Banking and Stock Glossary
Exchange Electronic Trading. Fully electronic market trading system for the German cash market. It features automated order settlement, an open order book that is fully transparent and accessible to all market participants everywhere. The exchange trades shares and warrants. Prices are determined through a combination of the auction principle and market maker principle. Due to its high speed and low costs, Xetra has marginalized floor trading on the German stock exchanges. Any member of a German stock exchange can become a Xetra member (banks, brokers). Daily trading hours are from 9.00 a.m. to 5.30 p.m.
Xontro is a professional order routing, trading and settlement system. It sends orders electronically from the securities advisor to the order book of the lead broker at the securities exchanges. The established price is immediately transmitted to the information systems. Executed orders are reported to the bank without delay and can be settled with the customer. Transactions concluded are automatically forwarded to the settlement system of Clearstream Banking AG.
See exchange traded funds.
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