013/2025: Annual transparency calculations by ESMA: Adjustments for equity instruments on trading venues Xetra (XETR) and Börse Frankfurt (XFRA)

1.  Introduction

On 1 March 2025, annual transparency calculations for equity instruments were published by ESMA. They shall apply from Monday, 7 April 2025 until 5 April 2026.

Because of the update, the tick size determined for each share and depositary receipt traded on Xetra (XETR) and Börse Frankfurt (XFRA) might be modified on 7 April 2025, and order deletions might take place in the T7 trading system for XETR.

Results on a per instrument basis are provided in the attached Excel file.

Start of validity: 7 April 2025
End of validity: 5 April 2026 

2.  Required action

Trading Participants should validate if their orders will be affected by deletions on 7 April 2025, due to the new tick sizes.

3.  Details of the initiative

The calculations mainly refer to the following: 

• the determination of the most relevant market in terms of liquidity (MRMTL) in accordance with RTS 1 of the Commission Delegated Regulation 2017/590;
• the determination of the average daily number of transactions (ADNTE) on the most relevant market in terms of liquidity (MRMTL) determining the tick-size for shares and depositary receipts;
• the adjustment of the ADNTE for shares, which determines the tick-size regime for shares whose main source of liquidity is located in a third country, in accordance with amended RTS 11 of the Commission Delegated Regulation 2019/443.

Impact on the trading venues Xetra (XETR) and Börse Frankfurt (XFRA)

Trading venue Xetra (XETR, T7 trading system):

On 7 April 2025, with the beginning of the phase “Start of Day“, orders whose limits are not compliant with the tick size of the new liquidity band will be deleted. The deletion will be conducted on a single order basis and the deletion reason will be either “Invalid Limit Price” or “Invalid Stop Limit Price”.

Trading venue Börse Frankfurt (XFRA, T7 trading system):

On 7 April 2025, all orders placed on Börse Frankfurt will remain in the T7 trading system, even those orders whose limit is not compliant with the tick size of the new liquidity band.
 

Attachment:  

• Status quo for the instruments subject to the tick size regime (except ETFs) on FWB and updated with yearly calculations for 2025

Further information