Ranking of the most liquid securities tradable on Xetra®, based on the Xetra Liquidity Measure (XLM)
The Xetra® Top Liquids are determined by means of the Xetra Liquidity Measure (XLM). The XLM is stated in basis points (100 basis points = 1 percent). It corresponds to the relative market impact costs for the so-called roundtrip (simultaneous buying and selling of a position) at a given order size.
An XLM of 10 basis points at an order size of 25,000 means that the market impact costs for buying and selling this share amount to 25. Deutsche Börse AG publishes the Xetra Top Liquids, which are based on the previous trading day respectively, on a daily basis.
