Protective mechanisms in auctions

Protective mechanisms in auction

A volatility interruption is initiated if the potential auction price at the end of the call phase lies outside the dynamic and/or static price range. Volatility interruptions in an auction are indicated to the market participants.

A volatility interruption initiates a limited extension of the call phase, allowing market participants to enter new orders as well as to modify or delete orders in the order book. After a minimum duration, the call phase in general ends randomly. However, if the potential execution price lies outside of a defined range, which is wider than the dynamic price range (extended dynamic price range), the call will be extended until the volatility interruption is terminated manually according to FWB exchange rules.

In an opening auction this extended volatility interruption will be ended automatically once there is no longer an executable order book situation.

All non executed or partially executed market and limit orders are transferred to the next possible trading form according to their order sizes and trading restrictions.

Market Status




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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