Xetra is a fully electronic pan-European trading platform for cash market trading in equities, exchange-traded funds (ETFs), exchange-traded products (ETPs), mutual funds, bonds, warrants, certificates and subscription rights.
The Xetra trading system, owned and operated by Deutsche Börse AG and introduced in 1997, was designed to facilitate automated trading at the Frankfurt Stock Exchange. Today, the Xetra network connects participants in 18 countries, providing access to approximately 900,000 German and international securities.
Continuous trading of equities, ETFs, exchange-traded commodities (ETCs) and exchange-traded notes (ETNs) is conducted on Xetra from 9:00 a.m. to 5:30 p.m. (CET), and is complemented by opening and closing auctions.
Orders are matched in the open Xetra book and executed on a price-time priority basis. Xetra offers rebates on volume executed to liquidity providers that achieve a certain percentage of trading volume, and a transparent fee schedule that separates out trading, clearing and settlement fees. Transaction fees are based on the value of an executed order, and no fees are assessed for placing, changing or deleting an order.
Eurex Clearing AG guarantees secure settlement of trades, while Clearstream Banking AG, Frankfurt/Main, the German central securities depository (CSD), conducts final settlement of the balance.