Market Model

Market model

Trading model

  • Cryptocurrency trading on Deutsche Börse Digital Exchange is carried out on DBDX EnLight
  • Via DBDX EnLight, Deutsche Börse Digital Exchange members can execute their orders through a proven RFQ workflow. 
  • Additionally, DBDX EnLight offers services like AutoEx to increase execution efficiency and results for members. 
  • Deutsche Börse Digital Exchange will expand the available trading models to include among others the Central Limit Orderbook based on client demand.


  • Leading Market Makers will provide liquidity in all listed cryptocurrencies. 
  • On DBDX EnLight, they can provide firm bid and ask prices, resulting in a consistently high quality of execution.


  • Trading on DBDX EnLight is non-anonymous, i.e. clients can choose market makers to request quotes from. 
  • Transaction will be published through the established Deutsche Börse Market Data interfaces.

Post-trade model

  • Trades in cryptocurrencies are settled using Crypto Finance Germany’s innovative and secure DLT post-trade infrastructure.
  • Optionally, Crypto Finance Germany offers custody services to all Deutsche Börse Digital Exchange clients.