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Xetra Circular 214/06
To the Xetra® Members and Vendors
Recipients: General, Traders, Technical Contacts,
System Administrators
Deutsche Börse AG
Neue Börsenstraße 1
60487 Frankfurt am Main
Mailing address
60485 Frankfurt am Main
Introduction of an additional 2 Mbit/s Bandwidth for
Member Connections to the Xetra Network Update of Xetra Price List
November 14, 2006
Phone
+49-(0) 69-2 11-1 16 40
Fax
+49-(0) 69-2 11-1 16 41
Internet
deutsche-boerse.com
Dear Sir or Madam,
With effect from April 23, 2007, Deutsche Börse AG will offer an additional bandwidth
option for member connections to the Xetra trading system. Xetra members will have
the opportunity to select a 2 Mbit/s connection bandwidth in addition to the future
standard connection bandwidth of 512 kbps for connecting to Xetra.
Introduction of a broader connection bandwidth is associated with the implementation of
two additional broadcast streams with un-netted order book and price information (unnetted “Public Inside Market Broadcast” and “Xetra All Trade Prices Broadcast“) within
the scope of Xetra Release 8.0. Distribution of the new broadcast streams will continue to
be performed via the existing VALUES API interface. Please refer to Xetra circular 142/06
from August 11, 2006 for further details.
Provision of the new bandwidth and broadcast options as an additional service reflects the
continuing automatization of trading and aims particularly at trading members with speedsensitive trading activities who wish to receive un-netted order book information. It is also
geared towards large trading members who intend to connect to Xetra using a broader
bandwidth because of their high broadcast data volume. Both offers may be combined
according to customers’ individual needs: Selecting a broader bandwidth does not require
subscribing to the un-netted broadcast stream and vice versa. However, as a result of the
higher data volume to be transmitted when receiving un-netted order book information, we
recommend that interested member firms choose a 2 Mbit/s bandwidth. Subscribing to unnetted data streams is free of charge for all Xetra members.
Xetra Central Circular Management
Tel.: +49-(0) 69-2 11-1 96 20, Fax: +49-(0) 69-2 11-1 44 91
E-Mail: [email protected], Internet: www.xetra.de
Chairman of the
Supervisory Board
Kurt F. Viermetz
Executive Board
Reto Francioni
(Chief Executive Officer)
Matthias Ganz
Mathias Hlubek
Michael Kuhn
Andreas Preuß
Jeffrey Tessler
Aktiengesellschaft
mit Sitz in
Frankfurt/Main
HRB Nr. 32232
Amtsgericht
Frankfurt/Main
page 2 of 4
November 14, 2006
Unlike the uniform connection prices for the 512 kbps bandwidth, prices for the new
2 Mbit/s connection bandwidth will be divided into two price groups. Assignment to a
price group will be dependent on the technical location of the trading member and will
represent the costs associated with a particular member connection to the corresponding
access point of the Xetra network. These costs vary according to the technical location. In
general, member connections with an access point generate less costs than connection of
members in other locations. Attached to this circular is an overview of the connection fess.
Implementation Approach and Schedule
Independent from the conversion of the Xetra network from 128 kbps to 512 kbps planned
for December 4, 2006 (see Xetra circular 202/06 from November 3, 2006), we want to
enable immediate placement of orders for 2 Mbit/s bandwidths. To guarantee implementation for all interested member firms until the production start of Xetra Release 8.0 on April
23, 2007, orders must be received by Deutsche Börse AG by December 22, 2006. Orders
that reach us at a later date will be processed on a best effort basis for implementation on
the next possible date. Please use the attached form to order your 2 Mbit/s bandwidth.
Provision and installation of necessary hardware components as well as preparatory
measures such as in-house cabling should be completed by mid-February 2007 to enable
connection tests for the new communication lines no later than early April 2007.
Implementation of communication lines that were ordered until December 22, 2006 will
take place for all interested member firms on April 23, 2007, at the production start of
Xetra Release 8.0. Should implementation on this date be technically impossible, Deutsche
Börse reserves the right to delay the implementation date for 2 Mbit/s bandwidths and the
un-netted broadcast stream or shift single member firms from the first group of members to
be connected to a later implementation date. The purpose of this measure is to guarantee
implementation for the remaining members on the target date. Connections for member
firms which were shifted from the first group will be implemented on a best effort basis on
the next possible starting date.
