1.  Introduction

With this circular, we inform you about the planned introduction of the Extended Xetra Retail Service (trading hour extension) – 8:00 a.m. to 9:00 a.m. CET (early trading) and 5:30 p.m. to 10:00 p.m. CET (late trading) – effective as of 1 December 2025.

2.  Required action

We would like to inform you about planned changes in the trading process on Xetra. Please note that these adjustments affect all Trading Participants, regardless of whether they participate in the Extended Xetra Retail Service.

The following changes are expected to come into effect on 1 December 2025, subject to approval by the Stock Exchange Supervisory Authority and the approval of the Exchange Council of the Frankfurter Wertpapierbörse (FWB^®, the Frankfurt Stock Exchange): 

• Opening Auction: The Opening Auction will start five minutes later, at 8:55 a.m. CET. The transition to Continuous Trading will take place between 9:00 a.m. and 9:04 a.m. CET, depending on the market segment.

• Trade-at-Close (TAC): The "Trade-at-Close" trading phase that takes place after the Closing Auction will be shortened from the previous maximum of ten minutes to five minutes and will only be available for DAX^®, MDAX^® and SDAX^®. In the future, it will take place in the time window from 5:35 p.m. to 5:40 p.m. CET. Further information on the extension of trading hours is available on the Xetra website www.xetra.com under the following link: Xetra Retail Trading Hours Extension. 

Where necessary, please inform your clients about the extended trading hours.

3.  Details of the initiative

With the planned introduction of the Extended Xetra Retail Service as part of T7 Release 14.0 (see Xetra Circular 018/25), Frankfurt Stock Exchange is offering the extension of trading hours for the exchange trading place Xetra (MIC: XETR) for retail orders to include early trading (8:00 a.m. to 9:00 a.m. CET) and late trading (5:30 p.m. to 10:00 p.m. CET) from 1 December 2025.

Please note that unfilled valid orders already entered in T7 before 1 December 2025 will be valid from 1 December 2025 for the entire trading hours, i.e. from 8:00 a.m. to 10:00 p.m. CET.

Also as of 1 December 2025, adjustments will be made to the Price List (Price List for the Utilization of the Exchange EDP of FWB Frankfurt Stock Exchange and of the EDP XONTRO).

The relevant documents are available on the Xetra website under the following link: Trading > Trading fees and charges.

Further information