An order is the instruction to buy or sell a certain amount of a specific instrument. Orders of all sizes may be traded through Xetra® Classic and Xetra® T7 as the minimum trading lot has been defined as one for all segments except bonds. In bond trading, the minimum trading lot corresponds to the smallest tradable unit. The smallest tradable unit depends on the minimum denomination of the specific security (for example EUR 1,000).

Xetra® Classic and Xetra® T7 support several order types, depending on the trading procedure and trading architecture (Xetra® Classic or Xetra® T7), and all orders are anonymous.

Continuous Trading and Auction

The following order types, validity restrictions, execution restrictions and trading restrictions are available:

Order Types

  • Market Order
    Unlimited buy or sell orders (orders to buy or sell at the best available price) to be executed at the next price that is determined.
  • Limit Order
    Limited buy or sell orders to be executed at the set limit price or better.
  • Market-to-Limit Order (only in Xetra® Classic)
    Characterized by an increased probability of execution (as market orders) combined with the security afforded by limit orders.
  • Iceberg Order
    Input of large order sizes into the order book during continuous trading without the market being given insight into the overall volume.
  • Stop Market Order
    When the stop limit is reached (or exceeded for stop buy orders or falls below it for stop loss orders), the stop order is automatically placed in the order book as a market order and may be executed immediately.
  • Stop Limit Order
    When the stop limit is reached (or exceeded for stop buy orders or if it falls below it for stop loss orders), the stop order is automatically placed in the order book as a limit order and may be executed immediately.
  • Stop Limit Order
    When the stop limit is reached (or exceeded for stop buy orders or if it falls below it for stop loss orders), the stop order is automatically placed in the order book as a limit order and may be executed immediately.
  • Trailing Stop Order (only Xetra® T7)
    A trailing stop order is a stop market order with a dynamic stop limit that is adjusted in relation to a reference price.
  • One-Cancels-the-Other Order (only Xetra® T7)
    A one-cancels-other order is an order that combines a limit order and a stop market order. If the limit order is fully executed or the stop market order is triggered, the respectively other order will be deleted.

Validity Restrictions

  • Good-for-day
    Order is valid only for the current trading day.
  • Good-till-date
    Order is valid until a specified date
  • Good-till-cancelled
    Order is valid until execution or cancellation

Execution Restrictions

  • Immediate-or-Cancel (IOC)
    IOC-Order is an order that is executed immediately and in full or to the furthest extent possible.
  • Fill-or-Kill (FOK)
    FOK-Order is an order that is either executed immediately and in full or not at all.
  • Book-or-Cancel (BOC)
    BOC-Order (available only for limit orders in continuous trading) is an order, which permits order to be entered as resting liquidity in the order book. When immediate execution is possible upon entering the order in the order book (i.e. if the order is aggressive),  the BOC order is rejected.
  • Top-of-the-Book (TOP) (only in Xetra® Classic)
    TOP-Order will be accepted and added to the order book if its limit is narrowing the current order book spread.
  • TOP+ Order (only in Xetra® Classic)
    TOP+ Order will be accepted and added to the order book if it is not immediately executable against a visible order in the order book and if the total value of all orders on the same side of the order book with the same limit or a limit better than that of the TOP+ order is below a certain threshold value.

Trading Restrictions

  • Auction only
    The order is valid only for auctions.
  • Opening auction only
    The order is valid only for the opening auction.
  • Closing auction only
    This order is valid only for the closing auction.

Continuous Auction

The following order types and validity restrictions are available for the trading procedure Continuous Auction in Xetra® Classic:

Order Types

Market Order, Limit Order, Stop Market Order and Stop Limit Order

Validity Restrictions

Good-for-day, Good-till-date und Good-till-cancelled