Trade Entry

OTC Trade Entry

With the Xetra Trade Entry service Deutsche Börse offers a settlement and reporting system for over-the-counter (OTC) trading transactions:

  • Trading partners can settle OTC transactions using the tried-and-tested trading venue Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange).
  • Xetra Trade Entry supports MiFID-compatible OTC reporting.

Trading time: approx. 7.00 a.m.–approx. 8.30 p.m.

Tradable instruments: Equities, ETFs, ETPs, bonds, funds, structured products

In principle, Xetra Trade Entry can be used for all securities that can be traded at the relevant trading venue.

Reporting of OTC trades

  • The reporting of OTC transactions is supported for all equities admitted for trading in a Regulated Market within the European Economic Area (EEA).
  • Furthermore, the system supports reporting of OTC transactions in ETFs and ETPs.
 

How the service works

At the Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange) trading venue, the OTC transactions can be entered for settlement purposes via the Xetra Trade Entry functionality. Furthermore, the Deutsche Börse trading system supports reporting of OTC transactions in accordance with the requirements defined in the EU’s Markets in Financial Instruments Directive (MiFID). As outlined there, when reporting OTC transactions, participants are themselves responsible for complying with the requirements and deadlines set out in MiFID.

Xetra Trade Entry supports the following combinations of settlement and reporting for OTC transactions:

  • OTC trades for settlement with reporting
  • OTC trades exclusively for reporting
  • OTC trades for settlement without reporting

OTC trading transactions that have been entered must be confirmed by the relevant counterparty. The confirmation process can be conducted manually or automatically, after which the counterparties receive confirmation of the trade.

At the end of the trading day, the system automatically deletes entries that have not been confirmed. As part of evening processing, the Deutsche Börse trading system forwards the confirmed OTC trades to the settlement systems.

With OTC transactions, the value date can also be specified. Neither a round lot size nor a minimum order size has any bearing on the inputting of OTC transcations.

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