficiency in non-CCP business
based on "settlement internalization"
orders and quotes. This optional functionality will in particular
Xetra Release 16.0 will enable members to further optimize the
support participants from countries, where order crossings are
settlement processing of non-CCP-eligible on-exchange
prohibited so they will be able to trade in compliance with the rules
transactions. Thereby, beyond the already existing “Bilateral
of their home market.
Aggregation” services, Xetra offers the possibility to internalize own
trades on participant level. While Xetra will continue to create the
Functionality for on-exchange certificates
Trading at Börse Frankfurt Zertifikate
contract notes for all internalized transactions, delivery instructions
The new "Quote Request" functionality offers an additional way for
define settlement accounts that are eligible for settlement
order entry: Members simply have to send a quote request to Börse
internalization.
however will not be created. Members will therefore be able to
Frankfurt to obtain the current price at which can be traded.
Contrary to the OTC markets, this functionality will guarantee a
monitored stock exchange price.
Publisher
Deutsche Börse Cash Market
The new functionality is fully integrated in the existing "Continuous
Auction" market model: Members just have to send a quote request
to a Specialist at Börse Frankfurt via FIX protocol to receive a
tradable price immediately. Then simply enter an order within the
validity timeframe. If the specialist is able to match the order during
this period it will be executed during the auction. Otherwise, the
60485 Frankfurt am Main
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If you have any further questions, please contact:
[email protected]
[email protected]
order will be deleted from the system.
August 2015
*Approval by regulators in process. **Data presented in this section is based on Xetra DAX30 March 2015 figures.
Disclaimer: Any information contained herein is subject to change without notice, and is provided without any representation or warranty, express
or implied, as to its actuality, accuracy, completeness, correctness or fitness for any purpose. This factsheet is provided for convenience purposes
only and does neither constitute legal or financial advice nor a binding commitment of Frankfurter Wertpapierbörse, Deutsche Börse AG or any of
its affiliates. DAX® and Xetra® are registered trademarks of Deutsche Börse AG .