Xetra Release 16

Xetra Release 16Innovative functionalities for trading and settlement

With Xetra® Release 16.0, functional and technical enhancements to further increase trading efficiency were introduced. The major developments and changes that will be implemented with Xetra Release 16.0 are:

Volume Discovery Order

MiFID II conform solution

Read here how to trade large volume orders while avoiding market impact.

The Volume Discovery Order is based on Xetra Iceberg Orders. The hidden proportion can be executed against other Volume Discovery Orders at the midpoint by defining an additional limit. The Volume Discovery Order provides a MiFID II proof solution for descrete trading of larger sizes.

Quote Request for large ETF orders

With the Xetra Quote Request participants are now able to enter quote requests for ETFs and ETPs and directly trade against the updated in the Xetra order book. As a result, participants will benefit also for large-sized orders from best execution through interaction with the existing order book liquidity, an efficient order transaction along the existing process chain and from the safety of a Central Counterpart.

Self-Match Prevention

This functionality helps participants to avoid unintended crossings of own orders and quotes. This will in particular support participants from countries, where order crossings are prohibited.

Xetra settlement internalization

To further optimize the settlement processing Xetra offers with Release 16 beyond the already existing „bilateral aggregation“ services the possibility to internalize own trades on participant level.


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