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Xetra Listings-The Xetra trading platform is a fully electronic trading system which aggregates buy and sell orders of licensed traders in a central computer. If the number of securities and their price correspond, the orders are automatically matched. The strong performance of Xetra is illustrated by the fact that more than 90 percent of the entire share trading at German exchanges is now handled through Xetra
The XETRA Electronic Trading platform
Launched in 1997, Deutsche Börse’s XETRA electronic trading platform which was designed for the Frankfurt Stock Exchange is widely accepted as the most efficient and flexible automated trading system in the world for fully electronic securities trading. More than 14 exchanges around the world have licensed the Frankfurt Stock Exchange Xetra electronic trading platform. Xetra’s electronic trading technology has an outstanding record of high scalability, speed, reliability, quality of core technology and the ease with which it can be adapted in other markets.
Recent Changeover to the Xetra Specialist Model
The Open Market segment of the Frankfurt Stock Exchange changed its trading model on 23 May 2011. The future trading model will be implemented on the Xetra-based trading platform, whereby the lead brokers/market makers shall now be designated as “Xetra Specialists”. The start of trading will be 8:00 am. The changes being implemented are designed to make trading at the Frankfurt Stock Exchange both faster and more globally efficient. Trading in the old Xetra model (“Xetra 1”) which was limited to only one auction per day, will terminate on the 27 May 2011.
Your current lead broker/market maker will continue on as your specialist under the new trading model. The primary difference is that, in their new role as Xetra Specialist, they are required to meet stringent performance requirements regarding the trading of your securities. In particular:
• The Xetra Specialist will be required to keep a binding minimum listing volume of minimum €2,000 on both the bid and ask/offer. The new Xetra system for the Open Market will match trades every 2 minutes. Thus, the potential for an offer (sale order) ofwould basically force the Xetra Specialist to purchase €2,000 of at his required bid. Of course, the effect would be that the Xetra Specialist would likely drop his bid drastically each time he purchases another €2,000 of stock, until the stock is at a bid price where he is more content with purchasing the shares;
• Maximum spread (the Deutsche Börse will specify the standards soon). This means that the market maker will be required to have a maximum percentage between the bid price and the ask/offer price. Thus, if the Xetra Specialist is forced to drop the bid price, he will be forced to drop the ask/offer price as well.
• Maximum execution periods (pursuant to execution period classes).
When you go public on the Frankfurt Stock Exchange with Go Public Pros GmbH, your stock automatically gains the ability to be traded through the Xetra electronic trading platform.
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