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REGULATED MARKET for HIGHLY LIQUID TRADING Liquid

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REGULATED MARKET for HIGHLY LIQUID TRADING Liquid Xetra. The market. REGULATED MARKET FOR HIGHLY LIQUID TRADING Liquid. Regulated. Reliable. XETRA: BENEFITS 2 There are many things that make Xetra the ideal trading venue for investors worldwide: maximum liquidity, low transaction costs and maximum security. Plus the people who make sure this will still be the case tomorrow. XETRA: BENEFITS 3 TRADE ON THE NUMBER 1 VENUE FOR GERMAN EQUITIES Welcome to Xetra, the undisputed number 1 in Europe for German equities trading and – with a network spanning 18 countries – one of the world’s leading trading venues. Not only does Xetra® host over 200 of asset classes. Many also praise Xetra’s Xetra – all benefits at the most important trading players on the gapless service chain and efficient a glance: European capital market, it is also the straight-through processing, while still • high trading volumes for reference market for fixing the prices of others see the central counterparty, German equities German securities at many other trading which plays a crucial role in risk man- • low transaction costs venues. agement, as a very important factor. • international network of participants from Xetra: one trading venue – many But all of them swear by the trading sys- 18 countries benefits tem’s secure technology, which ensures • diversified product range If the around 4,000 traders on Xetra were that Xetra is not only fast but also ex- comprising equities, ETFs, asked why this venue is so successful tremely stable and reliable – with system ETNs and ETCs one would hear a wide range of answers. availability of nearly 100 per cent. • transparency of a Many would definitely point to the high regulated market liquidity and the resulting extremely low As you can see, there are many different • lower risk and anonymity transaction costs, while others would reasons why you should opt for Xetra. thanks to the central list the benefits of this regulated market: But ultimately, taken together they are: counterparty equal access for all, a stronger interna- an absolutely compelling proposition. • reliable, stable systems tional competitive position and absolute • integrated process pre- and post-trade transparency. chain ranging from trading through clearing Many members value the flexibility of the to settlement various trading services designed to support different customer groups and XETRA: THE REFERENCE MARKET 4 HIGHLY LIQUID AND INTERNATIONAL Xetra is the reference market for exchange trading in German equities and exchange-traded funds. Xetra® has the most liquid offering of handled on Xetra. Xetra prices are also German equities, exchange-traded funds used as the basis for calculating Germany’s (ETFs), exchange-traded commodities most famous stock index, the DAX®. Xetra (ETCs) and exchange-traded notes (ETNs) accounts for around 60 per cent of the of all exchanges in Europe. The average European market for DAX stocks and is the monthly trading volume is over €125 bil- clear European market leader in exchange lion. This high volume ensures that orders trading of ETFs, with a market share of are executed rapidly, in full and at fair just under 33 per cent. market prices. In total, more than 80 per cent of all equi- ties trading on all German exchanges are European markets Market share/turnover for European ETF segments (2015)1) 10.6 % (€61.8 billion) 32.5 % (€188.9 billion) Other Deutsche Börse 9.8 % (€56.8 billion) SIX Exchange 15.8 % (€91.5 billion) LSE 14.1 % (€82.1 billion) 17.2 % (€100.2 billion) Borsa Italiana Euronext 1) Measured by on-exchange order book turnover Sources: FESE, Borsa Italiana, Bloomberg, January – December 2015 We define liquidity as the tightest possible spreads, resulting from a heteroge neous order flow. Maximum liquidity and a diversified offering make the Xetra reference market extremely attractive for you – regardless of whether you are trading securities or issuing them. XETRA: THE REFERENCE MARKET 6 A BROAD SECURITIES OFFERING Securities traded on Xetra: over 1,000 equities over 1,400 ETFs, ETCs and ETNs Trade the most liquid equities Passive investment instruments: ETFs Eight good reasons to trade More than 1,000 German and interna- ETFs adopt a passive investment strategy ETFs on Xetra: tional equities can be traded on Xetra®, with the aim of reproducing a reference 1. the largest range of including German blue chips from the index as precisely as possible. Xetra products in Europe DAX®, MDAX®, SDAX® and TecDAX® offers a broad range of ETFs on national 2. order book volumes for indices and stocks contained from two and international equities indices, bond benchmark ETFs European indices, the EURO STOXX 50® and real estate indices, and commodities 3. maximum price transpar- and the STOXX® Europe 50. and strategy indices. XTF Exchange ency due to indicative net Traded Funds® is the name of the trading asset value (iNAV®) And Xetra goes even further, providing segment for actively and passively man- 4. low total transaction costs a broad selection of more than 1,400 ex- aged ETFs on the Xetra trading venue. 