Vladimír Urbánek (Kurzy.cz)
Czech markets  |  December 03, 2012 15:47:29, updated

The main changes for stock trading brought a transition to Xetra

Friday, November 30, 2012 in Prague Stock Exchange switched to the new trading system XETRA ® Prague.

Xetra ® trading system is developed and operated by Deutsche Börse AG. Currently this trading platform used by all markets within the CEE Stock Exchange Group (CEESEG). Besides PSE therefore also exchanges of Budapest, Ljubljana and Vienna.

What are the most significant changes in the new trading system?

First Erases market segments SPAD and KOBOS. There remains only one business model common to all stock titles, generating only one prize. Shares can be traded in the business segments "continuous trading" and "separate auction", bonds can be traded only in the business segment "separate auction."

Individual titles will be classified into 3 groups - Prime , Standard and Start . The division is only "qualitative" and concerns such as those imposed by the Stock Exchange on information obligations of the issuer of the security. Trading rules are the same for all 3 groups.

Second With the demise of SPAD also ends earlier model "lots". The new trading system is defined as the minimum lot marketable quantity and is equal to 1 piece of the CP.Market Maker (MM) work "with the minimum possible size of orders" that can no longer contain the attribute satisfaction "VNN - all or nothing", as was the case before draining lots. Orders MM is also possible to meet only in part. Overview of minimum sizes for MM can be found in a report today PSE passed on Xetra - only one market ...

Third The activities of market makers remains, but under very different conditions. Newly will be published in the depth of the market orders market makers together with other market participants.All orders will be anonymous and would not be able to determine which participant specific order entered into the trading system (whether a market maker or other party).

4th Trading is anonymous in the entire system. Traders do not know their counterparties, counterparties are in neither confirmation of the trade. The SPAD was previously possible to trace that MM is a contracting authority and whether the order was a "store of obligation" with a foreign counterparty or "cross" the clients of a trader.

5th The depth of the market is published within ten best offers and the best ten inquiries. Previously presented a depth that can often show the real level of support or opposition or contrast levels of accumulation of long-term purchase and sales orders.

6th The total size of an order sent to the trading system is not limited.

7th Schedule varies trading

- Opening Auction 8:50 to 9:00 (8:58 to 9:00 Match overhang)
- Continuous stage 9:00 to 4:20 p.m.
- Final Auction 4:20 p.m. to 4:27 p.m. (4:25 p.m. to 4:27 p.m. Match overhang)
Itemised schedule

8th Orders are processed according to price and time priority.

9th The maximum force of the order is 360 calendar days (T +359).

10th Xetra ® does not support trading in futures contracts. Futures contracts on the index PX and domestic shares will be traded on the European derivatives exchange Eurex.

11th The new system makes it easy to suspend trading in continuous mode, the transition to auctioning or cleanup order book viz. Detailed descriptions of the suspension of trading

The transition to the new trading system has brought significant changes in the tariffs of fees for individual traders. Generally, we can say that there has been a significant simplification, most traders abolished the upper limit or a one-time fee guidelines under the SPAD. Description of the specific changes in the major triad which operates its own online trading interface, see the report go to Xetra bring about significant changes FEE ...

All documents with the new trading rules can be found HERE

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