The trading volume on Germany’s stock exchanges rose substantially in November 2006. According to the 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, equities turnover in November totaled €177 billion – up by around 55 percent year-on-year (November 2005: €114.2 billion). €167.3 billion was attributable to German equities and €9.7 billion to foreign equities.
According to total turnover statistics, turnover on all German stock exchanges totaled €485.7 billion in November 2006 – up by around 43 percent on November 2005 (€340 billion). €443.6 billion was attributable to equities, warrants/certificates and exchange-traded funds, and €42.1 billion to fixed-income securities.
Approximately 10.2 million transactions were executed on Xetra in November, around 47 percent more than in the same month last year (November 2005: 7.0 million). This is the second-highest number of transactions recorded in any given month since the launch of Xetra trading.
In November, the Allianz equity was the most liquid equity in the DAX® based on the Xetra liquidity measure (XLM) with 3.9 bp for an order volume of €100,000. Schwarz Pharma topped the MDAX® with 12.5 bp. The most liquid equity-based ETF was the DAXEX with 3.8 bp. The most liquid foreign equity was ING with 10.1 bp. XLM measures liquidity in electronic securities trading on the basis of the implicit transaction costs. It is expressed in basis points (1 bp = 0.01 percent); a low XLM denotes high liquidity in a security.
The DAX security with the highest turnover on Xetra in November was Volkswagen with €12.6 billion. Puma led the MDAX equities at €810.0 million, while Air Berlin topped the SDAX® equity index with €223.5 million, and Solarworld headed the TecDax® with €697.8 million. The ETF with the highest turnover was the DAXEX at €2.6 billion.
