1. Introduction

On 1 March 2024, annual transparency calculations for equity instruments were published by ESMA. They shall apply from first Monday in April, i.e. from 1 April 2024 until 6 April 2025.

Because of the update, the tick size determined for each share and depositary receipt traded on Xetra (XETR) and Börse Frankfurt (XFRA) might be modified on 2 April 2024, as 1 April 2024 is no trading day, and order deletions might take place in the trading system T7 for XETR.

Results on a per instrument basis are provided in the attached Excel file.

Start of validity: 1 April 2024
End of validity: 6 April 2025

2. Action required

Trading Participants should validate if their orders will be affected by deletions on 2 April 2024, due to the new tick sizes, as 1 April 2024 is no trading day.

3.    Details of the adjustment

The calculations include in particular:

• the determination of the most relevant market in terms of liquidity (MRMTL) in accordance with RTS 1 of the Commission Delegated Regulation 2017/590;
• the determination of the average daily number of transactions (ADNTE) on the most relevant market in terms of liquidity (MRMTL) determining the tick-size for shares and depositary receipts;
• the adjustment of the ADNTE for shares whose main pool of liquidity is in a third country in accordance with amended RTS 11 of the Commission Delegated Regulation 2019/443.

In consequence, the tick size determined for shares and depositary receipts traded on Xetra (XETR) and Börse Frankfurt (XFRA) might be affected on 2 April 2024, as 1 April 2024 is no trading day.

Impact on the trading venues Xetra (XETR) and Börse Frankfurt (XFRA):

Trading venue Xetra (XETR, system: T7):

As 1 April 2024 is no trading day, with the beginning of the start phase, orders whose limits are not compliant with the tick size of the new liquidity band will be deleted on 2 April 2024. The deletion will be conducted on a single order basis and the deletion reason will be either “Invalid Limit Price” or “Invalid Stop Limit Price”.

Trading venue Börse Frankfurt (XFRA, system: T7):

As 1 April 2024 is no trading day, all orders placed on Börse Frankfurt will remain in the T7 system on 2 April 2024, even those orders whose limit is not compliant with the tick size of the new liquidity band.

Attachment: 

• Status quo for the instruments subject to the tick size regime (except ETFs) on FWB and updated with yearly calculations for 2024

Further information