According to the orderbook statistics, which are based on single counting of all transactions in the Xetra orderbook and broker-supported trading on the floor, a total of some 53.9 billion euros in volume was traded in equities on the German stock exchanges in December 2002 (November 2002: 65.7 billion euros). Of this volume, some 50.3 billion euros was traded in German equities, and some 3.6 billion euros in foreign equities. About 94 percent of the volume in domestic shares was posted on Xetra, another four percent in trading on the Frankfurt Stock Exchange (FWB Frankfurter Wertpapierbörse). In the foreign shares, about 84 percent of the total volume was traded on Xetra and the Frankfurt trading floor.
There were a total of 4.3 million trades on Xetra in December - about 22 percent more than in December the year before (December 2001: 3.5 million trades). The Xetra share of the trading in DAX blue chips was about 97 percent, and in the MDAX stocks, about 88 percent.
Based on the Xetra Liquidity Measure (XLM), Deutsche Telekom was the most liquid equity in the DAX in December, with 17 bp for an order size of 100,000 euros; in the MDAX, Puma was highest, with 62 bp. XLM analyzes the liquidity in electronic securities trading on a continuous basis, as a precise and comparable indicator, based on the implicit transaction costs. XLM is calculated in basis points (1 bp = 0.01 percent) for all securities in continuous trading, for the roundtrip in the Xetra orderbook. Effective immediately, Deutsche Börse is also publishing the most liquid equities based on XLM every day on the Internet at www.xetra.de.
The most active DAX blue chip in December 2002 was Deutsche Telekom with a volume of 5.1 billion euros traded in its shares. Deutsche Börse was the leading MDAX stock with 330 million euros in volume traded (Deutsche Börse has been in the DAX since December 23). T-Online topped the list of Neuer Markt stocks with 521 million euros in shares traded, and in the SMAX (small-cap quality) segment, CEWE ranked first with some four million euros in share turnover. The highest-volume exchange-traded fund was again the DAX EX with 628 million euros in turnover.
