With Xontro concern a Orderrouting, a handels and a completion system for security business.

It is the electronic, broker-supported commercial system of the eight German Berlin, Bremen, stock exchange Duesseldorf, Frankfurt stock exchange, Hamburg, Hanover, Munich and Stuttgart. It makes the trade possible in all quoted national and international securities. Half of all cash market business over XONTRO are completed approximately.

The distinguisher between "parquet" - trade and electronic trade is not the EDP, finally is rigged in Frankfurt and in New York the parquet substantial with electronics. The substantial distinguisher is the commercial model, i.e. the rules, which are to be used in the trade.

The German "parquet" - trade with the system XONTRO differs from Xetra at least in the following points:

Xetra has an open order book, XONTRO has a closed order book, which can be seen only by the Philosophy behind it serves the protection of the investor in illiquiden markets: Who would like to already have in illiquiden markets that its order is

In Xetra arises spread automatically from the order situation, in XONTRO the ratio by the one determines.

In Xetra order are gematcht automatically, in XONTRO can form the the other party.

XONTRO is electronic from the order input to the completion, the automatism for the moment the course statement = the Ordermatchings is only continued, so that the can intervene. In addition it does not need a and no dealer operational readiness level; where that is wished, it can be integrated however problem-free into the expirations.

It appears that Xetra in liquid titles, XONTRO in less liquid titles is used. The volume of the XONTRO business is small, the number of the conclusions approaches however to in Xetra

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