On 27 February 2026, annual transparency calculations for equity instruments were published by ESMA. They shall apply from Tuesday, 7 April 2026 until 4 April 2027.
Because of the update, the tick size determined for each share and depositary receipt traded on Deutsche Börse Xetra (XETR) and Deutsche Börse Frankfurt (XFRA) might be modified on 7 April 2026, and order deletions might take place in the T7 trading system for XETR.
Results on a per instrument basis are provided in the attached Excel file.
Start of validity: 7 April 2026
End of validity: 4 April 2027
2. Required action
Trading Participants should validate if their orders will be affected by deletions on 7 April 2026, due to the new tick sizes.
3. Details of the initiative
The calculations mainly refer to the following:
Impact on the trading venues Deutsche Börse Xetra (XETR) and Deutsche Börse Frankfurt (XFRA)
Trading venue Deutsche Börse Xetra (XETR, T7 trading system)
On 7 April 2026, with the beginning of the phase “Start of Day“, orders whose limits are not compliant with the tick size of the new liquidity band will be deleted. The deletion will be conducted on a single order basis and the deletion reason will be either “Invalid Limit Price” or “Invalid Stop Limit Price”.
Trading venue Deutsche Börse Frankfurt (XFRA, T7 trading system)
On 7 April 2026, all orders placed on Deutsche Börse Frankfurt will remain in the T7 trading system, even those orders whose limit is not compliant with the tick size of the new liquidity band.
Attachment:
Further information
Recipients: | All Trading Participants of Frankfurt Stock Exchange (Frankfurter Wertpapierbörse, FWB®) and Vendors | |
Target groups: | Traders, Technical Contacts, Security Administrators, Nominated Persons, General | |
Related circulars: | Deutsche Börse Circulars 024/19, 028/19, 071/19, 021/20, 020/21, 011/22, 014/23, 011/24, 013/25 | |
Contact: | client.services@deutsche-boerse.com | |
Web: | ||
Authorized by: | Melanie Dannheimer, on behalf of the Management Board: Christoph Weigel |
Market Status XETR ⓘ
XETR
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 webpage under Data & Tech > Information Channels > 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.
An instant update of the Market Status requires an enabled up-to date Java™ version within the browser.