Starting 22 June 2009, all warrants trading on OMex® up to now will be switched to the XETRA® trading system. With this move, warrants will now be traded uniformly along with certificates in continuous auction – the trading model on XETRA® developed specifically for structured products – from 9:15 to 17:30 hrs.
The trading model has a lot of benefits
- The orders can only be executed within or at issuers’ quotes. This means protection against unpredictable price fluctuations.
- Stop orders are triggered on the basis of issuers’ quotes. This is important to secure regular price determination especially for sluggishly traded products.
- Issuers are permitted to adjust their quote sizes if a customer order cannot be (fully) executed. This reduces partial executions.
- PWT (price-without-turnover) – a reference price determined by issuers regularly – makes the ongoing correct valuation of warrants possible.