Further order types and quotes

Further order types and quotes

Trailing stop order

A trailing stop order is a stop market order with a variable stop limit.

The stop limit is continuously adjusted on the basis of the reference price in Continuous Trading or the Auction, and the standard quote in the Continuous Auction. Traders use trailing stop orders in order not to have to continually adjust the stop limit themselves. The trading system does this for traders.

Trailing stop limits can be inputted either as an absolute or per cent distance from the corresponding reference price or standard quote. Strict rules apply with regard to the adjustment of the stop limit:

  • If, in the case of a sell trailing stop order, the reference price or the bid limit of the standard quote rises, the trading system adapts the stop limit in line with the target. If the reference price or the bid limit of the standard quote falls, the stop limit remains unchanged. If the reference price or the bid limit of the standard quote reaches or falls below the stop limit, the trailing stop order is triggered.
  • If, in the case of a buy trailing stop order, the reference price or offer limit of the standard quote falls, the trading system adapts the stop limit in line with the target. If the reference price or the offer limit of the standard quote falls, the stop limit remains unchanged. If the reference price or the offer limit of the standard quote reaches or goes above the stop limit, the trailing stop order is triggered.

One-cancels-other order

A one-cancels-other order is an order that combines a limit order and a stop market order. If the limit order is fully executed or the stop market order is triggered, the respectively other order will be deleted. If the limit order is partially executed, the stop market order will be modified to match the remaining volume of the limit order.

Iceberg order

A trading participant can use an iceberg order to place a large-volume order in the order book without revealing its entire volume.

All that is visible in the order book is the tip of the order as defined by the trader. If this tip is executed in full, a new tip is displayed in the order book.

In an auction, the entire volume of the iceberg order is taken into consideration. Iceberg orders are used in order to avoid large movements in price on account of large volumes.

Quotes in continuous trading and auction

In continuous trading and in the auction, a quote represents the simultaneous input of a limited buy and sell order. Every trading participant can place quotes.

When placing quotes, the trading place’s regulations as regards the maximum spread between the bid and offer limit, as well as the minimum quotation volume must be adhered to. Quotes placed are binding and only ever valid for a single trading day.

Market Status

XETR

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Parts of the trading system are currently experiencing technical issues

The trading system is currently experiencing technical issues

Xetra newsboard

The market status window is an indication regarding the current technical availability of the trading system. It indicates whether news board messages regarding current technical issues of the trading system have been published or will be published shortly.

Please find further information about incident handling in the Emergency Playbook published on the Xetra webpage under Technology --> T7 trading architecture --> Emergency procedures. Detailed information about incident communication, market re-opening procedures and best practices for order and trade reconciliation can be found in the chapters 4.2, 4.3 and 4.5, respectively. Concrete information for the respective incident will be published during the incident via newsboard message

We strongly recommend not to take any decisions based on the indications in the market status window but to always check the production news board for comprehensive information on an incident.


Emergency procedures


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