Trading model

• Cryptocurrency trading on Deutsche Börse Digital Exchange is carried out on DBDX EnLight. 
• Via DBDX EnLight, Deutsche Börse Digital Exchange members can execute their orders through a proven RFQ workflow. 
• Additionally, DBDX EnLight offers services like AutoEx to increase execution efficiency and results for members. 

• Deutsche Börse Digital Exchange will expand the available trading models to include among others the Central Limit Orderbook based on client demand.

Liquidity

• Leading Market Makers will provide liquidity in all listed cryptocurrencies. 
• On DBDX EnLight, they can provide firm bid and ask prices, resulting in a consistently high quality of execution.

Transparency

• Trading on DBDX EnLight is non-anonymous, i.e. clients can choose market makers to request quotes from. 
• Transaction will be published through the established Deutsche Börse Market Data interfaces.

Post-trade model

• Trades in cryptocurrencies are settled using Crypto Finance Germany’s innovative and secure DLT post-trade infrastructure.
• Optionally, Crypto Finance Germany offers custody services to all Deutsche Börse Digital Exchange clients.