Dear customer,

As announced in Xetra Circular 053/24, the launch of Xetra Midpoint will be on 9 December 2024. With this Newsflash, we provide you additional practical information to prepare for the market launch effectively.

On our Xetra website www.xetra.com we have set up a dedicated landing page for Xetra Midpoint under Trading > Trading models > Xetra Midpoint that provides an overview on functionality and key advantages.

Eligible Instruments: Intelligent selection, easy identification

Selected instruments will be eligible for midpoint trading. These are all equities and ETFs for which Xetra is the reference market (most relevant market in terms of liquidity as per ESMA transparency calculations) and that are allowed for trading under the MiFIR Volume Cap Mechanism.

For each trading day, the respective securities are marked in the current “XETRA All tradable instruments” csv file on the Xetra website www.xetra.com under the path: Instruments > All tradable instruments and in the T7 Instrument Reference Data Interface (T7 RDI) in field “MidpointTrading” (column EP in csv file; field tag 28913 in T7 RDI).

The reporting MIC for midpoint trades in each security is provided in field “MidpointExecutionVenueID” (column EQ in csv file; field tag 28914 in T7 RDI). These dedicated segment MICs are set up in the ESMA and BaFin data bases and reporting systems and have been registered with ISO.

The reference data will first be available on the night of 6 December to 7 December, valid for the first trading day on 9 December 2024.

Use of Sweep Orders: Pure upside

Sweep Orders can be used in all instruments that are tradable on Xetra, at all times. Also if currently not eligible for Xetra Midpoint trading, and already before the market launch. You can start today using Sweep Orders. From 9 December 2024 onwards, Sweep Orders offer the chance to get a price improvement compared to aggressive execution in the Central Limit Order Book, without compromising on latency and transaction cost analysis.

If a Sweep Order cannot be immediately executed in the Xetra Midpoint Order Book (which is generally the case before market launch), it is automatically and instantly converted into a regular order and executed (if possible) in the Central Limit Order Book – technically speaking, in a single matcher transaction. This means Sweep Orders have no latency disadvantage compared to regular orders that go to the Central Limit Order Book directly. Furthermore, execution fees for Sweep Orders mirror the fee structure for regular orders, making transaction cost analysis as simple as possible.

Midpoint Orders: Superior execution quality with attractive launch incentives

Midpoint Orders can be used in all eligible instruments, starting on 9 December 2024. Pegged to the real-time reference price, without pre-trade transparency and with optional order limits and minimum acceptable quantity (MAQ) being available as further safeguards. Clients who have not registered yet for one or even both of the incentive schemes that we offer for executed Midpoint Orders (both passive or aggressive) are invited to do so. The registration form is available on the Xetra Midpoint landing page​.

No Changes in Trader Setup: Xetra Midpoint is ready to use

Any trader entitled for trading in the Xetra Central Limit Order Book will automatically be entitled for Xetra Midpoint trading.

There will be no new entitlement required for midpoint trading. Therefore, any trader who has the "Cash Trader" role assigned, will be entitled for midpoint trading. The existing product assignment group (PAG) assignments for on-book trading will also apply for midpoint trading. 

If you have questions or require further information, please contact us via e-mail: client.services@deutsche-boerse.com.

Kind regards, 
Your Client Services Team 

Further information