With Xetra EnLight, Frankfurt Stock Exchange offers an on-exchange request-for-quote (RFQ) functionality for off-book trading in the cash market. Via Xetra EnLight, members can execute trades in equities, ETFs and ETPs through an RFQ workflow. Xetra EnLight enables members to leverage the full range of Deutsche Börse Group’s service offering: from trading to clearing to settlement, transaction reporting and post-trade transparency (trade reporting).

The most important advantages of Xetra EnLight at a glance:

• Trading from 09:00 to 17:45 CET for equities, ETFs and ETPs
• Optimized on-exchange off-order book price formation
• Cost-effective straight-through processing, clearing and settlement of all transactions. Central counterparty (CCP) clearing provides settlement netting of both on- and off-order book transactions, management of late deliveries and client asset protection services.
• Pre- and post-trade transparency fully compliant with MiFID II, including best execution requirements: automated trade reporting, deferred trade publication and audit trail availability
• AutoEx functionality allows for automated RFQ executions based on user-defined rule sets.
• Trading is monitored by Trading Surveillance Office to protect users from abusive market practices.

• Low transaction fee of 0.01 bps capped at €5 (min. €0.50)

Registered Xetra EnLight Respondents

* The list is updated every month. A daily updated overview can be found here ("SRQS Respondents Assignment List")

Trading parameters for Xetra EnLight as well as information on registering as a Xetra EnLight Respondent (Quote Provider) can be found here.