As of today, Xetra trading is ready to meet the requirements of MiFID II, the European Markets in Financial Instruments Directive, which goes into effect at the beginning of 2018.
Deutsche Börse's underlying T7 trading system was therefore updated to Release 6.0.
MiFID II places new requirements on pre and post-trade transparency – algorithmic trades must be designated as such in the future. New requirements on market maker handling also stipulate that orders and quotes of designated sponsors have to be marked as such. Another new requirement is an identification code for trading participants that clearly marks transactions on the selected trading venue.
In terms of functionality, the T7 Release 6.0 offers solutions such as Xetra Best, Volume Discovery Order and Designated Sponsor Quote Request, among others