1.  Introduction

With this circular, we inform you about amendments to the Price List for the Utilization of the Exchange EDP of FWB Frankfurt Stock Exchange and of the EDP XONTRO, Part A (Price List T7), effective as of 1 November 2025.

The changes to the Price List T7 relate to the following:

• A. Xetra Midpoint Program (Sections 2.2.2.7, 2.2.2.8 and 2.2.3.7)
• B. Xetra Liquidity Provider Program (Section 2.2.3.3)

2.    Required action

Trading Participants of the FWB^® (Frankfurter Wertpapierbörse, the Frankfurt Stock Exchange) who wish to have special fees applied in the Xetra Midpoint trading model can apply for this using the attached forms.

3. Details of the initiative

A.    Adjustment of transaction fees for the Xetra Midpoint trading model

Introduction of the "Xetra Midpoint Incentive Scheme with Sweep Orders":

For Trading Participants who have registered for the Xetra Midpoint Incentive Scheme with Sweep Orders, no transaction fees will be charged for volumes of Sweep Orders executed in the Xetra Midpoint order book until 30 June 2026. Corresponding provisions concern Section 2.2.2.8 of the Price List T7.

Adjustment of the "Xetra Midpoint Incentive Scheme" for passive Midpoint Orders:

Trading Participants who have registered for the Xetra Midpoint Incentive Scheme will be granted an increased credit of 0.5 basis points for passively executed Midpoint Orders until 30 June 2026. Corresponding provisions concern section 2.2.2.7 of the Price List T7. 

Extension and supplement of the Midpoint Order Introduction Program: 

The Midpoint Order Introduction Program will be supplemented and extended up to and including June 2026: Trading Participants who have been inactive with Midpoint Orders in the past and who register for the Xetra Midpoint Incentive Scheme will receive a pro-rata payout on a newly introduced monthly amount. Corresponding provisions concern Section 2.2.3.7 of the Price List T7.

B.    Xetra Liquidity Provider Program

The wording of the provisions on the Xetra Liquidity Provider Program contained in Section 2.2.3.3 of the Price List T7 is clarified.

The amendments to the Price List T7 will be deemed to be approved, unless the Trading Participant admitted at the Frankfurt Stock Exchange or Vendor files objections to the amendments with Deutsche Börse AG, Mergenthalerallee 61, 65760 Eschborn, Germany, in writing within six weeks after the amendments’ announcement.

Attachments:

• 1. Amended sections of the Price List for the Utilization of the Exchange EDP of FWB Frankfurt Stock Exchange and of the EDP XONTRO, Part A (Price List T7), valid as of 1 November 2025
• 2. Form “Participation Xetra Midpoint Incentive Scheme” 
• 3. Form “Participation Xetra Midpoint Incentive Scheme - Sweep Orders”

Further information