With Xetra Release 5.0, Deutsche Börse is making two new order types available to the market that further enhance trading flexibility: The so-called iceberg order allows a trader to set up high-volume orders without revealing his trading strategy. With the introduction of a market-to-limit order, Xetra is making an order type available that combines a high probability of execution with the price security of a limit order. The market-to-limit order is matched against the best price in the order book. If part of the order are not executed, the execution price is put in the order book as the limit for the remaining part of the order.
Deutsche Börse is also offering participants an integrated front end with the new release, which gives them access to several markets on the Xetra platform at the same time. Xetra is the trading system of various European exchanges, such as the Frankfurt Stock Exchange (FWB), Wiener Börse (the Vienna stock exchange) and the Irish Stock Exchange (ISE).
For warrants, certificates and reverse convertibles, Xetra participants can enter quote requests in Xetra manually via a new functionality in order to request a direct quote from the issuer.
