Temporary reduction of connection fees for automatic quotation in ETFs/ETPs on Xetra EnLight

Release date: 12 Oct 2021

071/2021 Temporary reduction of connection fees for automatic quotation in ETFs/ETPs on Xetra EnLightXetra Circular 071/21

1.  Introduction

With this circular, we would like to inform you about the granting of a fee-based benefit in the form of a temporary reduction of connection fees upon implementation of an automatic quotation of ETFs/ETPs on Xetra EnLight.

With Xetra EnLight, the Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange) offers off-book trading via an exchange-based Request for Quote (RFQ) functionality for equities and ETFs/ETPs.  

Now, for a limited time, a reduction of connection fees is offered to those Trading Participants who have successfully implemented an automated RFQ workflow for the submission of binding quotes in ETFs/ETPs on Xetra EnLight via the Xetra Enhanced Transaction Interface (ETI).

With this service, Deutsche Börse AG aims to support Trading Participants quoting in ETFs/ETPs on Xetra EnLight and thus further improve the quality and efficiency of off-book trading in these instruments. 

Start and duration of the measure: As of October 2021, duration 15 months, maximum until 31 March 2023

2.    Requirement for the granting of the fee-based benefit

In order to receive the fee-based benefit, the Trading Participant has to submit an application for temporary reduction of connection fees after successful implementation of an automatic quotation of ETFs/ETPs on Xetra EnLight using the respective form: "Application for temporary reduction of connection fees for automatic quotation in ETFs/ETPs on Xetra EnLight". The form can be found on the Cash Market website www.deutsche-boerse-cash-market.com under the following path: 

Secondary Market > Participation in trading > Forms

The automatic quotation is considered successfully implemented if the Trading Participant as responder has concluded at least five off-book trades in ETFs/ETPs via ETI on Xetra EnLight which have been concluded on the basis of a binding offer within 30 seconds after price request.

3.    Details on the application and the fee-based benefit

For the temporary reduction of the connection fees, the Trading Participant shall nominate ETI-Trading sessions for the trading venue Xetra via the above-mentioned application form, for which the fee-based benefit is to be granted. 

For the named sessions, the fee pursuant to Section A, Number 1.2 Price List for the Usage of the Exchange EDP of the Frankfurt Stock Exchange and the EDP XONTRO ("Price List"), may not exceed a total amount of €1,000.

In case of fulfillment of the prerequisite for the granting of the fee-based benefit, the named sessions shall not be taken into account for the calculation of connection fees. As a result, (i) the fees for connections via Multi-Member Service Providers at the trading venue "Xetra" (Section A, Number 1.1 Price List), which depend on the number of sessions, shall be reduced, and (ii) the fees for the named sessions (Section A, Number 1.2 Price List) shall not be charged.

The above-mentioned fee-based benefit will be granted to the Trading Participant for a period of up to 15 months (starting from October 2021), but no longer than until 31 March 2023. In order to receive the fee-based benefit already for a current calendar month, the application must be received by Deutsche Börse AG eight business days prior to the end of the month.

Invoices and fee reports do not include the named sessions and do not show the resulting reduction in connection fees. 
 

Further information

Recipients:

All Xetra® Members and Vendors

Target groups:

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

Contact:

client.services@deutsche-boerse.com

Web:

 

www.deutsche-boerse-cash-market.com
www.xetra.com

Authorised by:

Michael Krogmann, Andreas Heuer