Xetra (trading system)

Xetra (Market Identifier Code: XETR) is a trading venue operated by the Frankfurt Stock Exchange based in Frankfurt, Germany.

In 2015, 90 percent of all trading in shares at all German exchanges was transacted through the Xetra trading venue. With regard to DAX listings, Xetra has 60 per cent market share throughout Europe.^[1] Trading times on trading days are from 9.00 a.m. to 5.30 p.m.^[2] The prices on Xetra serve as the basis for calculating the DAX, the best-known German share index.

Over 200 trading participants from 16 European countries, plus Hong Kong and the United Arab Emirates, are connected via Xetra servers in Frankfurt am Main.^[3]

Given the high turnover (market liquidity) on the Xetra trading venue, orders for securities are executed swiftly and at prices in line with the market. Moreover, this principle is supported by Designated Sponsors^[4] who post binding purchase and selling prices (quotes) on a continuous basis and thus ensure additional liquidity and fair prices.

As all the exchange trading is transacted electronically, there can be partial execution of orders on the Xetra trading venue. However, banks and online brokers do not face additional transaction costs for same-day partial executions and therefore most of them do not bill their clients additionally for partial executions.

All listings are in euro including shares of secondary listings from issuers whose primary listing is in an other currency than the euro.