Two Market Places

Two market places under one roof

Two Market Places

Börse Berlin uses Xontro as its trading platform since 1992. Xontro is a professional order-routing, trading and settlement system. It supports the entire trade process from electronic order routing to price fixing to settlement. In contrast to a fully automated trading system like XETRA prices are still fixed by humans – so called lead brokers - on Xontro. Xontro supports the lead broker in the price finding process. The system shows cumulated Buy and Sell offers. Out of these, the price that enables the highest turnovers is determined by way of an auction. The price is indicated to the lead broker who then carries the orders out accordingly.

Xontro enables the lead broker to intervene in order to regulate the market. They may assume a liquidity generating function for illiquid stocks, so investors get a chance to trade stocks that would otherwise not be tradeable. This means that the lead brokers step in as temporary counterparty in a trade that would not get carried out automatically otherwise, due to the lack of a counterparty. This is particularly interesting for investors seeking to trade less liquid foreign stocks.

Next to Xontro Börse Berlin operates the fully electronic trading platform ETS under the brand Equiduct. Equiduct's unique trading model combines a vanilla central limit order book with premium Retail (Apex) and Institutional (SpotVBBO) Best Execution services, to deliver an all in one trading solution for retail and institutional investors.

Equiduct's Premium Best Execution service Apex sources fragmented liquidity from across Europe, allowing brokers to meet their Best Execution obligations by trading against the pan-European consolidated order book.

More information about Equiduct is available at


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Börse Berlin: Two Market Places
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