Amendments to the Exchange Rules and the Trading Regulation for the Regulated Unofficial Market on Frankfurter Wertpapierbörse and Announcement of Maximum Order Values and Maximum Order Volumes

Release date: 16 Nov 2023

053/2023 Amendments to the Exchange Rules and the Trading Regulation for the Regulated Unofficial Market on Frankfurter Wertpapierbörse and Announcement of Maximum Order Values and Maximum Order Volumes Xetra Circular 053/23

1. Introduction

With this circular, we inform you about the amendments to the Exchange Rules for the Frankfurter Wertpapierbörse (“Exchange Rules”) by means of the Twentieth Amendment Ordinance to the Exchange Rules and the amendments to the Trading Regulation for the Regulated Unofficial Market on Frankfurter Wertpapierbörse (“Trading Regulation”) by means of the Seventh Amendment Ordinance to the Trading Regulation.

Several amendments to the Exchange Rules and the Trading Regulation will become effective on 20 November 2023.

The amendment ordinances referred to above are attached to this circular. The amended Rules & Regulations including the amendment ordinances are accessible on the Xetra website www.xetra.com under the following link: Deutsche Börse Xetra - Rules & Regulations.

Effective date: 20 November 2023

2. Required action

There is no specific action required by the participants.

3. Details of the initiative

A. Exchange Rules

a)    Termination of service for Volume Discovery Orders

The order type “Volume Discovery Orders” will no longer be available in the future. Therefore, corresponding provisions concerning Volume Discovery Orders have been deleted from §§ 1, 73, 76, 91, 95, 96 of the Exchange Rules.

b)    Obligation of Specialists to be present in case of emergency 

In its current version, § 86 Para. 10 of the Exchange Rules stipulates the measures to be taken by the Specialists in case of emergency. The provision defines “emergency” as an unforeseeable event that causes the Trading Halls to be unusable for a longer period of time. However, in order to ensure that any short-term inability to use the Trading Halls is covered by the term “emergency”, § 86 Para. 10 of the Exchange Rules has been amended accordingly. However, this amendment does not result in any further changes of the content.

c)    Amendment of the provision on pre-trading controls

The provisions on pre-trading controls in § 122 of the Exchange Rules will be made more precise, and the Management Board will be provided with the option to specify maximum order values and maximum order volumes for each security tradable at FWB. These maximum amounts will apply in addition to the corresponding maximum amounts the Trading Participants must specify for their Exchange Traders in respect of each security. In addition, in respect of each security, binding price collars and price collars that are optional are being set.

Orders outside a price collar or exceeding the maximum amounts (see Attachment 3) will be rejected automatically by the Exchange EDP. Admitted companies may have set up procedures where, in the individual case, no controls of the maximum amounts determined by them are executed by the Exchange EDP, or optional price collars are not applied. Moreover, upon request of the admitted company, rejected orders may, in the individual case, be accepted by the Management Board. In such case, admitted companies may contact the Cash Markets Operations Helpline dialing the tel. +49-69-211-1 14 00.

d)    Change of trading hours for off-book trading

The provision regarding the trading hours for off-book trading in § 123 Para. 2a of the Exchange Rules shall specify that trading is possible from 8.00 a.m. to 10.00 p.m., provided that the Management Board does not otherwise determine the trading hours for off-book trading within such time frame. However, the current trading hours are not affected by these changes. 

B. Trading Regulation

Change of trading hours in respect of the Continuous Auction and off-book trading

For reasons of transparency and comprehensibility, the wording of § 4 Para. 2 and Para. 2a of the Trading Regulation shall be aligned with § 123 Para. 2 of the Exchange Rules and Para. 2a respectively. However, the current trading hours in respect of the Continuous Auction and off-book trading hours will not be affected by the amendments.

Should you have further questions or require further information please contact your Key Account Manager or send an e-mail to client.services@deutsche-boerse.com.

Attachments:

  1. Twentieth Amendment Ordinance to the Exchange Rules for Frankfurter Wertpapierbörse
  2. Seventh Amendment Ordinance to the Trading Regulation for the Regulated Unofficial Market on Frankfurter Wertpapierbörse
  3. Maximum Order Values and Maximum Order Volumes for the trading venues Xetra and Börse Frankfurt 

Further information

Recipients:

All Xetra® Trading Participants and Vendors

Target groups:

 

Traders, Technical Contacts, System Administrators, Nominated Persons, General

Contact:

Your Key Account Manager or client.services@deutsche-boerse.com

Web:

www.xetra.com

Authorised by:

Michael Krogmann, Holger Patt (on behalf of the Management Board)