Deutsche Börse Xetra is the reference market for trading in DAX® listed blue chips. No other exchange in the world achieves greater turnover at fairer market prices in these securities. With regard to DAX listings, Xetra even has nearly 70 per cent market share throughout Europe.
The following table shows the liquidity of DAX listed blue chips in Xetra trading. It is based on the Xetra Liquidity Measure (XLM), which captures the liquidity of traded shares using implicit transaction costs, thus providing investors with a useful tool to objectively estimate the cost of trading. The XLM also allows for comparison and transparent analysis of individual securities' liquidity.
DAX shares with related XLM
| Instrument | ISIN | Roundtrip | Buy | Sell |
|---|---|---|---|---|
| SIEMENS AG NA O.N. | DE0007236101 | 2.9 | 1.5 | 1.4 |
| SAP SE O.N. | DE0007164600 | 3.2 | 1.6 | 1.6 |
| ALLIANZ SE NA O.N. | DE0008404005 | 3.4 | 1.7 | 1.6 |
| SIEMENS ENERGY AG NA O.N. | DE000ENER6Y0 | 3.6 | 1.7 | 1.8 |
| DEUTSCHE BANK AG NA O.N. | DE0005140008 | 3.9 | 2.0 | 1.9 |
| MERCEDES-BENZ GRP NA O.N. | DE0007100000 | 4.0 | 1.9 | 2.0 |
| INFINEON TECH.AG NA O.N. | DE0006231004 | 4.5 | 2.2 | 2.3 |
| BASF SE NA O.N. | DE000BASF111 | 4.9 | 2.5 | 2.4 |
| DT.TELEKOM AG NA | DE0005557508 | 4.9 | 2.5 | 2.4 |
| BAYER AG NA O.N. | DE000BAY0017 | 5.2 | 2.6 | 2.6 |
| ADIDAS AG NA O.N. | DE000A1EWWW0 | 5.3 | 2.7 | 2.6 |
| AIRBUS SE | NL0000235190 | 5.4 | 2.7 | 2.7 |
| RHEINMETALL AG | DE0007030009 | 5.7 | 2.8 | 2.8 |
| VOLKSWAGEN AG VZO O.N. | DE0007664039 | 5.9 | 3.0 | 2.9 |
| COMMERZBANK AG | DE000CBK1001 | 6.0 | 3.0 | 3.0 |
| BAY.MOTOREN WERKE AG ST | DE0005190003 | 6.3 | 3.2 | 3.0 |
| DEUTSCHE POST AG NA O.N. | DE0005552004 | 6.3 | 3.2 | 3.1 |
| MUENCH.RUECKVERS. NA O.N. | DE0008430026 | 6.4 | 3.2 | 3.2 |
| E.ON SE NA O.N. | DE000ENAG999 | 6.6 | 3.4 | 3.3 |
| HENKEL AG+CO.KGAA VZO | DE0006048432 | 6.8 | 3.3 | 3.5 |
| FRESEN.MED.CARE AG INH ON | DE0005785802 | 6.8 | 3.5 | 3.3 |
| DEUTSCHE BOERSE NA O.N. | DE0005810055 | 6.9 | 3.5 | 3.4 |
| DAIMLER TRUCK HLDG NA ON | DE000DTR0CK8 | 6.9 | 3.5 | 3.4 |
| RWE AG INH O.N. | DE0007037129 | 6.9 | 3.5 | 3.4 |
| SIEMENS HEALTH.AG NA O.N. | DE000SHL1006 | 7.4 | 3.8 | 3.6 |
| HEIDELBERG MATERIALS O.N. | DE0006047004 | 7.7 | 3.8 | 3.9 |
| MTU AERO ENGINES NA O.N. | DE000A0D9PT0 | 8.1 | 4.0 | 4.2 |
| BEIERSDORF AG O.N. | DE0005200000 | 8.3 | 4.0 | 4.3 |
| VONOVIA SE NA O.N. | DE000A1ML7J1 | 8.4 | 4.2 | 4.3 |
| CONTINENTAL AG O.N. | DE0005439004 | 8.9 | 4.5 | 4.3 |
| MERCK KGAA O.N. | DE0006599905 | 9.2 | 4.6 | 4.6 |
| SYMRISE AG INH. O.N. | DE000SYM9999 | 9.5 | 4.7 | 4.9 |
| QIAGEN NV EO -,01 | NL0015002SN0 | 10.0 | 4.9 | 5.2 |
| ZALANDO SE | DE000ZAL1111 | 11.0 | 5.8 | 5.1 |
| HANNOVER RUECK SE NA O.N. | DE0008402215 | 11.9 | 5.9 | 6.0 |
| GEA GROUP AG | DE0006602006 | 13.7 | 7.0 | 6.7 |
| HOCHTIEF AG | DE0006070006 | 14.0 | 7.0 | 7.0 |
| BRENNTAG SE NA O.N. | DE000A1DAHH0 | 14.7 | 7.9 | 6.7 |
| SCOUT24 SE NA O.N. | DE000A12DM80 | 15.4 | 7.9 | 7.5 |
Deutsche Börse provides the XLM on DAX® listed blue chips for the last trading day on a daily basis.
The XLM is given in basis points (100 basis points = 1 per cent) in relation to the relative market impact costs for the so-called roundtrip (simultaneous purchase and sale of a position) for a given order volume. An XLM of 10 basis points and an order volume of €25,000, for example, mean that the market impact costs for the purchase and sale of this share totalled €25.
Detailed explanations can be found in the article “The Market Impact – Liquidity Measure in Electronic Securities Trading”.
Market Status XETR ⓘ
XETR
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