At the same time we are also extending the Proximity Services offered by Deutsche Börse
Systems AG and IXEurope by the option of a 2 Mbit/s connection to the Xetra network.
With distribution of this circular the new connection alternative “2 Mbit/s bandwidth of a
leased line“ will be added to the Xetra price list. Please find attached the amended version
of the Xetra price list.
page 3 of 4
November 14, 2006
Should you have further questions or require additional information, please contact our
Customer Support Team at telephone +49-(0) 69-2 11-1 16 40 or fax +49-(0) 69-2 11-1
16 41.
Yours faithfully
Rainer Riess
Attachments
Jens Hachmeister
Connection prices for 2 Mbit/s bandwidth of a leased line*
Price
group
*
Member Location**
Connection Price
1
Locations with Access Point***
EUR 2,500 per month
2
Other Locations
EUR 4,200 per month
When selecting this connection alternative it is mandatory to use a second connection of the same kind as
back-up.
** The connection prices specified above apply to Inter-European connections only. Connections from
outside of Europe are charged with individual connection prices.
*** Locations with Access Point (as of: November 14, 2006): Amsterdam, Dublin, Frankfurt, Helsinki,
London, Madrid, Milan, Paris, Vienna, Zurich
Xetra®
- Zugangsformular: Bestellung/Kündigung
- Access Order Form: Order/Cancellation
Deutsche Börse AG
Markets Services
D-60485 Frankfurt am Main
Auftraggeber / Applicant
Fax: +49-(0)69-211-610502
Land, PLZ und Ort / Country, Postal Code and Town
Name des Unternehmens / Name of Company
Straße oder Postfach / Street or Post Box
Telefon / Phone
Fax
E-Mail / e-mail
Member ID
ccccc
Hiermit erteilen wir den Auftrag zur Anbindung an einen Access Point der Gruppe Deutsche Börse.
We hereby apply for the connection via a access point of Deutsche Börse Group.
Anbindungsbestellung
Connection Order
Anzahl
No.
Anbindungskündigung
Connection Cancellation
512 kbit/s Bandbreite einer Standleitung
512 kbit/s bandwidth of a leased line
Wunschtermin (TT.MM.JJJJ)
Requested Date
(DD.MM.YYYY)
Schnellstmöglich
As soon as possible
bis zur Xetra Bandbreitenerhöhung am 4. Dezember 2006 zu realisieren als 128 kbit/s Bandbreite einer
Standleitung
until Xetra bandwidth upgrade on December 4, 2006 to be established as 128 kbit/s bandwidth of a leased
line
Anbindungen mit 512 kbit/s Bandbreite einer Standleitung müssen redundant, entweder durch mindestens
eine zusätzliche 512 kbit/s Bandbreite einer Standleitung oder eine 512 kbit/s Internetanbindung, ausgelegt
sein. Connections with 512 kbit/s bandwidth of a leased line must be construed redundant, either by at least
one additional 512 kbit/s bandwidth of a leased line or by an 512 kbit/s Internet connection.
1
1
Anzahl
No.
512 kbit/s Internetanbindungen
1
512 kbit/s Internet connections
bis zur Xetra Bandbreitenerhöhung am 4. Dezember 2006 zu realisieren als 128 kbit/s Internetanbindung
1
until Xetra bandwidth upgrade on December 4, 2006 to be established as 128 kbit/s Internet connection
Anzahl
No.
2 Mbit/s Bandbreite einer Standleitung
2 Mbit/s bandwidth of a leased line
Anbindungen mit 2 Mbit/s Bandbreite einer Standleitung werden erst zum Start von Xetra Release 8.0 am
23. April 2007 für die Produktion freigeschaltet. Connections with 2 Mbit/s bandwidth of a leased line will be
released for production only with the start of Xetra Release 8.0 on April 23, 2007.
