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Deutsche Börse talks up Xetra MidPoint; promises new functionality

04 June 2009  |  2272 views  |  0 Source: Deutsche Börse

Since the introduction of Xetra MidPoint six months ago, trading activities and liquidity in this closed Xetra order book have continuously increased. The daily average number of orders in the last month was around 12,000 - with a peak level of 28,000 orders. The highest daily turnover to date was in the region of €40 million. In Xetra MidPoint, orders are executed at the midpoint of the best bid/ask-spread.

"Market participants are increasingly making use of Deutsche Börse's offer of trading orders at a neutral trading venue without market impact or conflicts of interest. Xetra MidPoint is the most successful offering in Europe for executing orders fairly and neutrally on an independent and regulated platform. We expect more success when we introduce Minimum Acceptable Quantity in June," said Rainer Riess, Managing Director of Xetra Market Development at Deutsche Börse.

One feature of Xetra Release 10.0, which Deutsche Börse is due to introduce on 8 June, is that it will improve the functionality of Xetra MidPoint.
Minimum Acceptable Quantity will make Xetra MidPoint more attractive for large-volume orders. Market participants can define a minimum quantity for each individual order below which it should not be executed. Xetra MidPoint can also be used for all order sizes. The previous minimum volumes of €25,000 in DAX securities and €10,000 in all others are to be abolished. This makes Xetra MidPoint even more interesting for most small orders in algorithmic trading.

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