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 + Floor) -1

    Asset classSegmentLimit M1Limit A1Limit P1
    EquitiesAustrian Market50,0005,00030,000
    Global Market250,00010,00050,000
    ETFs 250,00010,00050,000
    Bonds 100,0005050
    Certificates & warrants 500,0005050

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

    Asset classSegmentLimit M1Limit A1Limit P1
    EquitiesAustrian Market1,000,000100,000100,000
    Global Market1,000,000100,000100,000
    ETFs 1,000,000100,000100,000
    Bonds 1,500,000100,000100,000
    Certificates & warrants 1,000,000100,000100,000

    A violation occurs when a trading participant exceeds (at least) one of the maximum permissible OTRs in a financial instrument. Each violation triggers an ‘OTR Violations Report’ which is provided to the respective trading participant at the report server. Any fees can be found in the fee schedule (excessive usage fee).

    The OTR parameters are reviewed and, if necessary, adjusted annually by the Wiener Börse – in coordination with the NCA (Austrian Financial Market Authority). Any adaptation will be communicated in a timely manner.

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