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In July 2008, the number of trades executed on Xetra reached more than 19 million transactions – up 21 percent compared to July 2007 with 16.1 million trades. Order book turnover on Xetra recorded €193.2 billion (July 2007: €222.3 billion), down by 13 percent. On Xetra and the Frankfurt floor €188.7 billion were turned over in German equities and €9.2 billion in foreign shares. Roughly 98 percent of the transaction volume with German equities and around 87 percent of foreign equities were traded on Xetra and on the floor at Börse Frankfurt.
According to the Xetra liquidity measure (XLM), E.ON AG was the most liquid DAX blue chip in July with 6 basis points (bp) for an order volume of €100,000. K + S AG was the most liquid MDAX® stock with 24 bp. The most liquid ETF was the Lyxor ETF EURO CASH with 1 bp. The most liquid foreign stock was Royal Dutch Shell with 14 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.
Deutsche Bank AG was the strongest DAX® stock on Xetra in July at €12 billion. K+S AG was the top MDAX® stock at €4.9 billion while Air Berlin AG led the SDAX® stock at €82 million and Q-Cells AG headed the TecDAX® at €1.1 billion. At €2.4 billion, the iShares DAX was once again the exchange-traded fund with the largest turnover.
On all stock exchanges in Germany €218 billion were traded in July according to order book turnover statistics – a decline by 16 percent compared year-on-year (July 2007: €260.6 billion). This total included €207.9 billion in equities, warrants and exchange-traded funds, as well as €10.6 billion in fixed-income securities. The number of trades at all exchanges added up to 28.3 million (July 2007: 30.6 million) which is a seven percent decrease.
