MiFID II and MiFIR

MiFID II and MiFIR Amendment to the EU Markets in Financial Instruments Directive

Best execution

On 3 January 2018, the Markets in Financial Instruments Directive II (Directive 2014/65/EU on markets in financial instruments or “MiFID II”) entered into force, bringing further changes in the trading landscape of the European Union. The impact is significant in the Best Execution area, introduced with the first MiFID. Changes and additional requirements are detailed in Article 27 of MiFID II (Obligation to execute orders on terms most favourable to the client) and the Commission Delegated Regulation (EU) 2017/575 (formerly RTS 27 - Best Execution) for trading venues and the ESMA Questions and Answers on MiFID II and MiFIR investor protection topics. 

To control Best Execution but also to support investment firms in acting in compliance with this obligation, MiFID II requires trading venues and systematic internalisers to publish data relating to the quality of execution of transactions (Art. 27(3), MiFID II) for financial instruments subject to the trading obligation in Art. 23 and 28 Regulation (EU) No 600/2014 (MiFIR) and for other financial instruments which are not subject to the trading obligation in Art. 23 and 28 Regulation (EU) No 600/2014 (MiFIR). Following RTS 27, execution venues should submit separate reports corresponding to segments that operate different order books or that are regulated differently or use different market identifiers.

FWB defines the market segments for its trading venues Xetra® and Börse Frankfurt including Börse Frankfurt Zertifikate (collectively referred to as: Deutsche Börse Cash Market) on the basis of the segment MIC (Market Identifier Code) and provides reports for: XETA-Xetra Regulated Market, XETB-Xetra Open Market, FRAA-Börse Frankfurt Regulated Market, FRAB-Börse Frankfurt Open Market.

Please find our best execution reports here.

Market Status

XETR

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Parts of the trading system are currently experiencing technical issues

The trading system is currently experiencing technical issues

Xetra newsboard

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 Xetra webpage under Technology --> T7 trading architecture --> 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.


Emergency procedures


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