FESE, which is based in Brussels, represents operators of the European regulated markets and other market segments. Its members include the most important European stock exchanges. FESE works together with European regulatory bodies and depository organisations, and cooperates closely with the European Association of Clearing Houses (EACH). In February, Börse Berlin had already signed the Code of Conduct for Clearing and Settlement, a voluntary code of behaviour for the sector. The aim of this initiative - in line with the objectives of the European Commission - is to provide customers with greater price transparency and to reduce costs for cross-border trading.

The Equiduct Trading market model is tailored to comply with the demands of the European Union financial markets directive MiFID. The Best Execution requirement of MiFID is met by Equiduct Trading on an order-by-order basis. The core of the best execution solution is the VBBO (Volume Weighted Best Bid and Offer). This is the guaranteed best price, calculated on the basis of real-time visible Level II prices of a number of relevant reference markets. In addition, Equiduct Trading contributes to the cost reductions and price transparency called for in the Code of Conduct for Clearing and Settlement by offering its participants a choice between various C&S organisations. Equiduct Trading will soon start its operations as an execution venue.

Artur Fischer, Joint CEO Börse Berlin Equiduct Trading: "After 323 years of eventful history, Börse Berlin has finally joined the leading sector organisation representing most European stock exchanges. With the pan-European market model of Equiduct Trading, Börse Berlin is repositioning itself as a start-up".