Introduction of Douglas AG in Xetra trading on 21 March 2024

Release date: 19 Mar 2024

012/2024 Introduction of Douglas AG in Xetra trading on 21 March 2024 Xetra Circular 012/24

1. Introduction

Subject to the issuer's admission to the Regulated Market (Prime Standard), we hereby inform you about the procedure for the first price determination on trading venue Xetra (MIC: XETR) for shares of Douglas AG on 21 March 2024.

First trading day: 21 March 2024

2. Action required

Trading Participants have to make sure that the Product Assignment Group of the new instrument is assigned to their trader groups.

3. Details of the first price determination

The following trading parameters will apply:

Trading model: Continuous Trading

Instrument nameShort codeISIN

Product Assignment Group

Douglas AG




Pre-trading on the first trading day will start from 07:30 CE(S)T. The call phase for the first auction (Opening Auction - Opening Auction Call; display in Xetra: “OpnA”) will start at 09:00 CE(S)T and will last at least 15 minutes. Consequently, the first price determination on Xetra trading will take place not earlier than 09:15 CE(S)T.

The following will apply to the Opening Auction:

During the Opening Auction Call Phase, if the order book is crossed, the indicative auction price, auction volume and auction surplus (volume and side) will be displayed. If the order book is not crossed during the Opening Auction Call Phase, the best bid limit and the best ask limit with their respective volumes will be displayed.

Directly after the Opening Auction, Continuous Trading will follow.

Please note the following special procedures:

  • Prior to the first price determination, the allocation price is displayed as the reference price (in Xetra: "LstPrc").
  • Orders entered with trading restriction “OAO” (Opening Auction only) will only be considered in the first auction of the exchange trading day, i.e. in the first price determination for the shares. Orders entered with trading restriction “AOO” (Auction only) will be considered in the opening auction, the intraday auction and the closing auction.
  • The usual safeguards in Xetra (MIC: XETR) will also be applied in the Opening Auction. Therefore, a volatility interruption may occur following the Auction Call Phase.
  • The intraday auction starts at 13:00 CE(S)T and takes at least two minutes.
  • If an exceptional number of orders is executed in any one auction, it may lead to delays in processing confirmations.

Schedule for the first price determination for shares on trading venue Xetra (MIC: XETR):


As of 07:30

Start of pre-trading phase (phase „Book”)

Order entry, modification and deletion are possible. The reference price corresponds to the allocation price.

As of 09:00

 Start of auction call phase with a
minimum duration of 15 minutes (phase „OpnA”)

Order entry, modification and deletion are possible. Information is disclosed about the indicative auction price, auction volume and auction surplus or the best bid and ask limit including volume are displayed.

09:15 earliest


Xetra price determination

 The first price and the volume will be displayed on Xetra and disseminated to vendors etc. via CEF®


 Continuous Xetra trading
(Phase „Cont“)

* CE(S)T = Central European (Summer) Time. The actual changes of trading phases in the Xetra trading system are decisive.

Further information


All Xetra® Trading Participants and Vendors

Target groups:

Traders, Security Administrators


Cash Markets Operations Helpline, tel. +49-69-211-1 14 00


Authorised by:

(on behalf of the Management Board) Tobias Putsche, Christopher Turba