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Based on the aggregate statistics, a total volume of 321 billion euros was traded on the German stock exchanges in January - some 21 percent more than the year before (January 2003: 264.6 billion euros). The January total comprises 258.7 billion euros in equities, warrants and exchange-traded funds as well as 62.3 billion euros in fixed-income securities.
About 97 percent of the volume traded in German equities in January was posted on Xetra and in trading on the floor of the Frankfurt Stock Exchange (FWB Frankfurter Wertpapierbörse). In foreign equities, 83 percent of the volume was traded through Xetra and on the Frankfurt trading floor. Some 6.7 million transactions were executed on Xetra in January - some 13 percent more than the year before (January 2003: 5.9 million transactions).
Siemens AG was the most liquid DAX blue chip in January based on the Xetra liquidity measure (XLM), with 6 bp for an order size of 100,000 euros. Beiersdorf was the most liquid MDAX stock, with 24 bp. The highest-liquidity equity-based exchange-traded fund was the DAXEX with 5 bp. XLM is a measure of the liquidity in electronic securities trading based on the implicit transaction costs and is calculated in basis points (1 bp = 0.01 percent) for every security in continuous trading, for a roundtrip in the Xetra order book.
Deutsche Telekom was the highest-volume DAX blue chip in January with 9 billion euros in shares traded. Puma was the top MDAX stock with 404.3 million euros in volume. Holsten was the leading SDAX stock with 52.6 million euros traded in its shares, and Epcos the top TecDAX stock with 294.4 million euros in share volume. The DAXEX was again the highest-turnover exchange-traded fund, with some 1.6 billion euros.
