xetra xxl the new dimension

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1、XetraXetra®®XXLXXLTheNewDimensionTheNewDimension1Agenda1MotivationforXetraXXL2MarketModel3FunctionalImplementation4Fee&Pricing5YourBenefitfromXetraXXLataGlance2BlockTradingisTradingofOrderswithlargeVolumesdistributedamongdifferentExecutionMechanisms•Directbilateraltr

2、adingor•TradingandsettlementorbrokeredtradingTelephoneTradingprocessesdistributedamongviatelephoneseveralsystems-informationsystems•Searchforcounterparties-telephoneviatelephone,based-backofficesystemsonpersonalcontacts-settlementsystems(Cascade,XONTRO,...)BlockTradi

3、ngtodayHandel•Free-Ridingonexchange-Trading•BrokeredtradingbasedpricedeterminationECNs•Non-automatedblocktradingsystemsfacilities,e.g.•SeparateplatformsExchangeBörslicher-“UpstairsMarket”•e.g.-POSIT-“WorkedPrincipalAgreement”-E-Crossnet3XetraXXL:Trendsettingplatformd

4、evelopedinresponsetoincreasingOTCtradingandCrossingNetworksTelephoneTradingXetraXXLattractsOTCvolumetoXetra...XONTROCascadeDirectTradesXetraXXL“Upstairs”POSITMarketsXetraXXLisanXetraXXListheanswertoHandelexchange-based,fullyE-BrokeredECNsTrading“parasitepricing”byECN

5、s…CrossnetTradingelectronicblocktradingplatformonXetra…BörslicherExchangeGoalofXetraXXL:reductionoftransactioncostsinordertoincreaseportfolioperformance4TransactionCostComponentsExplicit•Commissions,fees,taxesetc.TransactioncostsSpread•Costsintheamountofhalfthebid/as

6、kspread•Priceeffect,iftheordervolumeexceedsthecurrentbestbid/MarketImpactbestask(demandforliquidity)•Marketreactionupondisclosureoftheorderinthemarket(supplyforliquidity)•Pricemovement,iftheorderisheldbackduetoapossibleTimingCostsmarketimpact(positiveornegative)•Lost

7、revenueinthetradingstrategy,iftheorderisnotplaced,OpportunityCostsduetomarketimpact/timingcosts5Agenda1MotivationforXetraXXL2MarketModel3FunctionalImplementation4Fee&Pricing5YourBenefitfromXetraXXLataGlance6CharacteristicsofXetraXXL•Specifictradingmodelfor(large)stoc

8、korders•Separate,completelyclosedorderbook•Informationontheexistenceofblockordersperinstrument(newwithRelease6.5)TradingModel•Noaut