Anbindungen mit 2 Mbit/s Bandbreite einer Standleitung müssen mit der gleichen Bandbreite redundant auf
einer separaten Standleitung ausgelegt sein. Connections with 2 Mbit/s bandwidth of a leased line must be
construed redundant with the same bandwidth on a separate leased line.
Trading Location
Location
Neu
New
Back Office Location
Trading Location
Bisher
Existing
Disaster recovery
Back Office Location
Bitte mit Hardware-Voraussetzungen abgleichen! / Please double-check with hardware prerequisites!
11/06
1
Die Festverbindung zum Internet Service Provider (ISP) wird vom Auftraggeber selbst beauftragt. Die vom ISP bereitgestellte IP-Adresse ist der Deutsche Börse AG mitzuteilen. / A
dedicated connection between the customer and his Internet Service Provider (ISP) must be ordered by the applicant. The applicant is requested to name Deutsche Börse AG the IPaddress provided by the ISP.
1/3
Xetra®
Standort des Leitungsabschlusses / Point of line termination
Name der Firma / Name of Company
Straße / Street
Land, Postleitzahl und Ort / Country, Postal Code and Town
Gebäudeteil, Etage und Raum-Nr., Racknr. / Part of Building, Floor and Room No., Rack No.
Router und Leitungsabschluss befinden sich im selben Raum
Router and point of line termination are located in the same room
Router und Leitungsabschluss befinden sich in unterschiedlichen Räumen
Router and point of line termination are located in different rooms
Tischgerät / Desktop Device
Einschubtechnik / Rack-mountable
Lokation der Hauseinführung (Bezeichnung durch den lokalen Netzwerk-Provider)
Location of Building Entry (Description by the Local Network Provider)
Beschreibung der Hauseinführung / Description of Building Entry
Technischer Ansprechpartner vor Ort/ Technical Contact Person at location
Vorname und Name / First Name and Name
Telefon / Phone
Vertreter: Vorname und Name / Representative: First Name and Name
Fax
Telefon / Phone
E-Mail
Fax
E-Mail
Zur näheren Beschreibung der Hardwarekonfiguration, Internet Router etc. verwenden Sie bitte den System Configuration Questionnaire.
To describe briefly the hardware configuration, Internet Router, etc. please use the System Configuration Questionnaire.
st
Falls nicht identisch mit der 1. Anbindung / If not identical with the 1 connection:
Standort des Leitungsabschlusses / Point of line termination
Name der Firma / Name of Company
Straße / Street
Land, Postleitzahl und Ort / Country, Postal Code and Town
Gebäudeteil, Etage und Raum-Nr., Racknr. / Part of Building, Floor and Room No., Rack No.
Router und Leitungsabschluss befinden sich im selben Raum
Router and point of line termination are located in the same room
Router und Leitungsabschluss befinden sich in unterschiedlichen Räumen
Router and point of line termination are located in different rooms
Tischgerät / Desktop Device
Einschubtechnik / Rack-mountable
Lokation der Hauseinführung (Bezeichnung durch den lokalen Netzwerk-Provider)
Location of Building Entry (Description by the Local Network Provider)
Beschreibung der Hauseinführung / Description of Building Entry
Falls nicht identisch: Technischer Ansprechpartner vor Ort / if not identical: Technical Contact Person at location
Vorname und Name / First Name and Name
Telefon / Phone
E-Mail
Vertreter: Vorname und Name / Representative: First name und Name
Fax
Telefon / Phone
Fax
E-Mail
11/06
Zur näheren Beschreibung der Hardwarekonfiguration, Internet Router etc. verwenden Sie bitte den System Configuration Questionnaire.
To describe briefly the hardware configuration, Internet Router, etc. please use the System Configuration Questionnaire.
2/3
Xetra®
Mit Unterzeichnung dieses Zugangsformulars verpflichtet sich der Antragsteller, sämtliche Kosten für die Installation und Bereitstellung der Anbindungen zu tragen, sofern
• der Antrag auf Zulassung als Börsenteilnehmer bzw. die Registrierung als Abwicklungsdienstleister oder Multi Member Provider an der Frankfurter Wertpapierbörse (FWB) für die
Handelstätigkeit im elektronischen Handelssystem Xetra vom Antragsteller zurückgezogen wird;
• die Bestellung von Anbindungen vom Auftraggeber zurückgezogen wird;
• die Anbindungen trotz Bereitstellung nicht innerhalb von 1 Monat nach Installation in Betrieb genommen werden.
