Xetra MidPoint

Xetra MidPoint

Deutsche Börse Cash Market makes its Xetra MidPoint service available to enable trading in large blocks of securities on Xetra®:

  • Institutional trading participants can trade large volumes of orders discreetly and without straining the market.
  • The orders are executed at midpoint between the best bid and offer price in the open Xetra order book.
  • Xetra Midpoint participants enjoy all the benefits of the reference market Xetra: transparent pricing, minimised trading costs and no counterparty risk through appropriation of a central counterparty (CCP).

Please note: Effective from 1 July 2015, the Block Agent model in Midpoint Order Matching was decommissioned. In this context, the value-based price for executed orders in this trading model was reduced. For further information please refer to circular 040/2015.

Trading venue: Xetra®

Trading time: 9.00 a.m.–5.30 p.m.

Tradable instruments: All German equities eligible for Continuous Trading with Auctions on Xetra and settled via Eurex Clearing AG (central counterparty, CCP).

 

How the service works

The Xetra MidPoint trading service is based on the Reference Price Trading model. The orders are entered into the Xetra Midpoint order book and executed there at midpoint between the current best bid and offer price in the reference market Xetra.

There is no minimum order size. It is possible to limit orders. To structure the execution of Xetra MidPoint orders participants can use FOK and IOC orders and restrictions on validity.

They can also enter a minimum execution lot size, which only enables the Xetra MidPoint order to be executed, if the price determined on Xetra allows at least the minimum execution lot size to be executed on Xetra.

Transparency, price determination and order execution

In Xetra MidPoint the orders are entered into a closed order book: The Xetra MidPoint orders in the order book are not displayed to other market participants.

Because the order is executed at midpoint between the current best bid and offer price in the open Xetra order book, Xetra MidPoint, as opposed to other market venues where liquidity is not visible, so-called “dark pools”, is absolutely transparent with regard to pricing.

Xetra MidPoint orders enjoy prioritised execution in terms of volume/time. Xetra MidPoint orders are executed exclusively against other Xetra MidPoint orders.

In the data transfer of execution in the Xetra order book, Xetra MidPoint executions can be distinguished by a corresponding designator. The market participant is informed of the execution immediately.

Market Status

XETR

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Xetra newsboard

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