Press

As of 1 October, Eurex Clearing will be reducing the clearing fees for Xetra orders: The fixed fee per order will be reduced from €0.52 to €0.50; the variable fee remains unchanged at 0.0015 percent of the transaction value. Eurex Clearing also offers volume discounts of up to 49 percent on the fixed clearing fee per order to clients who generate orders on a fully electronic basis using the Automated Trading Program (ATP) on Xetra. This means that clients save around 7 percent of the current clearing fee in total.

Eurex Clearing believes that the volume discounts that apply to the clearing of ATP transactions will lead to a further increase in trading activities, and, as a result, in the number of clearing transactions. ATP trading is growing fast and already accounts for around a third of the trading volume on Xetra.

ATP clients can already take advantage of volume discounts on the trading fee, making Xetra one of the most cost-effective trading platforms available. In future, these clients will also benefit from discounts on clearing fees, making the offering more attractive in this respect, too. The total trans­action costs (for trading, clearing, and settlement) for an average Xetra ATP order of €30,000 will thus stand at €1.93, taking into account a 25-percent discount that currently applies to ATP clients on average.

A Xetra order of €10,000 placed by a private investor will incur transaction costs totaling €1.27 once the clearing fees have been reduced.

Buy and sell orders on Xetra incur trading, clearing, and settlement fees, which are charged separately. Trading and clearing fees are charged for every order executed on the same day, and increase in proportion to the transaction value. Unlike the majority of other stock exchanges and clearing organizations, Deutsche Börse does not charge separate fees for canceling, changing, or deleting orders, or for partial executions. Settlement fees are only charged for transactions which have actually been settled; due to netting in clearing only five percent of all transactions are settled.

Below you will find a table detailing trading, clearing and settlement fees and example calculations.

Fee Structure in Xetra Trading
Components	Fee
Trading
Volume fee (BP* per € of transaction value)	0.48
Minimum fee (€)	0.60
Maximum fee (€)	18
Clearing
Fixed fee (€)	0.50
Variable volume fee (BP* per € of transaction value)	0.15
Maximum fee (€)	6.20
Settlement(in € per settlement transaction**)	0.425

* BP= basis point, 1 BP = 0.01 percent

**On average, 20 Xetra orders are netted to one settlement transaction; the settlement fee is thus reduced by 95 percent per Xetra transaction, to around €0.02.

Volume Discounts for Clearing in Algo Trading
Algo trading orders executed (per month)	Marginal discount (%)
0 - 6,500	-
6,501 - 25,000	7
25,001 - 50,000	14
50,001 - 75,000	21
75,001 - 100,000	28
100,001 - 150,000	35
150,001 - 225,000	42
225,001 -	49

Example calculation: €30,000 Xetra ATP order (25% ATP discount)
Trading: €30,000 x 0.48 BP x (1-25%) = €1.08
Clearing: €30,000 x 0.15 BP + €0.50 x (1-25%) = €0.83
Settlement: €0.425 x (1-95%) = €0.02

Example calculation: €10,000 Xetra order
Trading: = €0.60
Clearing: €10,000 x 0.15 BP + €0.50 = €0.65
Settlement: €0.425 x (1-95%) = €0.02