Anbindungskosten werden mit der Bereitstellung der Anbindung durch die Deutsche Börse AG fällig.
Die Kündigung ist zum Monatsende möglich.
Die Kosten sind dem Xetra Preisverzeichnis zu entnehmen. Preise zzgl. gesetzlicher Mehrwertsteuer.
With the signing of this access order form all costs for the installation and supply of the connections have to be carried by the applicant if
• the application for admission as exchange participant or the registration as Settlement Institution or Multi Member Provider at the Frankfurt Stock Exchange (FWB) for the trading
activity of the electronic trading system Xetra is cancelled by the applicant;
• the connection order is cancelled by the applicant;
• the connections provided are not put into operation within 1 month by the applicant.
Connection costs are due after Deutsche Börse AG has provided the connection.
Cancellation of a connection component is possible to the end of a month.
For the costs please see the Xetra price list. Fees are exclusive of VAT.
11/06
Ort, Datum / Place, Date
Firmenstempel, Unterschrift des Auftraggebers, Name in Druckbuchstaben
Company Stamp, Signature of Applicant, Name in Capitals
3/3
Price List as of November 14, 2006
for the Usage of the Xetraâ Electronic Trading System
The price list governs the fees charged by Deutsche Börse AG on the basis of the Connection Agreement
for Members1 regarding participation in the Xetra electronic trading system for the services specified
below. The respectively current version of the price list forms an integral part of the Xetra Connection
Agreement.
1. Basic Principles
The Xetra price model is based on the three following basic principles:
Consideration of the Xetra Members’ individual requirements
Connection and transaction fees are charged independently. Therefore, the individual technical
connection type to the trading system and the transaction fees are fully separated. In addition, further
services are charged separately, independent of connection and transaction fees. Each Member can
individually select a connection by choosing between connection components. As well, the price model
which is to be applied to the transactions, can be selected.
Number and value of executed orders as calculation basis for transaction fees
The calculation of Xetra transaction fees is based on the executed order. The transaction fees are
calculated based upon the value of executed orders, limited by a Cap and a Floor2. Same-day partial
executions of a given order are not charged separately.
1
This includes Multi-Member MISS Service Providers
2
For covered warrants, no volume-based price is charged, see page 5
® - Xetra is a registered trademark of Deutsche Börse AG
As of: November 14, 2006 – errors, alterations and adjustments reserved.
page 1/10
2. Connection Prices
Prices for the technical connection to the Xetra electronic trading system are differentiated according to
the connection alternative selected by the trading participant. Connection prices are to be paid
independent of the participant’s transaction volume.
The total monthly connection fee is calculated by summing up the single prices for the chosen
connection components. For connection with one leased line, an additional back-up connection is
required in all cases. The back-up connection must have the same bandwidth as the principal line.
Back-up connections in the form of @Xetra workstations are not possible.
Cancellation of a connection component is possible to the end of a month. In case the FWB admission
is returned by the member, this cancellation period does not apply.
Table 1: Monthly prices for the connection to the Xetra trading system*
Connection component
Price
1)
@Xetra Workstation**
2)
128 kbit/s bandwidth of an internet connection*** (until 03.12.2006)
EUR 750
512 kbit/s bandwidth of an internet connection*** (from 04.12.2006)
EUR 750
3)
4)
EUR 1,000
128 kbit/s bandwidth of a leased line (until 03.12.2006)
EUR 1,500
512 kbit/s bandwidth of a leased line (from 04.12.2006)
EUR 1,500
2 Mbit/s bandwidth of a leased line (from 23.04.2007)
(in locations with Access Point)****
EUR 2,500
(in other Locations)
EUR 4,200
*
The connection prices specified above apply to Inter-European connections only. Connections from outside of
Europe are charged with individual connection prices.
