Börse Berlin – in a nutshell

The short overview for journalists pressed for time. Börse Berlin´s more than 330 year old history and its current services all compressed in a brief summary.

Press

Turnover 2016

Boerse Berlin’s two Market places, Equiduct and Xontro, achieved a combined turnover of €63.7 billion in 2016. While the turnover was shy of last year’s figures, the number of trades increased by 6%, from 9.7 million in 2015 to 10.3 million in 2016.

On the traditional market place Xontro the number of trades decreased by 5.3 %, from 237,291 to 224,709, while the turnover increased from €6.2 billion to €6.7 billion, plus 8.1 %.

Equiduct, Börse Berlin´s pan-European market place, reached a turnover of €57 billion, a decrease of 10.5 % compared to the record year 2015 (€63.7 billion). The number of trades increased from 9.5 million to 10 million (+ 5.3 %).

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One exchange – two market places

Börse Berlin unites two market places under one roof. Next to Xontro Börse Berlin operates the fully electronic trading platform ETS under the brand Equiduct. Equiduct Systems Ltd.is responsible for the operation, maintenance and further development of the trading system.

Shares, bonds and funds: Berlin offers the full spectrum

Approximately 50 percent of instruments traded on Xontro are equities, with a strong focus on foreign companies. Nearly all NASDAQ securities are traded in Berlin, but companies from China or South Africa are also available. International Blue Chips are represented as well as interesting small caps; in total Börse Berlin enables trading in approximately 10.000 shares from 120 countries.

Foreign bonds compliment the international security selection at Börse Berlin. In Germany many of these are traded only in Berlin. Naturally Börse Berlin has the full range of fixed interest securities of the German Federation and its constituencies with bonds from companies and other issuers also on offer. Certificates and warrants round off the security offering in Berlin.

Alongside equities and bonds, investors find a large selection of public funds. FondsPlus is the market segment for actively managed investment funds from all product groups - among them equity funds with different investment focuses, real estate funds, annuity funds, money market funds, funds of funds, mixed funds and sustainability funds. All public funds are traded without an issue surcharge. Furthermore, a variety of Exchange Traded Funds (ETFs) and Exchange Traded Commodities (ETCs) are also on offer.

Equiduct – Best Execution, Order by Order

Equiduct is a pan-European trading platform for cash equities and ETFs dedicated to European retail and institutional investors. Equiduct's unique trading model combines a vanilla central limit order book HybridBook with premium Retail (PartnerEx) and Institutional (SpotVBBO) Best Execution services, to deliver an all in one trading solution for retail and institutional investors. Equiduct's pan European coverage allows creation and delivery of comprehensive real-time market data as well as custom indices and analytical products.

More information about Equiduct is available on the Equiduct Website at www.equiduct.com.

Quality of Trading

Both, trading on Xontro and trading on the fully electronic market place Equiduct are continuously monitored.

Xontro-Trading

Trading on Xontro-opens at 8:00 CET at Börse Berlin. The early start is particularly useful for investors who want to react in a timely way to developments or news in the American and Asian markets. Lead brokers are obliged to publish up to date Quotes (Bid and Ask sides with volumes) for national and international index stocks from 8:00 to 20:00 CET. For all other stocks lead brokers have to look closely at price developments on the respective reference markets.

Starting early is just one of the benefits Börse Berlin has to offer:

  • Attractive and narrow spreads from 8:00 CET
  • Significant turnovers before 9:00 CET
  • Each order is monitored by the trade surveillance

A consistent reference market principle is in force in Xontro trading at Börse Berlin to ensure the implementation of the “best price principle” according to MiFID. Your order is executed within seconds in Berlin. The lead brokers’ liquidity obligations guarantee a high likelihood that your order gets carried out. Through own-name transactions lead brokers can help you purchase stocks that would otherwise not be tradeable due to low liquidity.

Equiduct

Equiduct provides different execution facilities: HybridBook, PartnerEx and SpotVBBO. HybridBook is an electronic order book where orders from participants compete seamlessly alongside Market Maker quotes. PartnerEx is a unique trading model that allows brokers to meet their Best Execution obligations by trading against the pan-European consolidated order book. Spot VBBO allows institutions to trade on a lit, regulated market with designated counterparties under a best execution guarantee.

Equiduct's pan European coverage allows accumulating and delivering comprehensive real-time data, via three products:

  • Market by Limit:
    Unique to the European trading landscape, the Market-By-Limit feed offers a complete real-time pan European consolidated order book and associated consolidated post-trade information.
  • HybridBook:
    A real-time low latency data feed providing a view of Equiduct's central limit order book, HybridBook, along with full post-trade information for the Equiduct market.
  • VBBO:
    The Volume-weighted Best Bid and Offer (VBBO) is a real-time data feed for PartnerEx, providing the best executable price (Bid and Offer) at Retail (RMS) and Standard Market Size (SMS).

Equiduct also offers custom indices and analytics.

  • Index Product
    Equiduct offers customised index creation and real time index value dissemination, using proprietary VBBO pre-trade market data; available across a constituent pool of Europe’s 2,000 most liquid stocks. For more detailed information, please click here.
  • Best Execution Analytics
    Fully customizable reports for orders/transactions occurring away from Equiduct, including Best Execution comparative analysis and TCA.
  • Monthly Best Execution Report
    For customers using the PartnerEx and SpotVBBO services, reports documenting and proving Best Execution on a trade-by-trade basis.

History

Börse Berlin is founded in 1685 through an edict of the Elector of Brandenburg Friedrich Wilhelm. It experiences a first period of prosperity at the beginning of industrialisation. From 1933 on the governance of national socialism handicaps the functioning of the exchange. In 1945 the exchange is heavily damaged and almost completely destroyed in the following hostilities. After the war trading on the Official Market is reopened in Berlin in1952. The exchange history of the post war period until today is characterised by technical innovation. Particularly computer technology revolutionises exchange trading. Since April 1998 lead brokers are not obliged to be present on the Exchange floor any longer, so an increasing number of them now trade from their branch offices – computer-aided trading makes it possible. As a consquence the exchange gives up its exchange floor in 2006.

In September 2007 Börse Berlin takes a majority stake in EASDAQ NV operating under the brand Equiduct. In order to address the challenges faced by brokers due to the introduction of MiFID Best Execution requirements, Equiduct developed PartnerEx, a unique model designed to allow these companies to provide order-by-order Best Execution to their clients in a cost-effective way and in a Regulated Market environment. In April 2013, Equiduct announced it had secured new funding to support its growth plans. This funding involved several new strategic investors including BNP Paribas Securities Services, KBC Securities, VIEL GROUP and Winterflood Securities. Equiduct is now supported by a strong and loyal customer base; its strategy is shaped by its members for its members. In 2014, Equiduct also extended its offer to institutions launching SpotVBBO – Best Execution on a Regulated Market for institutional order flow.

Contact

Petra Greif
Communications
petra.greif@boerse-berlin.de
+49 (0)30 311091-29
www.boerse-berlin.com

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Börse Berlin: Market Participants
Börse Berlin: Two Market Places
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