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Greater Transparency for DAX® 100 Stocks in Xetra® - Real-time "Xetra Market Depth" gives investors direct access to the five best bid and offer prices posted through the day.

Date 10/03/1999

Deutsche Börse AG is making additional real-time information from the Xetra order ledger available - and not just to dealers' trading screens. On March 10, the company announced that as of March 29 the five best bid and offer prices for Xetra -inputted orders for stocks listed on the DAX® 100 - so called market depth - would be made public. With its expanded range of services and products, Deutsche Börse is passing the benefits of transparency in electronic trading on to investors. Data generated by the new " Xetra Market Depth" tool will be forwarded to information providers through Deutsche Börse AG's real-time price interface, the Ticker Plant Frankfurt. By means of their information screens the providers will then make the data available to market participants, issuers, and investors alike. Market depth provides the basis for assessing market dynamism and the liquidity of individual stocks. With this new in-depth insight into the Xetra® order ledger, investors can now place orders that are closer to the market. To date, only data on the best bid and offer prices and concluded transactions was made public knowledge. According to Deutsche Börse AG, interest in Xetra® is increasing by the day. At present Xetra® accounts for an 80-percent share of trading in DAX® listed equities and more than 80-percent of prices are fixed through Xetra®.