Continuous Trading with Auctions

Continuous Trading with Auctions

Xetra offers the "Continuous Trading with Auctions" service for trading liquid securities:

  • Continuous Trading ensures the immediate execution of purchase and sale orders at the current market price for all market participants.
  • In addition, in three auctions a day – at the beginning of trading, at midday, and at the end of business – liquidity is concentrated on Xetra, and this way, the price level of a major exchange is determined.
  • Auction prices serve in particular institutional investors, investment banks and pension funds as a reference for valuing portfolios and trading positions.

 

Trading venue: Xetra®

Trading time: 9.00 a.m.–5.30 p.m.

Tradable instruments: Equities, ETFs and ETPs

 

How the service works

The Continuous Trading with Auctions service combines the trading models "Auction" and "Continuous Trading".

Trading begins with an opening auction. This way, liquidity is concentrated and, taking as many orders as possible into account, the opening price determined. Continuous Trading begins on conclusion of the opening auction. All executable orders are executed immediately at market prices.

The daytime auction – conducted as a rule around midday – interrupts Continuous Trading. It enables liquidity to be concentrated in the middle of the trading day. On its conclusion, Continuous Trading is resumed.

In the opening and daytime auctions all executable orders are executed so as to prevent a “crossed” order book, i.e. there are no purchase and sale orders that overlap in terms of price, enabling Continuous trading to continue. All Market Orders and Limit Orders that were not executed, or only executed in part are taken into in Continuous Trading.

In the final auction, liquidity is concentrated at the end of the trading day and the day’s closing price determined. Closing prices frequently serve as the basis for evaluating portfolios, which is why the closing price is calculated based on the market with the help of liquidity concentrated in an auction.

Market Status

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