Amendments to the Exchange Rules and to the Admission Regulations for Exchange Traders at Frankfurt Stock Exchange

Release date: 18 Nov 2022

060/2022 Amendments to the Exchange Rules and to the Admission Regulations for Exchange Traders at Frankfurt Stock ExchangeXetra Circular 060/22

1.  Introduction

This circular informs you about amendments to the Exchange Rules for the Frankfurter Wertpapierbörse (“Exchange Rules“) by the Seventeenth Amendment Ordinance to the Exchange Rules and by the Third Amendment Ordinance to the Admission Regulations for Exchange Traders at Frankfurt Stock Exchange (“Admission Regulations”).

The above-mentioned Amendment Ordinances are attached to this circular. The amended Rules and Regulations including pertaining Amendment Ordinances can be found on the Xetra website www.xetra.com under the following link: Rules & Regulations.

The various amendments to the Exchange Rules will become effective on 21 November 2022. The amendments to the Admission Regulations will become effective on 1 December 2022.

2.  Required action

There are no particular actions required from the Participants.

3.  Details of the initiative

A. Exchange Rules

a) Introduction of functional extensions in T7 Release 11.0

According to § 76 Paragraph 1 Number 7 Exchange Rules – new version –, admitted companies and Clearing Members of admitted companies performing clearing for such admitted companies are now authorised to enter restrictions for orders or quotes in the trading system.

In this context, the Management Board of Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange) has decided that with effect from 21 November 2022 and within the scope of T7 Release 11.0, the Pre-Trade-Risk-Limits (“PTRL“) functionality for market model “Continuous Trading with Intra-Day Auctions” on the trading venue XETRA will be introduced for CCP-eligible products for optional use.

b) Amendment of requirements for Specialists on the trading venue Börse Frankfurt

Within the scope of the amendment of the Exchange Rules, several adjustments, concretisations and supplementations of existing regulations were made. These relate to the activity of the Specialists in the Specialist Model on trading venue Börse Frankfurt and concern regulations regarding quoting requirements, provision of liquidity in special order situations, processing of information by Specialist traders and measures in case of major price deviations.

The following regulations of the Exchange Rules – new version – are affected: §§ 71 Paragraph 4 Number 2, 86 Paragraph 2, 86 Paragraph 13, 106 Paragraph 3 and 111 Paragraph 6 Number 2.

These amendments will come into force on 21 November 2022. 

c) Upcoming merger of Börse Frankfurt Zertifikate AG (“BFZAG”) into Deutsche Börse AG (“DBAG”)

The merger of BFZAG into DBAG is planned for Spring 2023, which requires linguistic adjustments to the Exchange Rules relating to BFZAG’s role as partial operating institution of Frankfurt Stock Exchange. The following regulations are affected by this:

§§ 1, 3, 4, 7, 9, 15, 81, 85, 104, 120, Attachment to § 3 Paragraph 1 and Attachment to § 75 Exchange Rules – new version.

The aforementioned regulations will come into force on the day of the entry of the merger of BFZAG into DBAG in the commercial register of DBAG. This does not result in any changes to the content.

B. Admission Regulations

In addition to some linguistic adjustments, the Third Amendment Ordinance to the Admission Regulations includes the option of submitting applications, providing evidence and communication in electronic form.

Furthermore, the subject area “European and national exchange regulations” has been included in the scope of the Exchange Trader Examination and a regulation with respect to the professional qualification of members of the Examination Commission has been complemented.

These amendments will come into force on 1 December 2022. 

In case you have any questions or comments, please contact your Key Account Manager or send an e-mail to client.services@deutsche-boerse.com.

Attachments: 

  • 1 – Seventeenth Amendment Ordinance to the Exchange Rules for the Frankfurter Wertpapierbörse
  • 2 – Third Amendment Ordinance to the Admission Regulations for Exchange Traders at Frankfurt Stock Exchange


Further information

Recipients:

All Xetra® Trading Participants and Vendors

Target groups:

Traders, Nominated Persons, General

Contact:

Your Key Account Manager or client.services@deutsche-boerse.com

Web:

www.xetra.com

Authorised by:

Michael Krogmann, Axel Schmidt (on behalf of the Management Board)

Market Status

XETR

-

-

Parts of the trading system are currently experiencing technical issues

The trading system is currently experiencing technical issues

Xetra newsboard

The market status window is an indication regarding the current technical availability of the trading system. It indicates whether news board messages regarding current technical issues of the trading system have been published or will be published shortly.

We strongly recommend not to take any decisions based on the indications in the market status window but to always check the production news board for comprehensive information on an incident.


Emergency procedures


An instant update of the Market Status requires an enabled up-to date Java™ version within the browser.