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ID:14252740
大小:172.96 KB
页数:33页
时间:2018-07-27
《xetra xxl the new dimension》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
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
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