With Xetra Trade-at-Close, Deutsche Börse offers an additional opportunity for market participants to trade at the official closing price on the leading market for German equities and ETFs in Europe. The service will be available from 24 November for all securities in Xetra trading.

“Closing auctions are considered a pillar of market stability and investor protection. They allow for the concentration of liquidity, ensuring efficient price formation while considering all relevant information. Xetra Trade-at-close meets the market’s rising demand to execute orders at the end of the trading day”, says Michael Krogmann, Board Member of the Frankfurt Stock Exchange.

The new service offers various benefits: With Xetra Trade-at-Close, market participants can enter orders on Xetra even after the closing auction has ended. They benefit from trading at a fixed price without participating in the price formation process in the closing auction. Furthermore, they gain an additional opportunity to close out positions before the end of the trading session, interacting with additional liquidity in exchange trading.

When opted in for Trade-at-Close, orders not filled in the closing auction will automatically be transferred into the Trade-at-Close phase. New orders can also be entered during Trade-at-Close.

The closing price is especially used by clients on the buy-side to calculate portfolio returns, to evaluate the values of mutual funds, and as a basis for many derivative contracts.

For further information, please see the following factsheet.