1. Introduction
The planned production start for the announced Self-Match Prevention (“SMP”) Enhancements is 1 December 2025. The introduction is subject to the approval of the Exchange Council of Frankfurter Wertpapierbörse (“FWB®”) to the Exchange Rules for the Frankfurter Wertpapierbörse.
2. Participation requirements
Trading Participants are encouraged to test different SMP Cross Match Instructions in the simulation environment to ensure readiness.
3. Details of the initiative
As outlined in Xetra Circular 018/25 for the T7 Release 14.0, the SMP Enhancements will be activated in the Production environment on 1 December 2025. The introduction is subject to the approval of the Exchange Council of Frankfurter Wertpapierbörse (“FWB”) to the Exchange Rules for the Frankfurter Wertpapierbörse.
Starting 1 December 2025, FWB will enhance the SMP processing to support different Cross Match Instructions in case an SMP event was detected and needs to be resolved. A trader will be enabled to define an SMP Cross Match instruction when entering an order or quote and the incoming aggressive order or quote will set the SMP deletion context in case of an SMP event. The following SMP Cross Match Instructions will be supported:
The new default SMP Cross Match instruction will be “Cancel Passive” as of 1 December 2025, if no specific instruction is provided with the order by the entering trader.
Further information
Recipients: | All Xetra Trading Participants and Vendors | |
Target groups: | Traders, Technical Contacts, System Administration, Nominated Persons, General | |
Contact: | client.services@deutsche-boerse.com | |
Related circular: | Xetra Circular 018/25 | |
Web: | ||
Authorized by: | On behalf of the Management Board: Christian Schürlein, Lukas Neumann |
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