1. Introduction
We hereby inform you about an upcoming adjustment to the "Continuous Trading with Intraday Auctions" trading model on the Deutsche Börse Xetra trading venue.
By decision of the Management Board of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse), the Auction price without turnover (APWT) model for equities on Xetra will be amended with effect from 7 September 2026.
2. Required action
No further action is required for Trading Participants.
3. Details of the initiative
To enhance market quality and efficiency of the trading venue Deutsche Börse Xetra, the APWT model for equities will be aligned with the methodology already successfully established for ETFs and ETPs. The objective is to ensure more up-to-date reference prices even for less actively traded securities, thereby providing a smoother trading experience.
Currently, for Xetra equities, an auction price without turnover is only possible at the end of the closing auction and within the existing volatility limits (cf. Section 91 (6) sentences 1 and 2 of the Exchange Rules for the Frankfurter Wertpapierbörse (Exchange Rules)).
The deviating model currently in place for ETFs and ETPs (pursuant to Section 91 (6) sentences 3 and 4 of the Exchange Rules) will also apply to equities tradable on Xetra as of 7 September 2026. Accordingly, the auction price without turnover for Xetra equities will additionally be activated in the opening auction and in the intraday auction. Furthermore, the auction price without turnover may also lie outside the existing volatility limits, provided that at least one (and the same) Designated Sponsor provides liquidity on both sides of the order book (in the form of orders or quotes) at the end of the auction call phase and meets the respective minimum quoting requirements for the relevant security.
Further information
Recipients: | All Trading Participants of Frankfurt Stock Exchange (Frankfurter Wertpapierbörse, FWB®) and Vendors |
Target groups: | Traders, Technical Contacts, System Administrators, General |
Contact: | sales.cashmarket@deutsche-boerse.com |
Web: | www.cashmarket.deutsche-boerse.com |
Authorized by: | Michael Krogmann, on behalf of the Management Board: Lukas Neumann |
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.