**
Internet-based access with a server at Deutsche Börse Systems AG (eXISS). The participant instructs a
provider of his own choice for internet access and bears the resulting costs.
*** Internet-based access with a server on the side of the participant (MISS). The participant instructs a provider
of his own choice for internet access and bears the resulting costs.
**** Locations with Access Point (as of November 14, 2006): Amsterdam, Dublin, Frankfurt, Helsinki, London,
Madrid, Milan, Paris, Vienna, Zurich.
page 2/10
3. Price Models and Minimum Transaction Fees
Admission to trading on Xetra involves monthly minimum transaction fees. To accommodate the
various trading volumes of the trading participants, three different price models are offered which
combine several minimum transaction fees with related transaction prices for various transaction types.
Table 2: Price models for the Xetra trading system
Minimum transaction fee
per month
Premium on transaction
prices
"High Volume"
EUR 20,000.-
0 percent
"Medium Volume"
EUR 5,000.-
5 percent
"Low Volume"
EUR 2,000.-
15 percent
Price model
The price model and the resulting minimum transaction fees can be selected according to the trading
participant’s individual trading volumes. For trading participants generating a high transaction volume
the "High Volume" price model is recommended. Within this price model, no premium on the
transaction prices will be applied. In case of smaller trading volumes, the selection of the “Medium
Volume” or “Low Volume” price model is appropriate. These price models include lower minimum
transaction fees combined with premiums on the transaction fees.
If the sum of the transaction prices3 including the premium for a given month lies below the
respectively valid minimum transaction fee, the minimum transaction fee will be charged for that
month.
According to their individual trading volumes, participants may freely select and change the price model
(High/Medium/Low Volume) whenever another model becomes more beneficial. A change in price
model will become effective with 30 days’ notice upon notification of Deutsche Börse AG, on the first
day of the following month.
3
Excluding Xetra BEST transaction fees in the Best Executor account (E), see page 6
page 3/10
4. Variable Transaction Prices
Transaction prices are charged for the execution of trades in the Xetra electronic trading system. The
specifications below refer to the "High Volume" price model, with the exception of the uniform Xetra
BEST transaction prices. For an overview please refer to the table on page 8.
Standard transactions (equities)4
Transaction fees for standard transactions (equities) are calculated based upon the value of an order
executed on the same day, with Floor and Cap applied per executed order5.
Table 3: Transaction prices in the Xetra trading system: Standard transactions (equities) –
for the "High Volume" price model
Floor
EUR 0.60
Range
Bp 0.48
Cap
EUR 18.00
Automated Trading Program (ATP)
Xetra transaction fees will be reduced for orders which were generated as part of the Automated
Trading Program according to the following rebate scheme:
Table 4: ATP rebate scheme
Cumulated monthly ATP volume
per ATP member
€0
€250,000,001
€1,000,000,001
€2,000,000,001
€3,000,000,001
€4,000,000,001
€6,000,000,001
€9,000,000,001
marginal ATP rebate
(per volume level)
€250,000,000
€1,000,000,000
€2,000,000,000
€3,000,000,000
€4,000.000,000
€6,000,000,000
€9,000,000,000
¥
0%
7%
14%
21%
28%
35%
42%
49%
Example:
An ATP member generates an ATP trading volume of €1.5bn in a month. Thus, the ATP rebate
which is granted on the ATP transaction fees is calculated as follows:
(€250.0bn * 0% + €750.0m * 7% + €500.0m * 14%) / €1.5bn = 8.17%
4
Transaction fees for standard transactions (equities) also apply to company issued warrants and subscription rights.
5
Partial executions of a given order, which are executed on the same day, are not charged separately .
page 4/10
Introductory ATP Rebate:
New ATP members and those who did not achieve an ATP rebate in the previous 24 months can be
granted an additional introductory ATP rebate. To qualify for the additional introductory ATP rebate,
these ATP members have to continually increase their ATP trading volume in the first three consecutive
rebate-eligible months and generate an ATP trading volume in the third month which is at least twice
as high as the ATP trading volume in the first month the ATP rebate was granted. In this case, the
higher ATP rebate rate of the third month will also be applied retroactively to the two previous months.
