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Order book statistics, which are based on single counting of all transactions in the order book of Xetra and broker-supported trading on the floor, show that the German stock exchanges generated an equities turnover of €91.5 billion in January - an increase of 29 percent month on month (December 2004: €71 billion). German equities accounted for €86.3 billion of this total, with foreign equities comprising €5.2 billion.
In January, around 97 percent of transactions with German equities were executed on Xetra and on the floor of the Frankfurt Stock Exchange (FWB). In foreign equities, 79 percent were traded on Xetra and the floor of the Frankfurt Stock Exchange. 6.4 million transactions were executed on Xetra in January - roughly 24 percent more month on month (December 2004: 5.2 million).
According to the Xetra liquidity measure (XLM), Siemens was the most liquid DAX® blue chip in January with 5 bp for an order volume of €100,000. Puma was the most liquid MDAX® stock with 16 bp. The most liquid equity-based ETF was the DAXEX with 4 bp. The most liquid foreign stock was Royal Dutch with 7 bp. XLM is a measure of liquidity in electronic securities trading based on the implicit transaction costs and is calculated for securities in continuous trading in basis points (1 bp = 0.01 percent) for a roundtrip in the Xetra order book.
Deutsche Telekom was the highest-turnover DAX stock on Xetra in January with €8.9 billion. Puma was the top MDAX stock with €849.6 million while EM TV led the SDAX® stock with €39.8 million and T-Online headed the TecDAX® with 984.6 million. At 1.1 billion euros, the DAXEX, was once again the exchange traded fund with the largest turnover.
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