Continuous Auction with Specialist

Continuous Auction with Specialist

Deutsche Börse Cash Market offers the Continuous Auction with Specialist trading model for trading securities at the Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange):

  • Specialists guarantee the high quality of trading at the Frankfurt Stock Exchange.
  • Investors benefit from Specialists through additional liquidity, attractive trading spreads and low partial order execution levels.
  • The Continuous Auction with Specialist service increases the appeal of the Frankfurt Stock Exchange as a national and international trading venue, in particular for small and mid-caps.


Trading venue: Frankfurt Stock Exchange (FWB®)

Trading times: Equities, ETFs, ETPs, retail funds: 8.00 a.m.–8.00 p.m.
Bonds: 8.00 a.m.–5.30 p.m.

Tradable instruments: Equities, bonds, ETFs, ETPs, retail funds.
For each security, there is exactly one specialist.


The Specialist’s duties

In the Continuous Auction with Specialist model, the Specialist guarantees the high quality of trading by carrying out the following duties:

  • Ensuring continuous market information by inputting Standard Quotes during the entire trading period:
    In the Standard Quotes, the Specialist takes the order book and any possible reference market into account. In each Standard Quote, the Specialist must consider the maximum spreads and minimum quote volume agreed with the Frankfurt Stock Exchange.
  • Initiation of price determination in the case of executable order book situations by inputting a Matching Quote:
    There is an executable order book situation, if: (1) an order can be executed against another order; or (2) against the Specialist’s Standard Quote; or (3) the Stop Limit of a Stop Order has been reached by the Standard Quote. Through the Matching Quote, the Specialist defines the spread within which the trading system calculates the price in accordance with the principle of highest executable volume. This way, the Specialist ensures that orders are only executed at market prices.
  • Provision of additional liquidity to bridge a lack of offer or demand for the execution of an order
  • Avoidance of partial order execution

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