1.    Introduction

With this circular, we inform you about amendments to the Price List for the Utilization of the Exchange EDP of FWB Frankfurt Stock Exchange and of the EDP XONTRO, Part A (Price List T7), effective as of 1 March 2025.

The changes to the Price List T7 concern:

A.    Introduction of reduced transaction fees for ETFs/ETPs for Retail Member Organisations (RMOs)

B.    Introduction of the option to provide liquidity in ETFs/ETPs by Retail Liquidity Providers (RLPs) as part of the Xetra Retail Service

C.    Extension of the Midpoint Order Introduction Programme

2.    Required action

For FWB Trading Participants who already participate in the Xetra Retail Service or the Midpoint Order Introduction Programme, no activity is required. For all other FWB Trading Participants the following applies unchanged:

• FWB Trading Participants who want to participate in the Xetra Retail Service as RMO must conclude the contract for participation in the Xetra Retail Service as a Retail Member Organisation (RMO contract) with Deutsche Börse AG.
• FWB Trading Participants who want to participate in the Xetra Retail Service as RLP must conclude the contract for participation in the Xetra Retail Service as a Retail Liquidity Provider (RLP contract) with Deutsche Börse AG.
• FWB Trading Participants who want to participate in the Midpoint Order Introduction Programme must submit the form "Participation Xetra Midpoint Incentive Scheme".

The RMO contract and the RLP contract can be accessed on the Xetra website www.xetra.com under the following path: Trading > Trading fees and charges.The form "Participation Xetra Midpoint Incentive Scheme" can be accessed on the Xetra website www.xetra.com​ under the following path: Trading > Trading Models > Xetra Midpoint.

3.    Details of the initiative

A. Introduction of reduced transaction fees for ETFs/ETPs for Retail Member Organisations (RMOs)

For RMOs reduced transaction fees apply to executed retail investor orders in ETFs and ETPs in the B-Account, whereby for orders for which the RMO has designated the FWB (Xetra, MIC: XETR or Börse Frankfurt, MIC: XFRA) as trading venue based on its Best Execution Policy, the transaction fee is fully waived if the conditions agreed in the RMO contract are met.

B. Introduction of the option to provide liquidity in ETFs/ETPs by Retail Liquidity Providers (RLPs) as part of the Xetra Retail Service

For RLPs special transaction prices, including a rebate depending on the volume share of the RLP, as well as a special fee for excessive system usage apply for the provision of liquidity in ETFs and ETPs in the L-Account. For RLPs that reach an executed order volume in ETFs and ETPs in the L-Account of at least €1,000,000 by 7 March 2025, reduced transaction prices apply up to and including September 2025.

C. Extension of the Midpoint Order Introduction Programme

The Midpoint Order Introduction Programme and thus the period of payment of a monthly amount of up to €50,000 for executed midpoint orders will be extended until June 2025.

The amendments to the Price List T7 will be deemed to be approved, unless the Trading Participant admitted at the Frankfurt Stock Exchange files objections to the amendments with Deutsche Börse AG, Mergenthalerallee 61, 65760 Eschborn, Germany, in writing within six weeks after the amendments’ announcement.

Attachment:

• Amended sections of the Price List for the Utilization of the Exchange EDP of FWB Frankfurt Stock Exchange and of the EDP XONTRO, Part A (Price List T7), valid as of 1 March 2025

Further information