Designated Sponsors in equities: Extension of the rating by passive market share - Prolongation of the pilot phase

Release date: 28 Jan 2020

006/2020 Designated Sponsors in equities: Extension of the rating by passive market share - Prolongation of the pilot phaseXetra Circular 006/20

1.    Introduction

In Xetra circular 072/19, the existing rating concept has already been extended in a pilot phase by the introduction of a "+" sign, when a passive market share is reached.

With this circular, we would like to inform you that this pilot phase for extending the Designated Sponsor rating will be prolonged until 31 March 2020.

2.    Required action

There is no special action required by Designated Sponsors.

3.    Details of the pilot phase

According to the new rating concept, Designated Sponsors receive a "+" sign for the individual rating, provided a passive market share in the registered share has been achieved, depending on the liquidity class as follows:

Liquidity Class 1 = min. 2 percent
Liquidity Class 2 = min. 5 percent
Liquidity Class 3 = min. 10 percent

The quarterly rating will be extended by a “+” sign if the Designated Sponsor fulfilled the passive market share in 90 percent of the equities covered in the quarterly rating.

Equities assigned to Liquidity Class A (“High Liquids”) and foreign equities traded in the Quotation Board segment are exempt from this measure.

The sign “+” has been introduced for the first time during a two-month pilot phase which will be prolonged until 31 March 2020. The reasons for the prolongation of the pilot phase are the adjusted minimum requirements for the maximum spread and the minimum quotation volume, which will only be introduced on 4 February 2020, and not on 1 November 2019, as originally planned. Please refer to Xetra Circular 085/19 for further details to the amended minimum requirements.

This will enable Designated Sponsors to further adapt their trading behaviour to the new requirements.

For further information regarding the Designated Sponsor rating concept, please refer to the “Designated Sponsor Guide” on the Xetra website under the following link:

Trading > Trading models > Liquidity through Designated Sponsors > Further information > Designated Sponsor Guide

Recipients:All Xetra® Members and Vendors
Target groups:Designated Sponsors, Traders, Technical Contacts, System Administrators , T +49-69-211-1-36 45
Related circulars:

Xetra circular 072/19
Xetra circular 085/19

Authorised by:Martin Reck, Dagmar Wojcik

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