1.   Introduction  

The Management Board of Frankfurter Wertpapierbörse (FWB^®, the Frankfurt Stock Exchange) has decided to adjust the performance measurement for Designated Sponsors in all instruments tradable on Xetra.

With effect from 1 April 2023, separate measurement of the minimum participation rate in opening auctions will no longer apply. The requirements for reimbursement of transaction fees remain unchanged.

Start of simulation: as of now
Start of production: 1 April 2023

2.   Required action

There is no particular action required from the Trading Participants.

3.   Details of the initiative

In order to reduce complexity of the performance measurement for Designated Sponsors, the Management Board of Frankfurt Stock Exchange decided to adjust the requirements for performance measurement of the Designated Sponsor function.

The separate fulfilment criterion of Designated Sponsor participation in opening auctions will no longer apply for shares and for ETFs/ETPs. Measurement of the minimum participation rate over all regular auctions of the trading day (including opening auctions) will remain unchanged.

The monthly minimum participation rates will in future be as follows (requirement no longer applicable crossed out, all other requirements unchanged):

The monthly minimum participation rates for the reimbursement of transaction fees remain valid without changes and are as follows (as before, for shares, the minimum market share criterion dependent on the respective liquidity class applies):

Participation in opening auctions will continue to be reported separately in the Designated Sponsor performance reports. The rating of Designated Sponsors in shares will remain unaffected by the above measure.

Further information