Introduction of Global Fashion Group S.A. in Xetra trading on 2 July 2019

Release date: 25 Jun 2019

057/2019 Introduction of Global Fashion Group S.A. in Xetra trading on 2 July 2019Xetra Circular 057/19

Subject to the issuer’s admission to the Regulated Market (Prime Standard), we hereby inform you about the procedure for the first price determination on trading venue Xetra (MIC: XETR) for shares of Global Fashion Group S.A. on 2 July 2019.

The following trading parameters will apply:

Trading model: Continuous Trading

Instrument name                     Short code                                 ISIN   Product Assignment Group

Global Fashion Group S.A.




Pre-trading on the first trading day will start at around 07:30 CEST. The call phase for the first auction (Opening Auction - Opening Auction Call; display in Xetra: “OpnA”) will start at 09:00 CEST and will last at least 15 minutes. Consequently, the first price determination in Xetra trading will take place not earlier than 09:15 CEST.

This will be a normal Opening Auction with the following information:

During the Opening Auction Call Phase, if the order book is crossed, the indicative auction price, auction volume and auction surplus (volume and side) will be displayed.
If the order book is not crossed during the Opening Auction Call Phase, the best bid limit and the best ask limit with their respective volumes will be displayed.

Directly after the Opening Auction, Continuous Trading will follow.

Please note the following special procedures:

  • Prior to the first price determination, the allocation price will be displayed as reference price (in Xetra: “LstPrc”).
  • Orders entered with trading restriction “OAO” (Opening Auction only) will only be considered in the first auction of the exchange trading day, i.e. in the first price determination for the shares. Orders entered with trading restriction “AOO” (Auction only) will be considered in the opening auction, the intraday auction and the closing auction.
  • The usual safeguards in Xetra (MIC: XETR) will also be applied in the Opening Auction. Therefore, a volatility interruption may occur following the Auction Call Phase.
  • The intraday auction starts at 13:00 CEST and takes at least two minutes.
  • If an exceptional number of orders is executed in any one auction, it may lead to delays in processing confirmations.
  • Moreover, the “Market Model for the Trading Venue Xetra®” applies.

Please also consider the information given in the attachment:

  • Schedule for the first price determination for shares on Xetra (MIC: XETR)

Recipients:All Xetra® Members and Vendors
Target groups:Traders, Security Administrators
Contact:Xetra Trading Helpline, T +49-69-211-1 14 00
Authorized by:(on behalf of the Management Board) Steffen Weyel, Christopher Turba

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