1. Introduction
With this circular, we inform you about the changed trading process valid from 1 December 2025 due to the introduction of the Extended Xetra Retail Service (introduction of early and late trading).
2. Required action
Please note that these adjustments affect all Trading Participants, regardless of whether they participate in the Extended Xetra Retail Service. If necessary, please inform your customers about the changes in the trading process.
3. Details
The following changes will come into effect on 1 December 2025:
Further information on the Extended Retail Service is available on the Deutsche Börse website www.cashmarket.deutsche-boerse.com under the following link: Extended Xetra Retail Service.
4. Note
Please note that valid retail orders already placed in T7 before 1 December 2025 and not executed will be valid from 1 December 2025 for the early, main and late trading phases, from 08:00 CE(S)T to 22:00 CE(S)T. If retail orders are not to be taken into account in early and late trading, they must be provided with the trading restriction "Valid exclusively for main trading" (Main Trading Hours (MTH)).
Furthermore, we would like to point out that in the Extended Xetra Retail Service, only retail orders from registered RMOs as well as orders and quotes from RLPs registered for the Extended Retail Service are taken into account.
Against this background, all prices determined in the Extended Xetra Retail Service will be provided with a separate indicator in the same way as the prices of the Xetra Retail Service (main trading phase). These prices have no influence on the Xetra opening and closing prices or on the Xetra high and low prices. Xetra opening, -closing, -high, and -low prices are determined exclusively by Xetra prices, which are established without consideration of the Xetra Retail Service or the Extended Xetra Retail Service. In addition, the retail prices of the Extended Xetra Retail Service are not taken into account when determining the reference price for Xetra Main Trading.
The Extended Xetra Retail Service is also transparent for all market participants by marking early and late trading.
Further information
Recipients: | All Frankfurt Stock Exchange (FWB®) Trading Participants and Vendors | |
Target groups: | Traders, Technical Contacts, System Administration, Nominated Persons, General | |
Contact: | client.services@deutsche-boerse.com | |
Web: | ||
Authorized by: | Michael Krogmann, Andre Schneider |
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