1.  Introduction 

This circular informs you about the determination of the parameters of pre-trade controls as part of the annual update.  

The determination of the trading parameters will come into effect on 28 April 2025.

2.  Required action

No special activities are required for the Participants.

3.  Pre-Trade Controls

In accordance with § 122 (3) of the Exchange Rules for the Frankfurter Wertpapierbörse (Exchange Rules), the Management Board of the Frankfurter Wertpapierbörse (FWB^®, the Frankfurt Stock Exchange) has decided to redefine the maximum order values for the entry of orders and quotes for individual securities in the electronic trading system T7 of the FWB (MIC: XETR (Xetra) and MIC: XFRA (Börse Frankfurt)). 

The formula for determining the maximum order quantities (division by the price on the reference date) remains unchanged but will take into account the new maximum order values effective from 28 April 2025. 

The values introduced with Xetra Circular 018/24 for pre-trade controls in accordance with § 122 of the Exchange Rules will be amended as shown in the tables attached. The amended values for the maximum order values of individual securities can be found in the instrument master data in the “All Tradable Instruments File”. For the trading venue Xetra (MIC: XETR), these are available under the following link:
 
Instruments > All tradable instruments > Xetra

and for the trading venue Börse Frankfurt (MIC: XFRA), these are published under the following link:

Instruments > All tradable instruments > Börse Frankfurt. 

Additionally, the valid order limits are available through the established sources, Common Report Engine (CRE) with the Reference Data Files (T7 RDF), or via the Reference Data Interface (T7 RDI). These order limits apply in addition to the corresponding order limits that Trading Participants must set for their exchange traders. 

Orders that exceed the maximum order values or the maximum order volume are automatically rejected by the Exchange EDP. Admitted companies may provide for procedures by which the control of the maximum values set by them by the Exchange EDP system is omitted in individual cases.

In addition, orders rejected at the request of the admitted company may be approved by the FWB Management Board in individual cases. To do so, admitted companies can contact the Cash Markets Operations Helpline, tel. +49-69-211-1 14 00.

Attachment: 

• Maximum order values according § 122 (3) of the Exchange Rules for the Frankfurter Wertpapierbörse​

Further information