5. narrow bid-ask spread change-traded funds (ETFs), exchange- Special rules for issuers participating in 6. maximum liquidity in traded commodities (ETCs) and exchange- the XTF segment guarantee a high degree continuous trading traded notes (ETNs). of transparency and quality standards. 7. maximum risk diversification for a single investment 8. a wide range of trading strategies Development of the ETF segment 2002 – 2015 1,166 1,015 1,037 1,044 900 351.6 761 286.3 547 399 229.6 206.0 278 165.3 171 156.4 59 77 55 54 120.5 82.1 64.3 47.6 26.9 16.4 5.1 9.9 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Number of ETFs Assets under management in € billion Source: Deutsche Börse AG, as of December 2015 XETRA: THE REFERENCE MARKET 7 Invest successfully in commodities: Focus on performance with ETNs You can download a handy CSV ETCs Exchange-traded notes (ETNs) are file of all securities tradable Exchange-traded commodities (ETCs) structured as tradable bonds, just like on Xetra from the “Instruments” track the performance of an underlying exchange-traded commodities (ETCs). section at xetra.com. commodity, of commodity futures or of a However, they track the performance of commodities index. They are traded con- an underlying reference index other tinuously on Xetra®. This gives inves tors than a commodities index. ETNs provide rapid, transparent access to the key com- in vestors with cost-effective exposure modities without having to buy futures to a new asset class such as currencies or physically source commodities. or volatility and increase the diversifica- tion of portfolios. Deutsche Börse’s Xetra-Gold® offers a bearer bond that grants the investor At Deutsche Börse, ETCs and ETNs are the right against the issuer to demand known collectively as exchange-traded the delivery of gold. Xetra-Gold tracks products (ETPs). the gold price almost exactly and is traded in euros per gram. XETRA: TEILNEHMERNETZWERK 8 XETRA: PARTICIPANT NETWORK 9 THE INTERNATIONAL TRADING VENUE As a trading participant, you are part of a strong network of more than 200 participants from 18 countries, including the United Arab Emirates and Hong Kong. In this way, Xetra® provides you with access from the fair prices offered by a leading on equal terms to professional investors trading venue on which price fixing follows across the world. What is more, Xetra’s clearly defined, transparent rules. order book includes orders placed by pri- vate investors. The liquidity gain from this Regulated, controlled exchange trading consolidation of all market participants ensures integrity and stability for all is a real benefit for all investors – and a participants – an invaluable advantage mark of quality that sets Xetra apart from compared to unregulated off-exchange other exchanges. In addition, you benefit trading. Trading participants admitted to trading on the Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange) Europe: Germany (98) Austria (7) Belgium (2) Bulgaria (2) Cyprus (1) Czech Republic (2) France (8) Hungary (3) Ireland (3) Italy (4) Luxembourg (1) Netherlands (18) Spain (5) Sweden (1) Switzerland (8) United Kingdom (36) Worldwide: United Arab Emirates (1) Hong Kong (3) XETRA: TRADING MODELS AND SERVICES 10 TRADING MODELS THAT MEET INDIVIDUAL NEEDS Xetra has a variety of highly efficient trading models to meet your needs. The term “trading model” describes the depending on the order situation. A secu- More information at: process from when an order is placed rity must be listed in continuous Xetra® xetra.com > tradingmodels to the trade closing. Among other things, trading before it can be included in one of models vary in terms of the number of Deutsche Börse's selection indices. participants involved, the level of transpar- ency or the criteria used to prioritise or- Reference price trading ders, and can be used for a wide variety Reference price trading is an order-driven of applications. mechanism for continuous trading at the midpoint of the reference market. This en- Auction ables large orders that could lead to sharp In an auction, all orders received are col- price movements if they were visible on lected to bundle liquidity at a certain point the market to be executed without moving in time and then determine the auction the market. price in line with the principle of the high- est executable volume. Auctions are used, Price optimisation model for example, to fix the prices of less liquid This trading model is a quote-driven model traded securities, to fix the first and last for continuously internalising orders that price at the beginning or end of the trading also offers an improved price compared day (opening and closing auctions) or as with the reference market.
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