1. Introduction

This circular informs you about the definition of trading parameters in the context of the introduction of T7 Release 12.1 with regard to the introduction of the Xetra Retail Service and the extension of pre-trade controls.

The determination of the trading parameters will come into force with effect from 20 May 2024.
 

2. Required action

No special activities are required for the Participants.
 

3. Details of the initiative
 

A. Xetra Retail Service

With the introduction of the Xetra Retail Service, the Frankfurter Wertpapierbörse (FWB^®, the Frankfurt Stock Exchange) offers a new trading service that offers private investors improvements in the execution price with a complete waiver of transaction fees or reduced transaction fees.

In accordance with § 83 (1) of the Exchange Rules for the Frankfurter Wertpapierbörse ("Exchange Rules"), the FWB Management Board has decided that this service is available for all shares tradable in the trading model Continuous Trading with Intraday Auctions (MIC: XETR). This also applies to shares which will be included in this trading model in the future.

However, Retail Member Organisations can designate retail orders for all securities tradable on the Xetra trading venue (MIC: XETR). Retail Liquidity Providers, on the other hand, can initially place RLP orders/quotes exclusively in shares.

In order to participate in the Xetra Retail Service, the admitted company must conclude a contract with Deutsche Börse AG as a Retail Member Organisation ("RMO") or as a Retail Liquidity Provider ("RLP"). The relevant documents are available on the Xetra website www.xetra.com under the following link: Trading fees and charges > RMO and RLP.

B. Pre-trade controls
 

The values for pre-trade controls introduced in Xetra Circular 053/23​, according to § 122 of the Exchange Rules, will be amended with T7 Release 12.1. The changed values can be seen in the instrument master data that is made available to the Participants.

In accordance with § 122 (3) of the Exchange Rules, the FWB Management Board has decided to determine the maximum order values for the entry of orders and quotes for the individual securities in the electronic trading system T7 of the FWB (MIC: XETR (Xetra) and MIC: XFRA (Börse Frankfurt)) as can be seen from the tables in the Attachment.

In addition, in accordance with § 122 (4) of the Exchange Rules, the FWB Management Board has decided to determine the maximum order volumes for the entry of orders and quotes for the individual securities on a weekly basis. The maximum order value is divided by the last market price of a security on the reporting date. For securities with a trading currency other than euro, the foreign exchange rate is also used.

The maximum order values of the individual securities can be seen in the instrument master data in the "All tradable instruments file". For the Xetra trading venue (MIC: XETR), these are available on the Xetra website www.xetra.com under the following link: Instruments > All tradable instruments > Xetra.

For the trading venue Börse Frankfurt (MIC: XFRA), these are available under www.xetra.com under the following link: Instruments > All tradable instruments > Börse Frankfurt.

These maximum values are to apply in addition to the corresponding maximum values that Trading Participants must set for their exchange traders.

Orders that exceed the maximum order values or the maximum order volume are automatically rejected by the Exchange EDP. Admitted companies may provide for procedures by which the control of the maximum values set by them by the Exchange EDP system is omitted in individual cases.

In addition, orders rejected at the request of the admitted company may be approved by the FWB Management Board in individual cases. To do so, admitted companies can contact the Cash Markets Operations Helpline, tel. +49-69-211-1 14 00.
 

Attachment: 

• Maximum order values according § 122 (3) of the Exchange Rules for the Frankfurter Wertpapierbörse

Further information