Order handling

Order handling

Persistent and non-persistent orders

Orders are considered persistent if as a backup they are written to disk and for this reason remain in the order book until their validity expires. Persistent orders stay in the order book after a trading interruption or a technical problem with the trading system. Non-persistent orders are not backed up and are always valid for the particular trading day. They are not resubmitted to the order book after a trading interruption or a trading system failure and can no longer be retrieved from the trading system. From a participant’s point of view non-persistent orders always offer clarity as regards their status in the event of trading interruptions or technical problems.

In the Auction, Continuous Trading, Reference Price Trading and Price Optimisation trading models, trading participants can choose between persistent and non-persistent orders.
In the Continuous Auction trading model, all orders and quotes are persistent.

Impact of events influencing the price

In the event of extraordinary events that influence the price, such as ad-hoc disclosures, the exchange can interrupt or suspend trading in securities. In the event of an interruption, all non-persistent orders are deleted; in the event of suspension, the persistent orders listed in the trading system are in addition deleted. Orderly, price-influencing events such as capital change measures and dividend disbursements on the first day after the Annual General Meeting likewise result in existing orders being deleted.

Change of the priority of an order

A change to an order results in a new time priority for the order if the price limit is changed or the change to the order, for example, an increase in the order volume would have a disadvantageous effect on the priority of other orders in the order book. If, on the other hand, the volume of an existing order is reduced, the time priority remains unchanged. With each new time priority, the order is also given a new order number.

Minimum size of an order

A minimum order size can be defined for each security. It is validated when the order is inputted. The trading system rejects inputted orders which do not correspond to the minimum order size.

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XETR

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