Example:
A new ATP member generates the following ATP trading volumes:
1st rebate-eligible month: € 1,000 million à average rebate rate: 5.25 percent
2nd rebate-eligible month: € 1,500 million à average rebate rate: 8.17 percent
3rd rebate-eligible month: € 2,500 million à average rebate rate: 11.90 percent
à Additional Introductory ATP Rebate for the first rebate-eligible month:
11.9 percent – 5.25 percent = 6.65 percent
à Additional Introductory ATP Rebate for the second rebate-eligible month:
11.9 percent – 8.17 percent = 3.73 percent
Covered Warrants
For covered warrants (including certificates and reverse convertibles), a transaction price of EUR 0.70
will be charged per order.
Block Crossing/Xetra XXL
Executed Block Crossing orders are charged at a range of 2.0 basis points of the order value. No
transaction fees are charged for all (executed) market and limit orders which lead to a call phase.
Transaction fees are only applicable to (executed) orders entered during the respective call phase or to
limit orders which do not lead to a call phase but become executable during the call phase. A
maximum fee of EUR 1,000.- (Cap) per order applies.
OTC Trade Entries
Table 5: Transaction prices in the Xetra trading system: OTC Trade Entries – for the
"High Volume" price model
Floor
EUR 0.70
Range
Bp 0.28
Cap
EUR 21.00
page 5/10
Xetra BEST
Table 6: Transaction prices in the Xetra trading system: Xetra BEST
Xetra BEST
Floor
Range
Cap
EUR 0.55
Bp 1.10
n.a.*
* Maximum order size: EUR 52,500.-
The above prices apply for transactions of the Best Executor in the Best Executor account (E). No
premiums related to the selected price model are applied to these fees, nor are these fees offset against
the minimum transaction prices specified previously. The counterpositions in the Agent account (A) are
invoiced at the transaction prices (table 3) valid for standard transactions (equities).
5. Contract Note Files
For additional optional generation and distribution of contract note files, a service fee of EUR 0.06 per
trading/order contract note data record with a minimum of EUR 250.- per contract note file is charged.
This fee will be charged on a quarterly basis by Deutsche Börse Systems AG for Deutsche Börse AG.
6. Participation via Multi-Member MISS
If various Xetra participants use a joint technical infrastructure (Multi-Member MISS), fees differing from
the fees described above are applicable:
§ Connection fees in accordance with the connection alternatives specified under No. 2 are charged
directly to the provider of the Multi-Member MISS. Participants using the joint technical infrastructure
are not invoiced by Deutsche Börse AG.
§ Transaction fees according to No. 4 are charged separately to the individual users of the MultiMember MISS by Deutsche Börse AG. The price model in accordance with No. 3 is selected by
every individual user of the Multi-Member MISS.
For the connection of a Multi-Member MISS only the following connection alternatives are available:
i) usage of two leased lines or ii) usage of one leased line and one internet connection.
page 6/10
7. Excessive System Usage
For the excessive system usage through Order, Quote and Inquire transactions a graded fee is invoiced
if the respective daily base load (= minimum number of free transactions per trading day) or a
maximum ratio of transactions and executed trades (per trading day) is exceeded.
The base load and the maximum ratio are valid for defined instrument groups per each individual
transaction type (Order, Quote and Inquire transactions).
The current parameters for base load and ratio , as well as the fee factors, which are applied if the
transactions exceed base load and ratio, are provided in table 7 on page 10 (Parameters for the
calculation of the excessive system usage).
For Quote and Inquire transactions a monthly maximum fee of EUR 20,000.- per transaction type
applies.
8. Payment Terms (Due Dates) and VAT
The fees charged for participation in the Xetra electronic trading system are payable as follows:
Connection fees according to No. 2 and No. 6 and transaction fees in accordance with No. 3, No. 4
and No. 6, as well as fees for excessive usage according to No. 7 are charged on a monthly basis.
They are payable on the third exchange trading day of the following calendar month.
The service fee for the provision of contract note files in accordance with No. 5 is charged on a
quarterly basis and is payable on the third exchange trading day of the following calendar month.
