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Table of Contents
Deutsche Börse (Xetra)
Xetra is the primary equities market in the Deutsche Börse Group.
Currency: Euro (EUR)
Time Zone: UTC +01:00
Lit Order Types
- Limit Buy/Sell (DAY/IOC)
- Market Buy/Sell (DAY)
Available ATS
Basic Market Rules
- Lot Size is 1
- Tick Size varies by price and security type as defined on the Xetra Trading Parameters & Tick Sizes page. Tick size for most equities is 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 |
- Short Sale Rules: Naked short selling is prohibited, locate required.
- Circuit Breakers: Xetra has safeguards in place during both the auction and continuous trading phases as described in Section 11 of the Xetra Market Model.
Auction Mechanisms
The opening and closing auction mechanisms are explained in detail in section 9 of the Xetra Market Model.
Open
The opening auction occurs at 8:50 am local time. The mechanism is similar to the closing auction which follows a 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 in respect to qualifying orders pursuant to the following process:
- a) Call Phase: All orders to be executed during the closing auction participate in the price determination irrespective of time or size
- 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
1. Regular Trading Hours (09:00–17:30)
- Bids and offers tagged as “closing auction only“ may be entered, amended, and cancelled until the end of day closing auction
- Continuous trading occurs
- No closing orders are matched
2. Intraday Auction Times
- Stocks on the DAX and TecDax: 13:00–13:02
- Stocks on the MDAX and SDAX: 13:05–13:07
- STOXX, ETF/ETC/ETN: 13:10–13:12
- All other shares: 13:15–13:17
3. Closing Auction (17:30–17:35)
- Bids, offers, and market orders may only be entered and not cancelled
- No orders will be matched
4. Uncross (17:35)
- Closing orders will be matched
Order Types: Market & Limit orders are eligible to participate during the closing auction
For more information on the auction mechanisms on the Deutsche Borse, please see the Xetra Market Model.