The Subscription Rights Trading service combines the Continuous Trading model with special features. Subscription rights trading differs from trading in shares specifically on the first and last trading day.

The first trading day in a subscription right on Xetra starts with an IPO auction. The end of the IPO auction triggers the first intraday auction. Trading follows the same course after the end of the first intraday trading as that for the underlying security. The course of trading in the subscription right is identical with that of the underlying share in the trading phase of continuous trading in combination with auctions. All orders that have not been executed or only partially executed and are still in the order book on the evening of the penultimate trading day in the subscription right are automatically deleted and have to be re-entered the next (last) trading day to the extent that this is requested.

Subscription rights trading starts at the earliest on the first day of the subscription period, but not before the first working day after publication of the securities prospectus and can extend across the entire subscription period with the exception of the two last exchange trading days of that period.

The type of trading changes on the last trading day in the subscription right. There is one single IPO auction.