Upon conclusion of the Connection Agreement with Deutsche Börse AG, the participant (except in
foreign countries) is obliged to issue a direct debit authorization to have the amount of the fees and
charges owed debited from his account in accordance with this price list.
All prices specified in this price list are excluding the respectively valid VAT rate.
page 7/10
High Volume
Medium Volume
Low Volume
Price model
Price model
Price model
Floor in €
0.60
0.63
0.69
Transaction fees in basis
points of the trade value
0.480
0.504
0.552
Cap in €
18.00
18.90
20.70
Floor in €
-
-
-
2.0
2.1
2.3
Cap €
1,000.-
1,050.-
1,150.-
0.70
0.73*
0.80*
Floor in €
0.55
0.55
0.55
1.1
1.1
1.1
Cap €
n.a.***
n.a.***
n.a.***
Floor in €
0.70
0.73*
0.80*
0.280
0.294
0.322
Cap in €
21.00
22.05
24.15
Equities:
Block Crossing:
Covered Warrants:
Transaction fees per
order in €
Xetra BEST**:
OTC Trade Entries:
* Rounded off to two decimal places
** Transactions of the Best Executor in the Best Executor Account (E)
*** Limited by a maximum order size of 52,500.- €
page 8/10
Minimum Fees:
Minimum transaction fees
(per month)
High Volume
Medium Volume
Low Volume
Price model
Price model
Price model
20,000.- €
5,000.- €
2,000.- €
Contract Note Files:
Service fee
0.06 € per contract note (minimum 250.- € per month)
Excessive System Usage:
Maximum fee
Order transactions no maximum fee
for
Quote transactions 20,000,- €/ per month
excessive system usage*
Inquire transactions 20,000,- €/ per month
Connection Fees:
Line costs
128 KB/s bandwidth of a leased line 1,500.- €
per month/participant**
128 KB/s bandwidth of an Internet connection*** 750.- €
@Xetra workstation 1,000.- €
* * The calculation of the excessive system usage is illustrated in section No. 7 of the price list. The underlying parameters are provided in
table 7.
** The connection prices specified above apply to Inter-European connections only. Connections from outside of Europe are charged with
individual connection prices.
*** If an internet connection is selected, the participant instructs a provider of his own choice for internet access and bears the resulting
costs.
page 9/10
Excessive System Usage:
Table 7: Parameters for the calculation of the Excessive System Usage*
1. Order Transactions
Segment
DAX
MDAX
TecDAX
SDAX
GER
STOXX
FRA
ITA
LUX
OTHERS
US-Stars
Ratio
20
10
10
10
10
200
50
50
100
20
50
Factors
Excess TA < 50%
in EUR
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
Excess TA 50100% in EUR
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
Excess TA > 100%
in EUR
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
Instrument Base load
groups
per day
DAX1
2,500
MDX1
2,500
TDX1
2,500
SDX1
2,500
GER1/GER2
2,500
STX1
25,000
STX1
12,500
FRA1
2,500
ITA1
2,500
LUX1
2,500
OTHERS*
2,500
USS1
50,000
USS1
25,000
Ratio
100
50
50
50
50
500
250
250
250
250
500
1,000
500
Factors
Excess TA < 50%
in EUR
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
Excess TA > 100%
in EUR
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
Instrument
groups
ALL
Factors
Excess TA < 50%
Ratio
in EUR
5
0.01
0.02
Excess TA > 100%
in EUR
0.03
Instrument Base load
groups
per day
DAX1
0
MDX1
0
TDX1
0
SDX1
0
GER1/GER2
0
STX1
0
FRA1
0
ITA1
0
LUX1
0
OTHERS*
0
USS1
0
2. Quote Transactions
Segment
DAX
MDAX
TecDAX
SDAX
GER
STOXX(ME)
STOXX(DS)
FRA
ITA
LUX
OTHERS
US-Stars (ME)
US-Stars (DS)
3. Inquiries
Segment
ALL
Base load
per day
3,000
* OTHERS includes the instrument groups
AFR1, ASI1, ASI2, AST1, AUS1, ESP1, NAM1-NAM7, NM1-2, SAM1, SKA1, SWI1, UKI1
page 10/10

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