Xetra EnLight

Xetra EnLight

With Xetra EnLight, Frankfurt Stock Exchange offers an on-exchange request-for-quote (RFQ) functionality for off-book trading in the cash market. Via Xetra EnLight, members can execute trades in equities, ETFs and ETPs through an RFQ workflow. Xetra EnLight enables members to leverage the full range of Deutsche Börse Group’s service offering: from trading to clearing to settlement, transaction reporting and post-trade transparency (trade reporting).

The most important advantages of Xetra EnLight at a glance:

  • Trading from 09:00 to 17:45 CET for equities, ETFs and ETPs
  • Optimized on-exchange off-order book price formation
  • Cost-effective straight-through processing, clearing and settlement of all transactions. Central counterparty (CCP) clearing provides settlement netting of both on- and off-order book transactions, management of late deliveries and client asset protection services.
  • Pre- and post-trade transparency fully compliant with MiFID II, including best execution requirements: automated trade reporting, deferred trade publication and audit trail availability
  • AutoEx functionality allows for automated RFQ executions based on user-defined rule sets.
  • Trading is monitored by Trading Surveillance Office to protect users from abusive market practices.
  • Low transaction fee of 0.01 bps capped at €5 (min. €0.50)

Registered Xetra EnLight Respondents

EnLight Respondent



Flow Traders B.V.


M.M. Warburg & CO (AG & Co.)


Stifel Europe Bank AG


Mediobanca Banca di Credito Finanziario S.p.A




Optiver V.O.F.


Raiffeisen Centrobank AG


Susquehanna International Securities Ltd.


* The list is updated every month. A daily updated overview can be found here ("SRQS Respondents Assignment List")

Trading parameters for Xetra EnLight as well as information on registering as a Xetra EnLight Respondent (Quote Provider) can be found here.

Short introduction to XetraEnlight (engl. only).


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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