The goal of the Xetra Liquidity Provider Programme is to further enhance liquidity on the exchange trading place Xetra. It incentivises the provision of liquidity at visible best bid or offer in continuous trading of pre-defined instruments on Xetra. With this programme, Deutsche Börse AG grants Liquidity Providers which contribute defined levels of liquidity a partial or full refund on Xetra transaction fees for passively executed orders and quotes.

Since its launch in October 2016, the programme has further improved order book quality for DAX shares on Xetra. A study from the Goethe University Frankfurt, published in May 2017, also shows the positive effects of the programme on liquidity and market share.

With effect from 2 September 2019, additional to DAX shares, MDAX shares were included in the Xetra Liquidity Provider Programme for a pilot phase until 28 February 2020 (please also see Xetra Circular 061/19). After the end of the pilot phase, the MDAX shares will remain in the Xetra Liquidity Provider Programme as of 1 March 2020 until further notice (see Xetra Circular 003/2020).

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