Amendments to the Exchange Rules, the Conditions for Transactions and the Trading Regulation for the Regulated Unoffical Market on Frankfurter Wertpapierbörse

1.  Introduction

With this circular, we inform you about

• amendments to the Exchange Rules for the Frankfurter Wertpapierbörse (“Exchange Rules”) by means of the Twenty-sixth Amendment Ordinance to the Exchange Rules for the Frankfurter Wertpapierbörse (“Exchange Rules”), 

• amendments to the Conditions for Transactions on the Frankfurter Wertpapierbörse by means of the Fifteenth Amendment Ordinance to the Conditions for Transactions on the Frankfurter Wertpapierbörse (“Conditions for Transactions”) and

• amendments to the Trading Regulation for the Regulated Unofficial Market on Frankfurter Wertpapierbörse by means of the Ninth Amendment Ordinance to the Trading Regulation for the Regulated Unofficial Market on Frankfurter Wertpapierbörse (“Trading Regulation”).

The rulebook amendments will come into effect on different dates. Please refer to the Attachments for details.

The Amendment Ordinances mentioned above are attached to this circular. The amended rulebooks including the Amendment Ordinances are accessible on the Deutsche Börse website www.cashmarket.deutsche-boerse.com/cash-en/ under the following link: Rules & Regulations

Effective dates: 17 November 2025 and 1 December 2025

2.  Required action

There is no specific action required by the participants.

3.  Details

I.    Amendments to the Exchange Rules

a)   Introduction of Extended Xetra Retail Service

The Extended Xetra Retail Service will be introduced.

The introduction of the Xetra Retail Service laid the foundation for trading offerings aimed at retail investors. This is now being expanded to include the Extended Xetra Retail Service. With the Extended Xetra Retail Service, the Xetra Retail Service will not only be available to Trading Participants during trading hours in the continuous trading intraday auctions trading model (9:00 a.m. to 5:30 p.m.). Rather, in addition to the main trading hours in Continuous Trading with intraday Auctions trading model, early trading (8:00 a.m. - 9:00 a.m.) and late trading (5:30 p.m. - 10:00 p.m.) will be offered in the future.
The Extended Xetra Retail Service will be offered during early and late trading in the new Mini-Auction trading model. As with the Xetra Retail Service, only orders from Retail Member Organisations ("RMOs") and Retail Liquidity Providers ("RLPs") can be executed. In order to participate in the extended Xetra Retail Service, it is necessary to conclude a corresponding contract with Deutsche Börse AG. The prices determined in the Extended Xetra Retail Service are flagged separately.

b)   Expansion of the “Self-Match Prevention” functionality

The regulations on the "Self-Match Prevention" functionality in § 76 (1) Exchange Rules will be expanded. This allows Trading Participants to trade more flexibly, depending on their trading strategy.

c)   Introduction of Implied Reference Price

The "Implied Reference Price" will be introduced with the new § 95a Exchange Rules. In this context, §§ 91a, 100, 100a, 101 Exchange Rules and parts of Annex I to the Exchange Rules will also be amended. 

By means of the amendments, it is possible for the Management Board of the Frankfurt Stock Exchange to determine that for certain securities in the closing auction, a reference price calculated from the best bid and ask limits displayed in the order book – the "Implicit Reference Price" – is to be used instead of the otherwise used reference price in accordance with § 95 Exchange Rules for the calculation of the Dynamic Price Corridor in the volatility interruption model of Volatility Interruption with automated range extension.

In accordance with the requirements of § 95a (3) Exchange Rules, if determined accordingly by the Management Board, this will be the case if a longer period of time has elapsed since the last price determination in the security in question and the Implied Reference Price reflects the current competitive market price level for the security in question in a sufficiently reliable manner.

Information on the initial introduction of the Implied Reference Price and further details will be provided at a later date in a separate Deutsche Börse circular.

d)   Announcement of price corridors for the Single Volatility Interruption

§ 100 Exchange Rules will be amended.

In the future, in the event of a Single Volatility Interruption, the Management Board will not only announce its regular duration, but also the Dynamic and Static Price Corridors for the respective security.

e)   Further amendments

Minor corrections are made in §§ 69 (6) and 100 (2) Exchange Rules. This does not involve any changes in content. 

§ 73 (6) subpara. 1 Exchange Rules will be amended. This does not involve any changes in content.

Furthermore, renaming of Clearstream Banking AG to Clearstream Europe AG will be implemented by the amendment of § 119 (2) Exchange Rules.

II.    Amendments to the Conditions for Trading

a)   Introduction of Extended Xetra Retail Service

To coincide with the introduction of the Extended Xetra Retail Service and the new Mini-Auction trading model, corresponding changes will be made to the Conditions for Trading.

b)   Further amendments

Furthermore, renaming of Clearstream Banking AG to Clearstream Europe AG will be reflected by the amendment of § 17 (3) Conditions for Trading.

III.    Amendments to the Trading Regulation

To coincide with the introduction of the Extended Xetra Retail Service, § 4 (3) Trading Regulation will be amended.

Attachments:

• 1 – Twenty-sixth Amendment Ordinance to the Exchange Rules for the Frankfurter Wertpapierbörse
• 2 – Fifteenth Amendment Ordinance to the Conditions for Transactions on the Frankfurter Wertpapierbörse
• 3 – Ninth Amendment Ordinance to the Trading Regulation for the Regulated Unofficial Market on Frankfurter Wertpapierbörse

Further information