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  • XB (Price Addendum)
    A price addendum is a code that is added to the price in floor trading. It states in what way the respective order situation is to be taken into account as the price is fixed. This information is part of the tick data.

    XB as a price addendum indicates that the order was executed within the scope of Xetra BEST. Xetra BEST exclusively handles orders from private investors. These orders are executed immediatedly and at a better price than in the current Xetra order book.

    Private investors have the possibility to track all Xetra BEST trades from the previous 5 days, and compare the "improved" Xetra BEST prices with those available in the Xetra orderbook at the time of execution.
  • Xetra
    Around 320 European banks and securities trading houses currently (January 2004) use the Xetra® (Exchange Electronic Trading) system to trade the full range of shares listed on FWB® Frankfurter Wertpapierbörse and more than 10,000 warrants. Xetra is available between 9.00 a.m. and 17.30 p.m. Buy and sell orders placed by licensed brokers throughout the world are compared in a central computer and automatically executed when the number of shares and price are found to match. Designated Sponsors provide for additional liquidity during trading.

    Xetra currently accounts for 75 percent of exchange turnover in German shares. In the case of the 30 DAX® blue chips, Xetra's market share comes to more than 95 percent.
  • Xetra Liquidity Measure (XLM)
    As a rule, the more liquid a market/transaction, the lower is its implicit transaction cost. The Xetra Liquidity Measure (XLM) measures liquidity and expresses the implicit transaction costs as a  single figure. These costs are calculated as monthly average of a minute-by-minute created hypothetical order without limit. At each point in time a theoretical, fair price is set, which ranges exactly between the best bid and the best ask order. The difference between this average price and the average execution price of the hypothetical order amounts to the implicit transaction costs. The larger the difference, and thus the XLM, the lower is the liquidity of a security.
  • Xetra Stars
    Xetra® Stars bundles the leading European and American shares in a special segment, making them avaiable for trading on the fully electronic trading system Xetra.

    Currently, Xetra European Stars includes all European blue chips of the Dow Jones Euro STOXX 50 Index ? with the exception of those from Italy and Spain. With the expansion of Xetra Dutch Stars, all additional shares in the Dutch AEX 25 blue-chip index are now continuously tradable on Xetra. Xetra US Stars comprises all shares of the Dow Jones Industrial Average, Standard&Poor`s 100, Nasdaq 100 and Dow Jones Global Titans 50.
  • Xetra Top Liquids
    The Xetra® Top Liquids are determined by means of the Xetra Liquidity Measure (XLM). The XLM is stated in basis points (100 basis points = 1 percent). It corresponds to the relative market impact costs for the so-called roundtrip (simultaneous buying and selling of a position) at a given order size.


    An XLM of 10 basis points at an order size of €25,000 means that the market impact costs for buying and selling this share amount to €25. Deutsche Börse AG publishes the Xetra Top Liquids, which are based on the previous trading day respectively, on a daily basis.
    XONTRO supports the entire trading process from electronic order routing and broker-supported price fixing through to the execution and settlement of the trade. It enables trading in all exchange-listed national and international securities.
  • XTF Exchange Traded Funds
    Deutsche Börse supports trading in ETF®s by providing the regulatory framework as well as the necessary systems and information. ETFs, or Exchange Traded Funds, are no-load mutual funds offered by investment companies. Because share prices are quoted throughout the trading session in Xetra and on the floor, the funds can be traded like individual stocks. Designated Sponsors ensure sufficient liquidity in these funds in the Xetra system. To be admitted to XTF, the fund must be listed in Amtlicher Markt (Official Market) or Geregelter Markt (Regulated Market).

    Two types of funds are eligible for trading in XTF®: index funds and actively managed funds. To maximize the transparency of the new segment, Deutsche Börse regularly supplies information providers and financial institutions with the most recent data on the funds and the performance of the respective benchmark. This information is also available in the Internet at

    Market Overview Funds All ETFs All Xetra Active Funds