Xetra EnLight

Xetra EnLight

With Xetra EnLight, Frankfurt Stock Exchange offers for the first time an on-exchange request-for-quote (RFQ) functionality for off-book trading in the cash market. Via Xetra EnLight, Members can execute trades with high volumes (large-in-scale trades) in equities, ETFs and ETPs through an RFQ workflow. Xetra EnLight enables Members to leverage the full range of Deutsche Börse Group’s service offering: from trading to clearing to settlement, transaction reporting and post-trade transparency (trade reporting).

In addition, Xetra EnLight increases the execution probability for high volume orders, particularly in German SMEs, through “Smart RFQ”. This is possible through identification of further quote providers based on historical trading and post-trading data who are then sent requests for quotes.

The following trading parameters apply to Xetra EnLight:

  • In general, trading via Xetra EnLight is possible in all securities which are traded in the electronic trading system T7 at the trading venue Xetra (MIC: XETR).
  • Trading takes place from 09:00 CET until 17:45 CET, i.e. via Xetra EnLight, offers may only be requested, entered and accepted during this time period.
  • Only block trades ("large-in-scale" trades) can be concluded via Xetra EnLight
  • In general, the automated procedure “Smart Request for Quote” (Smart RFQ) is offered for all securities which are tradable on T7 at the trading venue Xetra (MIC: XETR).

Registered Xetra EnLight Respondents

EnLight RespondentEquities*ETFs/ETPs*
Bankhaus Lampe KGYes 
Commerzbank AG Yes
Flow Traders B.V. Yes
M.M. Warburg & CO (AG & Co.)Yes 
MainFirst Bank AGYes 
Mediobanca Banca di Credito Finanziario S.p.AYesYes
Optiver V.O.F.YesYes
Raiffeisen Centrobank AGYes 
Susquehanna International Securities Ltd. Yes

* The list is updated every month. A daily updated overview can be found here ("SRQS Respondents Assignment List")

Trading parameters for Xetra EnLight as well as information on registering as a Xetra EnLight Respondent (Quote Provider) can be found here.

Market Status




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