Trading models

Trading models

Xetra® is the reference market for exchange trading in German shares and Exchange Traded Funds (ETFs). No other exchange in the world achieves greater turnover at fairer market prices in these securities.
More than 90 per cent of all trading in shares at all German exchanges and about 30 per cent of trading in ETFs in Europe is transacted through Xetra. With regard to DAX® listings, Xetra even has more than 60 per cent market share throughout Europe.
Price discovery on Xetra follows clearly defined and transparent rules. Market participants, who opt for the trading venue Xetra, profit from highest liquidity and fair prices of a great market.

Continuous Trading with Auctions

Deutsche Börse Xetra Technology

The Market Model defines the principles of order matching and price determination as implemented for the trading venue Xetra. This includes available trading models, the prioritization of orders, the different order types and the transparency level, i.e. the type and the extent of information available to market participants during trading hours.

Liquidity through Designated Sponsors

Trader picture

Banks and securities firms admitted to trading at Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange) act as Designated Sponsors, increasing the shares’ liquidity by offering to buy and sell equities, thereby improving the price quality of supported equities.

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

An instant update of the Market Status requires an enabled up-to date Java™ version within the browser.