Obligation to mark orders aiming at stabilising the price of securities according to Art. 5 para. 4 of Regulation (EU) 596/2014

Release date: 09 Jun 2020

040/2020 Obligation to mark orders aiming at stabilising the price of securities according to Art. 5 para. 4 of Regulation (EU) 596/2014Xetra Circular 040/20

1. Introduction

With this circular we inform you about a provision of the Exchange Rules for the Frankfurter Wertpapierbörse (hereafter: “Exchange Rules”), according to which orders that aim at stabilising the price of securities in accordance with Article 5 paragraph 4 of Regulation (EU) 596/2014 ("stabilisation orders") must be marked (§ 73 paragraph 1a sentence 1 of the Exchange Rules).

The aforementioned marking obligation will come into effect on 15 June 2020.

2. Required action

As of the effective date of the marking obligation, Trading Participants have to make sure they mark stabilisation orders in trading at the Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange) accordingly.

3. Details

Pursuant to Article 73 paragraph 1a sentence 1 of the Exchange Rules, orders that aim at stabilising the price of securities pursuant to Article 5 paragraph 4 of Regulation (EU) 596/2014, must be marked. Details will be defined by the Management Board, § 73 paragraph 1a sentence 2 of the Exchange Rules.

Each stabilisation order must be uniquely marked by entering a personal user ID that starts with the letter combination "IPO".

Where several exchange traders enter stabilisation orders, each exchange trader has to be assigned their own user ID with the letter combination "IPO". For example, personal user IDs could be set up as follows: "IPO001", "IPO002", "IPO003" etc.


Further information

Recipients:

All Xetra® Members and Vendors

Target groups:

Traders, Nominated Persons, General

Contact:

client.services@deutsche-boerse.com

Web:

 

www.xetra.com

Authorised by:

Cord Gebhardt, Michael Krogmann


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