Continuous Trading with Best Executor

Xetra Continuous Trading with Best Executor (Xetra BEST)

With Xetra BEST (Best Service), Deutsche Börse offers an integrated feature for the best possible execution of securities in Continuous Trading on Xetra:

  • Best Execution with full execution and price improvement compared with the Xetra order book
  • Orders in Xetra BEST® are executed immediately. There is no partial execution of orders in Xetra BEST.
  • MiFID-compliant, exchange-based, supervised trading in a Regulated Market
  • Trade supervision: As it is part of exchange trading, Xetra BEST offers Best Execution with independent trading supervision by the Trading Surveillance Office (HÜSt) of theFrankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange).
  • Use of the existing Xetra infrastructure

 

Trading venue: Xetra®

Trading time: 9.00 a.m.–5.30 p.m.

Tradable instruments: Equities, ETFs and ETPs in Continuous Trading or Continuous Trading with Auction on Xetra.

Trading participants and Best Executors are free to agree for which securities the Xetra BEST service is offered. To this end, the Best Executor concludes a contract with the relevant participant.

In principle, several Best Executors can offer the service in the same security. Best Executors can also offer the service to various participants at the same time. Participants can receive the service from various Best Executors and decide on an order-to-order basis, which Best Executor executes the order.

 

In addition to the benefits of order execution on Xetra (e.g. highest execution speed, low implicit and explicit transaction costs), Xetra BEST guarantees the investor better prices and full execution of orders. Full execution against an admitted, so-called Best Executor is performed with automatic price improvement compared with the Xetra order book, thereby ensuring best execution.

How the service works

Continuous Trading with Best Executor is based on the price optimisation model complemented by the Best Executor feature. It is a Xetra trading service for bilateral trading.

Best Executors offer the service to their own customers as well as to other trading participants; it involves executing orders with an automatic price improvement compared with the execution price currently possible in Continuous Trading on Xetra, while at the same time avoiding partial executions. To this end, during trading time Best Executors input a Relative Quote in the trading system. The Relative Quote defines ...

  • how high the price improvement is compared with Continuous Trading order book (Relatives Limit),
  • the price limit at which the Best Executor executes orders (boundary to protect the Best Executor from strong fluctuations in price),
  • for which individual order volumes the Best Executor executes orders in the price optimisation model (size) and
  • up to which total volumes the Best Executor executes orders (reserve size).

Market Status

XETR

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