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 €71 billion in December (December 2003: € 70 billion). German equities accounted for €66.5 billion of this total, with foreign equities comprising €4.5 billion.
In December, 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, 80 percent were traded on Xetra and the floor of the Frankfurt Stock Exchange. 5.2 million transactions were executed on Xetra in December - roughly 8 percent more y-o-y (December 2003: 4.8 million).
According to the Xetra liquidity measure (XLM), Siemens was the most liquid DAX® blue chip in December with 5 bp for an order volume of €100,000. Puma was the most liquid MDAX® stock with 18 bp. The most liquid equity-based ETF was the DAXEX with 4 bp. The most liquid foreign stock was Royal Dutch with 8 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 strongest DAX stock on Xetra in December at €6.6 billion. Karstadt was the top MDAX stock at €559 million, while Balda led the SDAX® stock at €15.3 million and T-Online headed the TecDAX® at € 558.3 million. At one billion euros, the DAXEX, was once again the exchange traded fund with the largest turnover.
