1.  Introduction

With this circular, we would like to inform you about an amendment to the Xetra Liquidity Provider Programme Agreement (“XLPP Agreement”) with effect from 1 December 2024.

2.  Required action

No actions are required by Trading Participants: The amendment also applies to all existing XLPP Agreements.

Xetra Liquidity Providers are recommended to consider the amendment of the XLPP Agreement for their liquidity provision activity.

3. Details

With the amendment of the XLPP Agreement, two minor aspects concerning the incentivization of Xetra Liquidity Providers are changed.

On the one hand, the definition of price-setting activity in DAX^® shares will be based on the Best Bid Offer (BBO) Setting flag assigned to orders and quote sides in T7, and as a result, price-setting modifications of orders and quote sides by the Xetra Liquidity Provider will also be considered. In addition, information about the executed volume of price-setting orders and quote sides will be included in the daily file in XML format available via Common Report Engine.

On the other hand, the multiplier of the achieved BBO presence on high volatility days within the performance measurement of Xetra Liquidity Providers will be reduced from 2 to 1.5. 

The amendment of the XLPP Agreement is deemed to be approved, unless the Xetra Liquidity Provider raises objections in writing with Deutsche Börse AG, Mergenthalerallee 61, 65760 Eschborn, within one week after announcement.

The currently valid version of the XLPP Agreement and the form “Xetra Liquidity Provider Programme/Designation of Trader IDs” can be accessed on the Xetra website www.xetra.com under the following link:

Trading > Trading fees and charges > Liquidity Provider Programme

Attachment: 

• Xetra Liquidity Provider Programme Agreement, valid as of 1 December 2024

Further information