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Xetra MidPoint

Xetra MidPoint offers discrete trading and allows for reduced transaction costs

Xetra® MidPoint allows trading members to trade stocks from DAX®, MDAX®, SDAX® and TechDAX® without disclosing the volume and the limit of their order. Xetra MidPoint thereby enables market participants to execute market neutral orders of greater volume. The orders are entered into a closed order book and executed at midpoint between the best bid and ask price of the open Xetra order book. Due to the execution at midpoint between the best bid and ask price, implicit transaction costs for investors are reduced. Xetra MidPoint thereby not only ensures full transparency concerning price determination but also enables trading members to minimise their trading costs.

Xetra-MidPoint orders are indicated through the code “XM”. Legally, they are considered exchange-executed transactions.

Xetra MidPoint at a glance

  • Orders exclusively executed together with other Xetra-MidPoint orders

  • Minimum order size: 0

  • A clear distinction between Xetra-MidPoint orders and orders in the open order book – thanks to the corresponding designation of the data transferred

  • Immediate notification on execution via the existing data distribution channels

  • FOK and IOC orders can be used to structure execution

  • Order executions do not trigger stops and also do not lead to updating of the Xetra reference price

  • The Xetra-MidPoint order price (marked with the additional designator “XM”) is an exchange price and also counts as such in legal term

  • Tradable Instruments: All Shares in DAX, MDAX, SDAX and TechDAX

 

Xetra MidPoint in detail

A description of Xetra MidPoint is contained in the Xetra MidPoint presentation and the brochure. The fees for transactions within Xetra MidPoint are included in the price list for the utilization of the trading system of the Frankfurt Stock Exchange.

Attachments
Title Type Size
Brochure: Xetra MidPointpdf205 KB
Presentation: Xetra MidPointpdf216 KB
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