The fully electronic trading system Xetra® is one of the fastest and most efficient trading platforms for stocks, bonds, certificates and warrants and a synonym for the automation and internationalization of securities trading. Xetra matches buy and sell orders from licensed traders in different locations worldwide in a central, fully electronic order book. These orders are executed at optimum conditions. Via their trading screens, domestic and international investors have access to the securities listed at Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange). Xetra works independently of traders' locations and provides insight into the order book, which buy and sell offers are entered into. All stocks listed at the Frankfurt Stock Exchange are tradable on Xetra. In May 2011, lead-broker based floor trading at the Frankfurt Stock exchange for shares as well as for bonds was terminated in favour of the Xetra specialist model. The presence of specialists ensures that the Trading Hall of the Frankfurt Stock Exchange remains in operation. The new trading model combines the advantages of fully electronic trading – especially in the speed of order execution – with the benefits of trading through specialized securities trading banks ensuring sufficient liquidity. Since April 2008, Scoach, the European exchange for certificates and warrants, offers trading in around 350,000 products on Xetra. Investors can buy or sell more than 3,300 actively managed mutual funds via Xetra. European blue chips, among them all EURO STOXX 50® equities, are tradable through Xetra International Market and settled in the respective domestic markets. Xetra accounts for approximately 97 percent of exchange trading in German equities. The Frankfurt Stock Exchange combines tradition with progress Deutsche Börse has proved its capacity for innovation with the new structure of the German equity market. The core of the new structure consists of three clearly distinctive transparency levels: Prime Standard and General Standard for the EU-regulated market, as well as the Entry Standard and the First Quotation Board for the Regulated Unofficial Market. At the same time, Deutsche Börse has introduced an index system which clearly distinguishes between classic and technology sectors. In 2005, the Central Counterparty (CCP) was implemented for the cash market and adapted to the latest market requirements. The CCP simplifies complex trading strategies and offers trading participants several advantages: each transaction remains anonymous, even during settlement. The CCP assumes the risk of a possible counterparty default; buy and sell orders are netted against each other – only the resulting balance needs to be settled. In addition to the securities traded on the stock exchange, off-exchange transactions can also be netted via the CCP. This service has been complemented by transactions in stocks in collective custody and exchange-traded funds. The Frankfurt Stock Exchange is by far the largest of the German stock exchanges. It ranks among the world’s leading exchanges, alongside NYSE Euronext, the National Association of Securities Dealers Automated Quotation (Nasdaq) and the London Stock Exchange (LSE). Today, Deutsche Börse is a full-service provider for securities, offering its clients one-stop access to a full range of services from trading to the provision of the technical infrastructure. This range of services is unrivalled by any other exchange organization. | 
