Xetra Trade-at-Close (TaC)

Xetra Trade-at-Close (TaC) Trade at closing auction price after market close

Xetra Trade-at-Close is a post close trading service on Xetra (MIC Code: XETR) launched in November 2020. It gives participants and investors the opportunity to trade after the closing auction at the official closing auction price.

Xetra TaC in a nutshell

  • Enabled for all instruments on Xetra (bluechip shares, mid- and small-cap shares, ETFs and ETPs).
  • Xetra TaC trading phase commences immediately after the end of the closing auction. The session is triggered only if the closing auction ended with a successful price determination and with positive turnover.
  • Xetra TaC lasts a maximum of 10 min.
  • Only opted in orders can participate in Xetra TaC.
  • Market orders and limit orders with a price better than or equal to the closing price can participate in TaC.
  • Orders participating in TaC are either non-executed orders transferred from the closing auction or new orders entered during TaC.
  • During the session matching takes place continuously at a fixed and single price with time priority.
  • Xetra TaC offers full pre and post trade transparency with immediate publication of executed transactions.
  • Xetra TaC does not require any additional connectivity and no additional cost compared to the existing trading phases on Xetra.

Trading members are able to opt into TaC for the whole order flow on Trader ID level or on order by order basis. The initial default setting for all orders on a Trader ID level is opt out. Note that that ETI New Orders Single (short message) do not have order level flagging.

Video on Trade-at-Close: A short description of Xetra’s post close session

Xetra Trade-at-Close (TaC)

 

Market Status

XETR

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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.

Please find further information about incident handling in the Emergency Playbook published on the Xetra webpage under Technology --> T7 trading architecture --> Emergency procedures. Detailed information about incident communication, market re-opening procedures and best practices for order and trade reconciliation can be found in the chapters 4.2, 4.3 and 4.5, respectively. Concrete information for the respective incident will be published during the incident via newsboard message

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


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