1. Introduction
This circular informs you about the determination of the parameters of pre-trade controls as part of the annual update.
The determination of these trading parameters will come into effect on 29 June 2026.
2. Required action
No special activities are required from the participants.
3. Pre-Trade Controls
In accordance with § 122 (3) of the Exchange Rules for the Frankfurter Wertpapierbörse (“Exchange Rules”), the Management Board of the Frankfurt Stock Exchange (FWB®) has decided to redefine the maximum order values for the entry of orders and quotes for individual securities in the electronic trading system T7 of the FWB (MIC: XETR (Deutsche Börse Xetra) and MIC: XFRA (Deutsche Börse Frankfurt)).
The formula for determining the maximum order quantities (division by the price on the reference date) remains unchanged but will take into account the new maximum order values effective from 29 June 2026.
The values introduced with Deutsche Börse Circular 016/25 for pre-trade controls in accordance with § 122 Exchange Rules will be amended as shown in the attached tables. The amended values for the maximum order values of individual securities can be found in the instrument master data under the following links:
FWB exchange trading place | Instrument master data available under |
Deutsche Börse Xetra (XETR) | |
Deutsche Börse Frankfurt (XFRA) |
Additionally, the valid order limits are available through the established sources, Common Report Engine (CRE) with the Reference Data Files (T7 RDF), or via the Reference Data Interface (T7 RDI). These order limits apply in addition to the corresponding order limits that Trading Participants must set for their Exchange Traders.
Orders that exceed the maximum order values or maximum order quantities will be automatically rejected by the Exchange Electronic Data Processing (EDP). Admitted companies can provide procedures by which the control of the maximum values set by them by the Exchange EDP system is omitted in individual cases.
Furthermore, rejected orders can be approved by the management of the FWB on a case-by-case basis upon application by the authorized company. For this, authorized companies can contact the Cash Markets Operations Helpline at tel. +49-69-211-1 14 00.
Further information
Recipients: | All Trading Participants of Frankfurt Stock Exchange (Frankfurter Wertpapierbörse, (FWB® ) and Vendors | |
Target groups: | Traders, Technical Contacts, Security Administration, System Administration, Nominated Persons, General | |
Related circular: | Deutsche Börse Circular 016/25 | |
Contact: | Your Key Account Manager or client.services@deutsche-boerse.com | |
Web: | www.cashmarket.deutsche-boerse.com | |
Authorized by: | Frank Hoba, on behalf of the Management Board: Michael Kaidl |
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
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