Xetra EnLight: Extension to trades below large-in-scale thresholds

Release date: 25 Jun 2020

044/2020 Xetra EnLight: Extension to trades below large-in-scale thresholdsXetra Circular 044/20

1. Introduction

With T7 Release 7.1, Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange) introduced the Request for Quote (RFQ) functionality Xetra EnLight for trades in shares, ETFs and ETPs above the large-in-scale thresholds. As of 30 June 2020, with T7 Release 8.1, Participants will be able to conclude trades in Xetra Enlight also below the large-in-scale thresholds.

Production start: 30 June 2020

2. Required action

Participants who wish to register for securities as regular Respondents or Smart Respondents in Xetra EnLight may register one trader ID per share as a Respondent. Participants who have not registered a trader ID as a regular or Smart Respondent will not be able to receive price requests and consequently will not be able to enter quotes.

In case several traders should be able to send quotes in response to requests from participants, their trader IDs must be set up together in a group as Head Traders. Price requests are sent to all Head Traders in the group of the registered trader ID. All Head Traders in the group can send, change and delete quotes. It is transparent which trader ID has made the respective entry.

Registration as Respondent is done in the Cash Market Member Section on the Xetra website www.xetra.com under the path: 

eListing > Xetra EnLight

3. Details

With Xetra EnLight, FWB offers an on-exchange price request functionality ("Request for Quote", RFQ) in the cash market. Participants can execute trades in shares, ETFs and ETPs via Xetra EnLight in a dedicated RFQ workflow. Xetra EnLight thus enables Participants to take advantage of Deutsche Börse Group's full range of services, from trading and clearing to settlement, reporting (transaction reporting) and post-trade transparency (trade reporting).

Currently, transactions can only be concluded above the large-in-scale thresholds. As of 30 June 2020, Participants will be able to trade transactions with the following minimum sizes via Xetra EnLight:

  • ETFs and ETPs:      EUR 100,000
  • Shares and others: no minimum size

In accordance with the MiFID II/MiFIR requirements, quote entries in Xetra EnLight are made pre-trade transparent. For quotes above the large-in-scale thresholds, the corresponding pre-trade transparency waiver will continue to be applied.
 

Further information

Recipients:

All Xetra® Members and Vendors

Target groups:

Traders, Nominated Persons, General

Contact:

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

Web:

 

www.xetra.com

Authorised by:

Martin Reck, Markus Ernst (on behalf of the Management Board)


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