====== Deutsche Börse (Xetra) ======

Xetra is the primary equities market in the Deutsche Börse Group.

[[http://www.xetra.com/xetra-en/ | Homepage]]
 
Currency: Euro (EUR)

[[http://www.xetra.com/xetra-en/newsroom/trading-calendar | Trading Calendar & Trading Hours]]

==== Order Types ====

  * Limit Buy/Sell→ShortSell (Day/IOC)
  * Market Buy/Sell→ShortSell (Day)


==== Basic Market Rules ====
  * Lot Size: 1 share (set to 100 shares in PPro8).
  * Tick Size: varies by price and security type, as defined on the [[https://www.xetra.com/xetra-en/trading/trading-models/trading-parameter-tick-size/Trading-Parameters-Tick-Sizes-26710 | Trading Parameters & Tick Sizes]] page. Tick sizes for most equities are as follows:

^ Price Range (Euro) ^ Tick Size (Euro) ^
| 0 to 9.999 | 0.001 |
| 10 to 49.995 | 0.005 |
| 50 to 99.99 | 0.01 |
| 100 and greater | 0.05 |

  * Short Sale Rules: naked short selling is prohibited; locate is required.
  * Circuit Breakers: Xetra has [[https://www.xetra.com/xetra-en/trading/protective-mechanisms|protective mechanisms]] in place during the auction and continuous trading phases.

==== Auction Mechanisms ====

=== Open ===

The opening auction occurs at 8:50. The mechanism is similar to the closing auction which follows call, price determination, and order execution phases.

=== Close ===

The closing price is defined by the following closing mechanism.

**Auction** means an auction conducted in a trading platform with respect to qualifying orders pursuant to the following process:

  * a) Call Phase: all orders to be executed during the closing auction participate in the price determination, irrespective of time or size
  * b) Price determination occurs with all executable orders established during the call phase of the closing auction
  * c) All non-executed or partially executed market, limit, and market-to-limit orders with a limit assigned are transferred to the next trading day according to their validity
  * d) The closing auction price cannot be determined if there are no executable orders, in which case the best bid/ask limit is published

**Auction Periods**

1. **Regular Trading Hours** (09:00 - 17:30)
  * Bids and offers tagged as "closing auction only" may be entered, amended, and cancelled until the end of day closing auction
   * Continuous trading occurs
   * No closing orders are matched

2. **Intraday Auction Times**
  * Stocks on the DAX and TecDax: 13:00 - 13:02
  * Stocks on the MDAX and SDAX: 13:05 - 13:07
  * STOXX, ETF/ETC/ETN: 13:10 - 13:12
  * All other shares: 13:15 - 13:17

3. **Closing Auction** (17:30 - 17:34:45)
   * Bids, offers, and market orders may only be entered and not cancelled
   * No orders will be matched

4. **Uncross** (17:34:50)
  * Closing orders will be matched

**Order Types:** Limit, Market, and Market-on-Close orders are eligible to participate during the closing auction.

===== See Also =====
  * [[market_guides|Market Guides]]