xetra
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| xetra [2017/02/06 12:22] – [Auction Mechanisms] maya | xetra [2020/03/17 11:12] (current) – [Basic Market Rules] maya | ||
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| ====== Deutsche Börse (Xetra) ====== | ====== Deutsche Börse (Xetra) ====== | ||
| + | |||
| Xetra is the primary equities market in the Deutsche Börse Group. | Xetra is the primary equities market in the Deutsche Börse Group. | ||
| [[http:// | [[http:// | ||
| - | Currency: Euro (EUR)\\ | + | Currency: Euro (EUR) |
| - | Time Zone: UTC +01:00 | + | |
| - | [[http:// | + | [[http:// |
| - | [[http:// | + | |
| - | ==== Lit Order Types ==== | + | ==== Order Types ==== |
| - | * Limit Buy/Sell (DAY/IOC) | + | |
| - | * Market Buy/Sell (DAY) | + | * Limit Buy/Sell→ShortSell |
| + | * Market Buy/Sell→ShortSell | ||
| - | ==== Available ATS ==== | ||
| - | * [[batseurope|BATS Europe]] | ||
| - | * [[batseurope|Chi-X Europe]] | ||
| - | * [[turquoise|Turquoise]] | ||
| ==== Basic Market Rules ==== | ==== Basic Market Rules ==== | ||
| - | * Lot Size: 1 share. | + | * Lot Size: 1 share (set to 100 shares in PPro8). |
| - | * Tick Size: varies by price and security type, as defined on the [[http:// | + | * Tick Size: varies by price and security type, as defined on the [[https:// |
| ^ Price Range (Euro) ^ Tick Size (Euro) ^ | ^ Price Range (Euro) ^ Tick Size (Euro) ^ | ||
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| | 100 and greater | 0.05 | | | 100 and greater | 0.05 | | ||
| - | * Short Sale Rules: naked short selling is prohibited; locate required. | + | * Short Sale Rules: naked short selling is prohibited; locate |
| - | * Circuit Breakers: Xetra has safeguards | + | * Circuit Breakers: Xetra has [[https:// |
| ==== Auction Mechanisms ==== | ==== Auction Mechanisms ==== | ||
| === Open === | === Open === | ||
| - | The opening auction occurs at 8:50 am local time. The mechanism is similar to the closing auction which follows | + | The opening auction occurs at 8:50. The mechanism is similar to the closing auction which follows call, price determination, |
| === Close === | === Close === | ||
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| The closing price is defined by the following closing mechanism. | The closing price is defined by the following closing mechanism. | ||
| - | **Auction** means an auction conducted in a trading platform | + | **Auction** means an auction conducted in a trading platform |
| - | | + | * a) Call Phase: |
| - | | + | * b) Price determination occurs with all executable orders established during the call phase of the closing auction |
| - | | + | * 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 |
| - | | + | * 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** | **Auction Periods** | ||
| - | 1. **Regular Trading Hours** (09:00–17:30) | + | 1. **Regular Trading Hours** (09: |
| - | * Bids and offers tagged as “closing auction only“ may be entered, amended, and cancelled until the end of day closing auction | + | * Bids and offers tagged as "closing auction only" |
| * Continuous trading occurs | * Continuous trading occurs | ||
| * No closing orders are matched | * No closing orders are matched | ||
| 2. **Intraday Auction Times** | 2. **Intraday Auction Times** | ||
| - | * Stocks on the DAX and TecDax: 13:00–13:02 | + | * Stocks on the DAX and TecDax: 13:00 - 13:02 |
| - | * Stocks on the MDAX and SDAX: 13:05–13:07 | + | * Stocks on the MDAX and SDAX: 13:05 - 13:07 |
| - | * STOXX, ETF/ | + | * STOXX, ETF/ |
| - | * All other shares: 13:15–13:17 | + | * All other shares: 13:15 - 13:17 |
| - | 3. **Closing Auction** (17:30–17:35) | + | 3. **Closing Auction** (17: |
| * Bids, offers, and market orders may only be entered and not cancelled | * Bids, offers, and market orders may only be entered and not cancelled | ||
| * No orders will be matched | * No orders will be matched | ||
| - | 4. **Uncross** (17:35) | + | 4. **Uncross** (17:34:50) |
| * Closing orders will be matched | * Closing orders will be matched | ||
| - | **Order Types:** Market and Limit orders are eligible to participate during the closing auction. | + | **Order Types: |
| - | ===== Additional Info ===== | + | |
| ===== See Also ===== | ===== See Also ===== | ||
| * [[market_guides|Market Guides]] | * [[market_guides|Market Guides]] | ||
| - | ===== References ===== | ||
xetra.1486401776.txt.gz · Last modified: 2017/02/06 12:22 by maya