Xetra Liquidity Providers: Possibility to suspend the performance measurement

Release date: 13 Mar 2020

018/2020 Xetra Liquidity Providers: Possibility to suspend the performance measurementXetra Circular 018/20

1. Introduction

Xetra Liquidity Providers are given the opportunity to apply for suspension of the performance measurement for trading days with particularly high volatility. 

This regulation applies retroactively from 2 March 2020 until further notice. 

2. Requirements for suspension of the performance measurement

Deutsche Börse AG announces the trading days that meet the criterion of particularly high volatility to the Xetra Liquidity Providers. If a Xetra Liquidity Provider wishes to suspend performance measurement for such a trading day, they have to notify Deutsche Börse AG of this by 18:00 CET on the last trading day of the relevant calendar month at the latest.

3. Details

Against the background of the ongoing very volatile equity trading, Deutsche Börse AG is adjusting the framework provisions for Liquidity Providers on trading venue Xetra to the special market situation.

Xetra Liquidity Providers are therefore given the opportunity to apply to Deutsche Börse AG for a suspension of performance measurement with respect to the minimum best bid offer presence for trading days with very high volatility. This regulation applies retroactively from 2 March 2020 and will be continued for as long as the market situation requires. All other provisions of the Xetra Liquidity Provider Programme Agreement remain unchanged.

Trading days, for which a suspension of performance measurement can be requested, will be announced to the Xetra Liquidity Providers by Deutsche Börse AG. This is intended for days on which trading on the Xetra trading venue either has "Fast Market" status or on which the performance measurement for Designated Sponsors in equities has been suspended (see Xetra circular 150/11 in the attachment). Up until now (as of 12 March 2020), a suspension of performance measurement for the current month can be requested for the following trading days: 2 and 3 March and 6 to 12 March 2020.

Xetra Liquidity Providers may apply for the suspension of performance measurement individually for each of the announced trading days and individually for each basket (currently: DAX, MDAX). For this purpose, the Xetra Liquidity Provider has to send an informal e-mail with the relevant information (date, basket) to the address sales.cashmarket@deutsche-boerse.com by 18:00 CET at the latest on the last trading day of the relevant calendar month.

The calculation of the performance figures for the best bid offer presence for the respective calendar month will then be performed without taking into account the trading days applied for. If the monthly performance parameters are fulfilled, the transaction fees accrued on the trading days suspended from the performance measurement will also be refunded, in accordance with Annex A of the Xetra Liquidity Provider Programme Agreement. A correction of the current reports for Xetra Liquidity Providers by the trading days suspended from the performance measurement will not be made.


Further information

Recipients:All Xetra® Members and Vendors
Target groups:Traders, General
Contact:sales.cashmarket@deutsche-boerse.com
Related circular:Xetra circular 150/11
Web:www.xetra.com
Authorised by:Martin Reck, Andreas Heuer