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1、XetraXetra??XXLXXLTheNewDimensionTheNewDimension1Agenda1MotivationforXetraXXL2MarketModel3FunctionalImplementation4Fee&Pricing5YourBenefitfromXetraXXLataGlance2BlockTradingisTradingofOrderswithlargeVolumesdistributedamongdifferentExecutionMechanisms?Directbilateraltr
2、adingor?TradingandsettlementorbrokeredtradingTelephoneTradingprocessesdistributedamongviatelephoneseveralsystems-informationsystems?Searchforcounterparties-telephoneviatelephone,based-backofficesystemsonpersonalcontacts-settlementsystems(Cascade,XONTRO,...)BlockTradi
3、ngtodayHandel?Free-Ridingonexchange-Trading?BrokeredtradingbasedpricedeterminationECNs?Non-automatedblocktradingsystemsfacilities,e.g.?SeparateplatformsExchangeB?rslicher-“UpstairsMarket”?e.g.-POSIT-“WorkedPrincipalAgreement”-E-Crossnet3XetraXXL:Trendsettingplatformd
4、evelopedinresponsetoincreasingOTCtradingandCrossingNetworksTelephoneTradingXetraXXLattractsOTCvolumetoXetra...XONTROCascadeDirectTradesXetraXXL“Upstairs”P(pán)OSITMarketsXetraXXLisanXetraXXListheanswertoHandelexchange-based,fullyE-BrokeredECNsTrading“parasitepricing”byECN
5、s…CrossnetTradingelectronicblocktradingplatformonXetra…B?rslicherExchangeGoalofXetraXXL:reductionoftransactioncostsinordertoincreaseportfolioperformance4TransactionCostComponentsExplicit?Commissions,fees,taxesetc.TransactioncostsSpread?Costsintheamountofhalfthebid/as
6、kspread?Priceeffect,iftheordervolumeexceedsthecurrentbestbid/MarketImpactbestask(demandforliquidity)?Marketreactionupondisclosureoftheorderinthemarket(supplyforliquidity)?Pricemovement,iftheorderisheldbackduetoapossibleTimingCostsmarketimpact(positiveornegative)?Lost
7、revenueinthetradingstrategy,iftheorderisnotplaced,OpportunityCostsduetomarketimpact/timingcosts5Agenda1MotivationforXetraXXL2MarketModel3FunctionalImplementation4Fee&Pricing5YourBenefitfromXetraXXLataGlance6CharacteristicsofXetraXXL?Specifictradingmodelfor(large)stoc
8、korders?Separate,completelyclosedorderbook?Informationontheexistenceofblockordersperinstrument(newwithRelease6.5)TradingModel?Noaut
