The order-to-trade ratio (OTR) describes the relationship between entry, modification and deletion of orders/quotes and executed transactions.

Pursuant to MiFID II RTS 9 Article 2 (DelVO (EU) 2017/566), trading venues are obliged to calculate the ratio between unexecuted orders and trades (order-to-trade ratio) entered into the trading system by trading members for each financial instrument. The calculation shall include the following two values in accordance with Article 3 ("Methodology") of RTS 9:

    • Number based OTR
    • Volume based OTR

    The OTR policy must be complied by the trading participants on each trading day and for each financial instrument.

    The parameters for transaction-based and volume-based OTR are set by asset class, segment, and account.

    Number based OTR (Total number of ordes & quotes/total number of transactions) -1

    Asset ClassSegmentLimit M1Limit A1Limit P1
    EquitiesAustrian Market100,0005,00030,000
    Global Market500,00010,00050,000
    ETFs500,00010,00050,000
    Bonds100,0005050
    Certificates & Warrants500,0005050

    Volume based OTR ((Total volume of ordes & quotes/total volume of transactions) -1

    Asset ClassSegmentLimit M1Limit A1Limit P1
    EquitiesAustrian Market1,000,000100,000100,000
    Global Market1,000,000100,000100,000
    ETFs1,000,000100,000100,000
    Bonds1,500,000100,000100,000
    Certificates & Warrants1,000,000100,000100,000

    A violation occurs when at least one of the two OTRs in a financial instrument exceeds the maximum permissible value. An Infraction has the consequence that an "excessive usage fee" will be charged by the Vienna Stock Exchange. Any violation of the defined OTR parameters in a financial instrument generates an "OTR Violations Report" and is available for the respective trading participant via the report server.

    The OTR parameters are reviewed and adjusted if necessary annually by the Vienna Stock Exchange – in consulation with the NCA (Austrian Financial Market Supervision). Any adaptation will be communicated and published in a timely manner.

    1 M = Liquidity Provider, P = Proprietary, A = Agent