The volatility interruption in ongoing trading improves price continuity and helps avoid mistrades in volatile markets.
To ensure price continuity, continuous trading is interrupted by a volatility interruption whenever the potential next execution price of an order lies outside the dynamic and/or static price range around a reference price. Incoming orders are (partially) executed until the next potential execution price leaves the price corridor (exception: fill or kill orders). Market participants are made aware of this market situation.
A volatility interruption triggers a change of trading form: continuous trading is interrupted and an auction price determination is initiated, which is restricted to orders designated for continuous trading.
The volatility interruption consists of a call phase and price determination phase. After a minimum duration, the call phase in general ends randomly. However, if the potential execution price lies outside of a defined range, which is wider than the dynamic price range, the call will be extended until the volatility interruption is terminated manually according to FWB exchange rules.
Alternatively, the extended volatility interruption will be ended automatically once there is no longer an executable order book situation. If during the call phase of a volatility interruption or extended volatility interruption an intraday or closing auction is scheduled, the trading phase switches automatically to intraday or closing auction.
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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