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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: 1 share.
- Tick Size: varies by price and security type, as defined on the Trading Parameters & Tick Sizes page. Tick sizes for most equities are 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 the auction and continuous trading phases.
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.