1. Introduction
Subject to the inclusion in trading, trading of subscription rights of BayWa AG at Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange) will take place as of 28 October 2025.
With this circular, we inform you about the parameters that will apply for trading of the subscription rights.
Start of trading: 28 October 2025
End of trading: 5 November 2025
2. Required action
Trading Participants have to make sure that the Product Assignment Group of the new instrument is assigned to their trader groups.
3. Details
The following trading parameters will apply:
| Instrument name | ISIN | Product Assignment Group | CCP-eligible | First Trading Day | Last Trading Day |
BayWa AG BZR | DE000A40ZVG1 | GER0 | yes | 28.10.2025 | 05.11.2025 |
Trading parameters for Xetra (MIC: XETR):
| Minimum order size | Trading model | Characteristics |
1 | Continuous Trading | At the end of the penultimate trading day of the subscription right, all open orders will be deleted. On the last trading day, trading will end with a closing auction. It will start at 12:45 CE(S)T at the earliest with a duration of at least five minutes and subsequent trade-at-close period until 13:00 CE(S)T, if applicable. On this day, no intraday auction will take place. |
Trading parameters for Börse Frankfurt (MIC: XFRA):
| Minimum order size | Trading model | Characteristics |
1 | Continuous Auction with Special Auction | From the first until the penultimate trading day, a Special Auction will take place not before 13:00 CE(S)T. At the end of the penultimate trading day, all open orders will be deleted. On the last trading day, trading will end with a Special Auction. Taking into consideration the market and orderbook situation, the Management Board can determine that several Special Auctions may be carried out on the last trading day. However, these do not start before 13:00 CE(S)T. If the Management Board decides that one or more additional Special Auctions are to be held, this will be announced via the Newsboard after the regular Special Auction has been held. In general, these Special Auctions take place independent from the last price determination on Xetra (MIC: XETR). |
Schedule for trading on Xetra (MIC: XETR) on the last trading day:
| Time (CE(S)T | Description |
07:31 | Start of pre-trading phase (Phase "Book”) |
08:51 | Earliest possible start of the call phase with a minimum duration of eleven minutes (Phase "OpnA“) |
09:02 | Earliest possible point in time for Xetra price determination, followed by Continuous Xetra Trading (Phase "Cont“) |
12:45 | Earliest possible start of the call phase for the closing auction with a minimum duration of five minutes (Phase "ClsA“) |
12:50 | Earliest possible point in time for Xetra price determination, followed by trade-at-close period until 13:00 CE(S)T, if applicable |
13:00 | Post-Trading (Phase "Book”) |
Further information
Recipients: | All Xetra® Trading Participants and Vendors | |
Target groups: | Traders, Security Administrators | |
Contact: | client.services@deutsche-boerse.com | |
Web: | ||
Authorized by: | On behalf of the Management Board: Tobias Putsche, Christopher Turba |
Market Status XETR ⓘ
XETR
The market status window is an indication regarding the current technical availability of the trading system. It indicates whether news board messages regarding current technical issues of the trading system have been published or will be published shortly.
Please find further information about incident handling in the Emergency Playbook published on the webpage under Data & Tech > Information Channels > Emergency procedures. Detailed information about incident communication, market re-opening procedures and best practices for order and trade reconciliation can be found in the chapters 4.2, 4.3 and 4.5, respectively. Concrete information for the respective incident will be published during the incident via newsboard message
We strongly recommend not to take any decisions based on the indications in the market status window but to always check the production news board for comprehensive information on an incident.
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